
	Three months ended March 31,
	2026		2025
Cost of revenue	$	990	$	657
Sales and marketing(1)	5,790		5,129
Research and development	3,206		3,147
General and administrative	6,696		4,819
Total stock-based compensation expense	$	16,682	$	13,752

(1)Sales and marketing includes common stock warrant expense of $2.2 million recognized during the each of the three months ended March 31, 2026 and 2025. See Note 7 – Stockholders’ Equity.

The Company capitalized $0.5 million and $0.3 million of stock-based compensation expense to capitalized software development costs during the three months ended March 31, 2026 and 2025, respectively.

In April 2024, the Company’s board of directors approved the 2024 Equity Incentive Plan (2024 Plan), which became effective in connection with the IPO. The 2024 Plan provides for the grant of stock options, restricted stock, restricted stock units (RSUs), stock appreciation rights, performance units, and performance shares to eligible employees, directors, and consultants. The 2011 Equity Incentive Plan (2011 Plan), which terminated effective immediately prior to the effectiveness of the 2024 Plan, provided for the grant of various stock awards to employees of the Company, including incentive stock options, nonqualified stock options, and RSUs.

Unrecognized stock-based compensation expense as of March 31, 2026 was $3.2 million for unvested stock options, $137.5 million for unvested RSUs, and $0.2 million for the ESPP and is expected to be recognized over a weighted average period of 1.4 years, 3.2 years, and 0.1 years, respectively.


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Options outstanding as of December 31, 2025	2,525,061	$	15.42	5.3	$	19,780
Exercised	(50,209)	14.79
Forfeited or expired	(18,135)	20.91
Options outstanding as of March 31, 2026	2,456,717	$	15.39	5.1	$	35,943
Options vested and exercisable as of March 31, 2026	2,200,490	$	14.85	4.8	$	33,337


	RSUs	Weighted Average Grant Date Fair Value per Share
Unvested and outstanding as of December 31, 2025	2,436,259	$	50.28
Granted	2,512,627	22.35
Vested	(270,830)	39.38
Forfeited or expired	(76,936)	38.97
Unvested and outstanding as of March 31, 2026	4,601,120	$	35.86

On April 17, 2024, the Company issued a performance-based RSU award to the CEO (CEO PRSU). The CEO PRSU awards a target number of RSUs to the CEO, totaling 125,216 RSUs, that become eligible to vest based on the Company’s total shareholder return (TSR) relative to the TSRs of the companies in the Russell 2000 Index during the performance period from the grant date through December 31, 2026. A percentage of the target number of RSUs, ranging from zero to 200%, will vest based on the percentile rank of the Company's TSR relative to that of the other companies in the index over the performance period. The award is subject to the CEO’s continued service to the Company, and the TSR condition is a market condition. In addition, the CEO PRSU is subject to acceleration upon a change in control. The Company recognized stock-based compensation expense related to the CEO PRSU of $1.3 million during each of the three months ended March 31, 2026 and 2025.

In April 2024, the Company’s board of directors approved the 2024 ESPP, which became effective in connection with the IPO. The ESPP allows eligible employees to purchase shares of the Company’s Class A common stock at a discounted price per share through payroll deductions over consecutive offering periods that are approximately six months in length. Each offering period has a single purchase period of the same duration. The offering periods will generally start on the first trading day on or after May 15 and November 15 each year and end on the first trading day on or after the following November 15 and May 15, respectively. The per share purchase price is equal to 85% of the lesser of the fair market value of a share of the Company’s Class A common stock on (i) the first trading date of the offering period or (ii) the last trading day of the offering period.

Stock-based compensation expense recognized during the three months ended March 31, 2026 and 2025, related to the ESPP were immaterial. The Company issued no shares of stock under the ESPP during the three months ended March 31, 2026 or the three months ended March 31, 2025.