Stock-Based Compensation |
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| Stock-Based Compensation | Stock-Based Compensation Stock Options In 2021, the Company established the DocGo Inc. 2021 Equity Incentive Plan (the “Plan”), which replaced Ambulnz, Inc.’s 2017 Equity Incentive Plan. The Plan initially reserved 16,607,894 shares of Common Stock for issuance under the Plan. The Company’s stock options generally vest on various terms based on continuous services over periods ranging from to five years. The stock options are subject to time vesting requirements through 2028 and are nontransferable. Stock options granted have a maximum contractual term of 10 years. As of March 31, 2026, approximately 5.4 million employee stock options had vested. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. Before the consummation of the Business Combination, the management of Ambulnz took the average of several publicly traded companies that were representative of Ambulnz’ size and industry in order to estimate its expected stock volatility. Subsequent to the Business Combination, the Company utilized publicly available pricing. The expected term of the options represented the period of time the instruments were expected to be outstanding. The Company based the risk-free interest rate on the rate payable on the U.S. Treasury securities corresponding to the expected term of the awards at the date of grant. Expected dividend yield was zero based on the fact that the Company had not historically paid and does not intend to pay a dividend in the foreseeable future. No stock options were granted during the three months ended March 31, 2026 and 2025. The following table summarizes the Company’s stock option activity under the Plan during the three months ended March 31, 2026:
The aggregate intrinsic value in the above table is calculated as the difference between the fair value of the Common Stock price and the exercise price of the stock options. For the three months ended March 31, 2026 and 2025, the total recorded stock-based compensation related to stock option awards granted was $701,793 and $1,389,257, respectively. As of March 31, 2026 and December 31, 2025, the total unrecognized compensation related to unvested stock option awards granted was $2,533,438 and $3,245,364, respectively. This cost is expected to be recognized over a weighted-average period of approximately 0.98 years as of March 31, 2026. Restricted Stock Units The fair value of restricted stock units (“RSUs”) is determined on the date of grant. The Company records compensation expenses in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss on a straight-line basis over the vesting period for RSUs. The vesting period for RSUs generally ranges from to four years. The following is a summary of the RSU activity for the three months ended March 31, 2026:
The total grant-date fair value of RSUs granted during the three months ended March 31, 2026 was $179,000. For the three months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense related to RSUs of $1,505,545 and $1,773,094, respectively. As of March 31, 2026 and December 31, 2025, the total unrecognized compensation related to unvested RSUs granted was $13,195,136 and $15,607,125, respectively. This cost is expected to be recognized over a weighted-average period of approximately 2.93 years as of March 31, 2026. Performance-based Restricted Stock Units The Company grants performance-based restricted stock units (“PSUs”) to certain employees under its long-term incentive compensation plan. PSU awards are subject to service-based and either performance-based or market-based vesting conditions. For the three months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense related to PSUs of $1,017,429 and $1,667,961, respectively. As of March 31, 2026 and December 31, 2025, the total unrecognized compensation related to unvested PSUs granted was $6,533,223 and $7,550,652, respectively. This cost is expected to be recognized over a weighted-average period of approximately 2.76 years as of March 31, 2026. PSU Grants with Performance Conditions (Revenue Performance Share Unit Grants) As of March 31, 2026, the Company had outstanding PSUs with a performance condition from 2024. The fair value of these awards is based on the Company’s quoted stock price on the grant date and is expected to vest based on the achievement of specific revenue targets in 2024. The Company records compensation expenses in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss on a straight-line basis over the four year vesting period. There were no revenue PSUs granted during the three months ended March 31, 2026 and 2025. The following is a summary of the revenue PSU activity for the three months ended March 31, 2026:
PSU Grants with Market Condition (TSR Performance Share Unit Grants) As of March 31, 2026, the Company had outstanding PSUs with a market condition that will vest based on the Company’s total shareholder return (“TSR”) relative to the TSR of the Nasdaq Healthcare Index in 2025 to 2028. The fair value is determined on the grant date using a Monte Carlo simulation model. The Company recognizes compensation expense on all these awards on a straight-line basis over the vesting period with no changes for final projected payout of the awards. The Company accounts for forfeitures as they occur. There were no TSR PSUs granted during the three months ended March 31, 2026 and 2025. The following is a summary of the TSR PSU activity for the three months ended March 31, 2026:
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