v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

9. Stockholders’ Equity

Undesignated Preferred Stock

The Company’s Amended and Restated Certificate of Incorporation authorizes the issuance of 100,000,000 shares of undesignated preferred stock, par value of $0.01 per share, with rights and preferences, including voting rights, designated from time to time by the board of directors. No shares of preferred stock were issued or outstanding as of March 31, 2026 and December 31, 2025.

Common Stock

In the three months ended March 31, 2026 and 2025, no shares of Class B common stock were converted to Class A common stock. As of March 31, 2026, the par value of the Class A, Class B and Class C shares was $150, $14, and $3, respectively. As of December 31, 2025 the aggregate par value of the Class A, Class B and Class C shares was $148, $14 and $3, respectively.

 

 

 

 

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

Shares Authorized

 

 

Shares Issued and Outstanding

 

 

Shares Issued and Outstanding

 

Class A

 

 

1,000,000,000

 

 

 

15,011,477

 

 

 

14,782,788

 

Class B

 

 

100,000,000

 

 

 

1,369,518

 

 

 

1,369,518

 

Class C

 

 

200,000,000

 

 

 

277,777

 

 

 

277,777

 

 

 

 

1,300,000,000

 

 

 

16,658,772

 

 

 

16,430,083

 

 

As of March 31, 2026 and December 31, 2025, the Company had reserved 5,331,692 and 4,619,313 shares of common stock for the exercise of outstanding stock options, the vesting of restricted stock units, the vesting of performance-based market condition share awards, and the number of shares remaining available for future grant, respectively.

Stock Plans

The Company maintains the 2006 Employee, Director and Consultant Stock Plan as amended and restated (the “2006 Plan”), the 2020 Equity Incentive Plan (the “2020 Plan”) and 2024 Inducement Plan (the “2024 Plan”), together, the “Plans,” under which it has granted incentive stock options, non-qualified stock options, cash based awards, restricted stock units and performance stock units to employees, officers, and directors of the Company. In connection with the adoption of the 2020 Plan, the then-remaining shares of common stock reserved for grant or issuance under the 2006 Plan became available for issuance under the 2020 Plan, and no further grants will be made under the 2006 Plan.

Stock Options

Activity under the Plans is as follows:

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price

 

 

Weighted Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic Value

 

Outstanding as of January 1, 2026

 

 

340,426

 

 

$

107.43

 

 

 

2.9

 

 

$

—

 

Forfeited

 

 

(11,503

)

 

$

107.94

 

 

 

 

 

 

 

Outstanding as of March 31, 2026

 

 

328,923

 

 

$

107.41

 

 

 

2.6

 

 

$

—

 

Vested and expected to vest as of December 31, 2025

 

 

340,206

 

 

$

107.43

 

 

 

2.9

 

 

$

—

 

Vested and expected to vest as of March 31, 2026

 

 

328,703

 

 

$

107.41

 

 

 

2.6

 

 

$

—

 

Options exercisable as of December 31, 2025

 

 

340,426

 

 

$

107.43

 

 

 

2.9

 

 

$

—

 

Options exercisable as of March 31, 2026

 

 

328,923

 

 

$

107.41

 

 

 

2.6

 

 

$

—

 

 

No options were exercised or granted in the three months ended March 31, 2026 and 2025.

Restricted Stock Units

Activity for the restricted stock units is as follows:

 

 

 

Shares

 

 

Weighted Average
Grant Date
Fair Value

 

Unvested as of January 1, 2026

 

 

1,194,219

 

 

$

14.91

 

Granted

 

 

442,965

 

 

 

5.22

 

Vested

 

 

(166,846

)

 

 

21.18

 

Forfeited

 

 

(33,960

)

 

 

22.61

 

Unvested as of March 31, 2026

 

 

1,436,378

 

 

$

11.02

 

 

The total grant date fair value of RSU’s granted for the three months ended March 31, 2026 and 2025 was $2,312 and $7,524, respectively. Restricted stock units vest over the service period of one to four years. The aggregate intrinsic value of restricted stock units vested for the three months ended March 31, 2026 and 2025 was $855 and $1,302, respectively.

Restricted Stock Units with a Performance or Market Condition

Activity for the restricted stock units with a performance or market condition is as follows:

 

 

 

Shares

 

 

Weighted Average
Grant Date
Fair Value

 

Unvested as of January 1, 2026

 

 

229,579

 

 

$

11.79

 

Cancelled/Forfeited

 

 

(5,144

)

 

 

43.73

 

Unvested as of March 31, 2026

 

 

224,435

 

 

$

11.05

 

 

There were no performance-based or market condition share awards granted during the three months ended March 31, 2026 and 2025.

2020 Employee Stock Purchase Plan

During the three months ended March 31, 2025, the Company issued 77,083 shares under the ESPP. During the three months ended March 31, 2026, the Company issued 61,939 shares under the ESPP. As of March 31, 2026, 338,291 shares remained available for issuance.

Stock-Based Compensation

Stock-based compensation expense, related to all of the Company's stock-based awards, was classified in the condensed consolidated statements of operations and comprehensive loss as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Cost of revenues

 

$

117

 

 

$

263

 

Research and development

 

$

873

 

 

 

1,610

 

Selling and marketing

 

$

269

 

 

 

607

 

General and administrative

 

 

1,045

 

 

 

5,206

 

Total

 

$

2,304

 

 

$

7,686

 

 

As of March 31, 2026, the unrecognized stock-based compensation expense related to unvested common stock-based awards was $11,653, which is expected to be recognized over a weighted-average period of 1.6 years.