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Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common Stock
In connection with the closing of the Business Combination, the Company authorized the issuance of 700,000,000 shares of Class A common stock, par value $0.0001 per share, 20,000,000 shares of Class B common stock, par value $0.0001 per share, and 10,000,000 shares of Class C common stock, par value $0.0001 per share. Each share of Class A common stock is entitled to one vote and each share of Class B common stock is entitled to 50 votes. Class C common stock is non-voting.
Preferred Stock
In connection with the closing of the Business Combination, the Company authorized the issuance of 50,000,000 shares of preferred stock, par value $0.0001 per share. Our board of directors is authorized, without further stockholder approval, to issue such preferred stock in one or more series, to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations, and restrictions thereof, applicable to the shares of each series. There were no issued and outstanding shares of preferred stock as of December 31, 2025 or 2024.
Repurchase of Common Stock
On May 23, 2025, the Company entered into a share repurchase agreement with New Enterprise Associates 13, L.P., then a holder of the Company’s outstanding Class A common stock, providing for the Company to repurchase 1.8 million shares of its Class A common stock, par value of $0.0001 per share, in a privately negotiated transaction, at a purchase price of $1.82 per share, for an aggregate purchase price of approximately $3.3 million. The repurchase was approved by the Company’s board of directors, and this repurchase of common stock took place on May 23, 2025. This transaction resulted in the repurchased 1.8 million shares of the Company’s Class A common stock being classified as treasury stock, which was recorded at cost, within the Company’s consolidated balance sheet as of December 31, 2025, as the Company does not have any current formal or constructive plans to retire the shares.
Stock-Based Compensation
Stock Incentive Plans
On December 2, 2021, prior to, and effective as of, the closing of the Business Combination, the 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”) was adopted by the 890 board and approved by the 890 stockholders. The 2021 Equity Incentive Plan allows the Company to grant awards of stock options, restricted stock awards, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), cash awards, performance awards, and stock bonus awards to officers, employees, directors, and consultants. A total of 7,801,638 shares of our Class A common stock were reserved for issuance under the 2021 Equity Incentive Plan as of its effective date. The number of shares reserved for issuance under the Equity Incentive Plan will increase automatically on January 1 of each year from 2022 through 2031 by a number of shares equal to 5% of the total number of outstanding shares of all classes of common stock as of the immediately preceding December 31, or a lesser number as may be determined by our board of directors or its compensation committee. As such, an additional 1,918,422 shares of our Class A common stock became issuable from the automatic increase as of January 1, 2025 and 1,868,677 shares of our Class A common stock became issuable as of January 1, 2026.
Stock Options
A summary of the stock option activity under the Company's equity incentive plans is presented below:
Number of
Shares		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Term		Aggregate
Intrinsic Value
Balance as of December 31, 20246,882 $2.95 9.24$3,263 
Granted— — 
Exercised(7)2.38 
Forfeited(657)2.19 
Expired(218)8.18 
Balance as of December 31, 20256,000 $2.85 7.98$—
Expected to vest at December 31, 20256,000 $2.85 7.98$—
Exercisable at December 31, 20253,162 $3.42 7.62$—
Options are generally granted for a term of 10 years from the date of grant. Stock options generally vest over four years based on service.
The fair value of stock option awards is estimated on the date of grant using the Black-Scholes option-pricing model based upon the following range of assumptions. No stock options were granted during 2025 and therefore certain information is not applicable (“N/A”).
202520242023
Exercise priceN/A
$1.55 –$4.46
$2.44 – $2.48
Expected dividend yieldN/A0%0%
Expected volatilityN/A
65% – 74%
93% –97%
Expected term (years)N/A
5.47 – 6.20
6.10 – 6.20
Risk free interest rateN/A
4.2% – 4.7%
4.2% – 4.6%
The Company uses the simplified method in accordance with the applicable authoritative guidance to estimate the expected term of the option, due to the limited historical experience to date. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Since the Company’s common stock has not been publicly traded for a sufficient time period, the expected volatility is based on expected volatilities of similar companies that have a history of being publicly traded. No dividends have been assumed.
The Company records stock-based compensation expense on a straight-line basis over the vesting period. For a graded vesting award with both a service and a performance condition, the Company records stock-based compensation expense on a straight-line basis over the vesting period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. As of December 31, 2025, the total share-based compensation costs not yet recognized related to unvested stock options was $3.8 million, which is expected to be recognized over the weighted-average remaining requisite service period of 0.7 years. There were no stock options granted during the year ended December 31, 2025, and the weighted average fair value of stock options granted during the years ended December 31, 2024, and 2023 was $2.19, and $2.44, respectively. The intrinsic value of stock options exercised was $nil, $nil, and $nil for the years ended December 31, 2025, 2024 and 2023, respectively.
Restricted Stock Units
A summary of RSU activity is presented below:
Shares
Weighted Average Grant-Date Fair Value
Outstanding as of December 31, 20241,103$1.97 
Granted3,2931.90 
Vested(950)2.14 
Forfeited(276)2.03 
Outstanding as of December 31, 20253,170$1.84 
As of December 31, 2025, there were approximately $4.4 million of unrecognized compensation costs related to RSUs.
At-The-Market-Offering
On March 21, 2023, the Company filed a shelf registration statement on Form S-3 (the “Shelf Registration Statement”) under which it may, from time to time, sell securities in one or more offerings having an aggregate offering price of up to $150.0 million. The Shelf Registration Statement was declared effective as of April 5, 2023. On June 20, 2023, the Company entered into an At-The-Market Offering agreement with Craig-Hallum Capital Group LLC pursuant to which it was able to sell up to 3,316,503 shares of its Class A common stock. In July 2024, the Company increased the size of the offering available under the At-The-Market-Offering agreement to $150.0 million. As of December 31, 2025, the Company sold, in the aggregate, 1,153,345 shares of our Class A common stock, at an average price of $2.52 per share, for aggregate net proceeds of $2.8 million after deducting commissions and offering expenses. The Company used the aggregate net proceeds for general corporate purposes.