v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
11.
Stockholders’ Equity

Common Stock

The Company is authorized to issue 500,000,000 shares of $0.001 par value common stock as of both March 31, 2026, and December 31, 2025.

The holders of common stock are entitled to receive dividends whenever funds and assets are legally available and when declared by the Board of Directors. As of March 31, 2026, no dividends had been declared.

As of March 31, 2026, and December 31, 2025, the Company had reserved common stock for future issuance as follows:

 

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Conversion of outstanding warrants

 

 

102,299

 

 

 

102,299

 

Outstanding options

 

 

3,935,100

 

 

 

4,135,501

 

Outstanding RSUs

 

 

1,648,022

 

 

 

1,561,534

 

Shares reserved for future issuance under the Company's equity plans

 

 

7,267,978

 

 

 

5,279,680

 

Total

 

 

12,953,399

 

 

 

11,079,014

 

Stock Incentive Plan

Activity under the 2014 Stock Incentive Plan (the “2014 Plan”), 2024 Equity Incentive Plan (the “2024 EIP”), and 2024 Incentive Award Plan (the “2024 Plan”) is as follows:

 

 

 

 

 

 

 

 

Weighted
average

 

 

Aggregate

 

 

 

Number of

 

 

Weighted
average

 

 

remaining
contractual

 

 

intrinsic
value

 

 

 

options

 

 

exercise price

 

 

life (in years)

 

 

(in thousands)

 

Balance at December 31, 2025

 

 

4,135,501

 

 

$

8.70

 

 

 

7.38

 

 

 

54,842

 

Options granted

 

 

83,025

 

 

 

22.02

 

 

 

 

 

 

 

Options exercised

 

 

(232,777

)

 

 

4.66

 

 

 

 

 

 

 

Options forfeited

 

 

(50,649

)

 

 

10.18

 

 

 

 

 

 

 

Balance at March 31, 2026

 

 

3,935,100

 

 

 

9.24

 

 

 

7.29

 

 

 

36,509

 

Options vested and expected to vest as of March 31, 2026

 

 

3,935,100

 

 

 

9.24

 

 

 

7.29

 

 

 

36,509

 

Options exercisable at March 31, 2026

 

 

2,460,544

 

 

$

6.74

 

 

 

6.67

 

 

 

28,651

 

The weighted-average grant-date fair value of options granted during the three months ended March 31, 2026 and 2025 was $13.31 and $13.76 per share, respectively. The aggregate intrinsic value of options exercised during the three months ended March 31, 2026 and 2025 was $3.5 million and $0.6 million, respectively.

Restricted Stock Unit activity under the plans is as follows:

 

 

 

 

 

 

 

 

Number of

 

 

Weighted average

 

 

 

shares

 

 

grant date fair value

 

Unvested at December 31, 2025

 

 

1,561,534

 

 

$

17.94

 

Granted

 

 

241,448

 

 

 

21.42

 

Vested

 

 

(96,073

)

 

 

19.98

 

Cancelled

 

 

(58,887

)

 

 

17.67

 

Unvested at March 31, 2026

 

 

1,648,022

 

 

$

18.31

 

The total fair value of shares vested during the three months ended March 31, 2026 and 2025 was $1.9 million and $0.3 million, respectively.

Stock-Based Compensation

As of March 31, 2026, the aggregate unrecognized compensation costs related to outstanding unvested options and RSUs under the 2014 Plan, 2024 EIP, and 2024 Plan was $38.1 million. The Company expects to recognize those costs over a weighted average period of 3.0 years.

The fair value of RSUs is based on the Company’s closing stock price on the date of grant. The fair value of service-based stock options and RSUs are amortized on a straight-line basis over the requisite service period of the awards.

The fair value of employee stock options granted was estimated using the following weighted-average assumptions for the three months ended March 31, 2026 and 2025:

 

 

 

Three months ended March 31,

 

 

2026

 

2025

Expected term (in years)

 

 

4.9

 

 

 

 

5.5

 

 

Expected volatility

 

 

71.0

%

 

 

 

63.4

%

 

Risk-free interest rate

 

 

3.8

%

 

 

 

4.5

%

 

Dividend yield

 

—

 

 

 

—

 

 

 

The expected term is based on an average of the midpoint of the requisite service period and the contractual term, and the historical exercise behavior. The expected stock price volatility assumption was determined by examining the historical volatilities for industry peers, as well as the Company's historical volatility. The Company will continue to analyze the historical stock price volatility and expected term assumptions as more historical data for the Company’s common stock becomes available. The risk-free interest rate assumption is based on the U.S. Treasury instruments whose term was consistent with the expected term of the Company’s stock options. The expected dividend assumption is based on the Company’s history and expectation of no dividend payouts.

The Company’s total stock-based compensation expense was as follows (in thousands):

 

 

 

Three months ended March 31,

 

 

2026

 

2025

Cost of revenue

 

$

148

 

 

 

$

25

 

 

Research and development

 

 

700

 

 

 

 

373

 

 

Sales and marketing

 

 

1,510

 

 

 

 

777

 

 

General and administrative

 

 

1,365

 

 

 

 

1,173

 

 

Total stock-based compensation expense

 

$

3,723

 

 

 

$

2,348

 

 

 

Stock-based compensation expense does not include the impact of estimated forfeitures. Forfeitures are taken as a reduction in expense in the period in which they occur. No compensation cost is recorded for awards that do not vest. Option awards included performance-based awards which are subject to the achievement of performance goals. For options subject to performance goals, the Company recognizes expense when it is probable that the performance condition will be achieved. These performance-based awards represent 27,236 and 40,854 of option awards outstanding as of March 31, 2026 and December 31, 2025, respectively and stock-based compensation related to performance-based awards was not material. Total stock-based compensation expense includes non-employee stock-based compensation of $0.3 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively.

Employee Stock Purchase Plan

 

In February 2025, the Company adopted the Employee Stock Purchase Plan (the “ESPP”). The Company allows eligible employees to purchase shares of the Company's common stock through payroll deductions at a price equal to 85% of the lesser of the fair market value of the stock as of the first date or the ending date of each offering period, which is typically six months. In January 2026, the number of shares of common stock available for issuance under the ESPP was increased by 374,848 shares as a result of the automatic increase provision in the ESPP.

As of March 31, 2026, 1,101,668 shares under the ESPP remain available for purchase. The offering period and purchase period is determined by the board of directors. Stock-based compensation related to the ESPP was not material and is included in the Company’s total stock-based compensation expense table above.