The Company grants restricted stock units (“RSUs”) to certain employees under the 2022 Equity Incentive Plan and are valued based on the closing price of the Company’s Class A common stock on the date of grant. The following table summarizes RSU activity during the three months ended March 31, 2026:


	Shares			Weighted-Average Grant-Date Fair Value
RSUs outstanding at December 31, 2024		69,827		$	5.65
Granted		266,849		$	3.72
Forfeited		(49,288	)	$	3.25
Vested		(24,039	)	$	5.57
RSUs outstanding at December 31, 2025		263,349		$	3.88
Forfeited		(7,376	)	$	3.25
RSUs outstanding at March 31, 2026		255,973		$	3.90

The Company recognized share-based compensation expense of $0.02 million during the three months ended March 31, 2026 and did not recognize any share-based compensation expense during the three months ended March 31, 2025 related to RSUs. As of March 31, 2026, the Company had $0.3 million of unrecognized share-based compensation expense related to unvested RSUs.

The Company grants stock options to certain employees, directors, and consultants under the 2022 Equity Incentive Plan. The following table summarizes stock option activity during the three months ended March 31, 2026:


	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)
Options outstanding at December 31, 2024		10,310,571		$	4.95		8.4
Granted		4,593,177		$	3.94
Exercised		(64,040	)	$	3.53
Forfeited		(2,557,612	)	$	4.58
Options outstanding at December 31, 2025		12,282,096		$	4.66		7.9
Granted		131,975		$	2.18
Forfeited		(924,300	)	$	5.32
Options outstanding at March 31, 2026		11,489,771		$	4.57		6.5
Options exercisable at March 31, 2026		6,303,840		$	4.77		4.7

The Company recognized share-based compensation expense of $1.7 million and $2.1 million during the three months ended March 31, 2026 and 2025, respectively, related to stock options. As of March 31, 2026, there was $11.2 million of unrecognized share-based compensation expense related to unvested stock options. This expense is expected to be recognized over a weighted-average remaining vesting period of 2.43 years.

The weighted-average assumptions used to estimate the fair value of stock options granted during the three months ended March 31, 2026 were as follows:


	March 31,
	2026
Expected term (in years)		6.2
Volatility		62.5	%
Risk-free rate		3.8	%
Dividend yield		0.0	%

On May 26, 2022, the Company’s Board of Directors approved the 2022 Employee Stock Purchase Plan (the ESPP). The maximum number of shares of the Company’s common stock that may be issued under the ESPP is equal to the sum of 797,724 shares (the “Initial Share Reserve”) of the Company’s common stock plus the number of shares of the Company’s common stock that may be added to the ESPP annually each year for a period of up to 10 years. Additional shares added to the ESPP on an annual basis is equal to the lesser of 1% of the total number of shares of the Company’s capital stock on the last day of the immediately preceding calendar year and the Initial Share Reserve.

The Company recognized share-based compensation expense of $0.01 million and $0.02 million for the three months ended March 31, 2026 and 2025, respectively, related to the ESPP. As of March 31, 2026 and 2025, 151,119 shares and 63,413 shares, respectively, had been purchased under the ESPP.