Stock Option Plan

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

2019 Incentive Award Plan

In September 2019, the Company's Board of Directors (the Board) adopted, and the Company's stockholders approved, the 2019 Plan. Under the 2019 Plan, which expires in September 2029, the Company may grant stock options, stock appreciation rights, restricted stock, RSUs and other awards to individuals who are then employees, officers, non-employee directors or consultants of the Company or its subsidiaries. The options generally expire ten years after the date of grant and are exercisable to the extent vested. Vesting is established by the Board and is generally four years from the date of grant or, for grants to new hires, four years from the date of hire. The 2019 Plan contains an "evergreen provision" that allows annual increases in the number of shares available for issuance on the first day of each calendar year through January 1, 2029 in an amount equal to the lesser of: (i) 4% of the outstanding capital stock on each December 31st, or (ii) such lesser amount determined by the Board. Pursuant to the evergreen provision, on January 1, 2026, an additional 916,463 shares of the Company's common stock became available for issuance under the 2019 Plan. As of March 31, 2026, 2,401,275 shares of the Company's common stock remained available for future awards under the 2019 Plan.

Restricted Stock Units

RSU activity under the Company's 2019 Plan is set forth below:


	Number of Shares	Weighted- Average Grant Date Fair Value Per Share
Outstanding, December 31, 2025	1,795,639	$	3.85
Awards granted	649,748	$	3.18
Awards released	(275,671)	$	2.73
Awards canceled	(40,010)	$	2.92
Outstanding, March 31, 2026	2,129,706	$	3.81

As of March 31, 2026, all of the 2,129,706 outstanding RSUs were unvested. The fair value of RSUs vested in the three months ended March 31, 2026 and 2025 was $1.0 million and $0.8 million, respectively. The weighted average grant date fair value per share for RSUs granted during the three months ended March 31, 2026 and 2025 was $3.18 and $3.71 per RSU, respectively. As of March 31, 2026, total unrecognized compensation cost related to RSUs was $7.2 million, which is expected to be recognized over a remaining weighted-average vesting period of 2.8 years.

Stock Options

Stock option activity under the 2019 Plan is set forth below:


	Number of Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2025	526,839	$	6.86	6.48	$	957
Granted	190,000	$	3.16

Forfeited	(10,000)	$	3.58

Outstanding, March 31, 2026	706,839	$	5.91	7.29	$	186
Vested and expected to vest, March 31, 2026	706,839	$	5.91	7.29	$	186
Options exercisable, March 31, 2026	379,212	$	7.68	5.35	$	179

There were 190,000 and 120,070 stock options granted in the three months ended March 31, 2026 and 2025, respectively. The intrinsic value is calculated as the difference between the fair value of the Company's common

stock and the exercise price of the stock options. No options were exercised during the three months ended March 31, 2026, and 2025. As of March 31, 2026, total unrecognized compensation cost related to option awards was $0.7 million, which is expected to be recognized over a remaining weighted-average vesting period of 2.9 years.

2019 Employee Stock Purchase Plan

In September 2019, the Board adopted, and the Company's stockholders approved, the ESPP. The ESPP became effective on the day the ESPP was adopted by the Board. The ESPP permits participants to purchase shares of the Company's common stock through payroll deductions of up to 20.0% of their eligible compensation. The number of shares of the Company's common stock available for issuance under the ESPP will be annually increased on the first day of each calendar year during the term of the ESPP through January 1, 2029 in an amount equal to the lesser of (i) 1.0% of the outstanding capital stock on each December 31st, or (ii) such lesser amount determined by the Board. Pursuant to the evergreen provision, on January 1, 2026, an additional 229,115 shares of the Company's common stock became available for issuance under the ESPP. As of March 31, 2026, 675,900 shares of the Company's common stock remained available for issuance under the ESPP. During the three months ended March 31, 2026, a total of 96,023 shares of the Company's common stock were issued under the ESPP.

Stock-Based Compensation Expense

Total non-cash stock-based compensation expense recorded related to options granted, RSUs granted and stock purchase rights granted under the ESPP in the condensed statements of operations is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	48	$	55
Selling, general and administrative	500		346
Research and development	107		16
Total	$	655	$	417