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Stockholders' equity
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stockholders' equity
11. Stockholders' equity
Preferred stock— Under its amended and restated certificate of incorporation, the Company is authorized to issue 50,000,000 shares of undesignated preferred stock with a par value of $0.00001 per share with rights and preferences, including voting rights, as designated from time to time by the Company’s board of directors. As of March 31, 2026 and December 31, 2025, there were zero shares of preferred stock issued and outstanding.
Common stock— Common stockholders are entitled to one vote per share. Shares of common stock reserved for future issuance consisted of the following:
March 31,December 31,
20262025
2010 Equity Incentive Plan:
Stock options outstanding926,557 940,908 
2021 Equity Incentive Plan:
RSUs outstanding and PSUs(1)
21,747,985 15,485,131 
Shares available for future issuance under:
2021 Equity Incentive Plan14,060,735 13,943,187 
2021 Employee Stock Purchase Plan5,670,306 4,219,800 
Total shares of common stock reserved42,405,583 34,589,026 
(1) For those PSUs in their respective performance periods, the number of shares reserved for issuance is based on the maximum achievement of the corporate performance metrics.
Equity incentive plans— In 2010, the Company adopted the 2010 Equity Incentive Plan (the “2010 Plan”). The 2010 Plan provided for incentive stock options (“ISOs”), non-statutory stock options (“NSOs”, collectively with ISOs, “stock options”), stock appreciation rights (“SARs”), restricted stock, and restricted stock units (“RSUs”) to be granted to eligible employees, directors, and consultants. The 2010 Plan was terminated in October 2021 in connection with the IPO but continues to govern the terms and conditions of the outstanding awards granted pursuant to the 2010 Plan. No further equity awards will be granted under the 2010 Plan.
The Company adopted the 2021 Equity Incentive Plan (the "2021 Plan") in September 2021, which became effective on October 28, 2021 (collectively with the 2010 Plan, the “Equity Incentive Plans”) and was approved by the Company’s stockholders. The 2021 Plan provides for the granting of ISOs, NSOs, SARs, restricted stock, RSUs, and performance awards to eligible employees, directors, and consultants.
The Company initially reserved 13,800,000 shares for issuance under the 2021 Plan. The amount available for issuance is subject to an annual increase on the first day of each calendar year, beginning on January 1, 2023, in an amount equal to 5% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding calendar year or a lesser amount determined by the Company’s board of directors or compensation committee. The amount available for issuance shall also include Returning Shares, which are any shares subject to awards granted under the 2010 Plan that, on or after October 29, 2021, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations, or are forfeited to or repurchased by the Company due to failure to vest. Additionally, any difference in (i) the number of PSUs reserved for future issuance based on maximum achievement of the corporate performance metric and (ii) the number of PSUs issued based on actual attainment are returned to the 2021 Plan.
On January 1, 2026, the shares available for future grants under the 2021 Plan automatically increased by 7,252,532 pursuant to the above evergreen provision of the 2021 Plan.
Restricted stock units and performance-based restricted stock units— The fair value of RSUs and PSUs are determined using the fair value of the Company’s common stock on the date of grant. The Company recognizes stock-based compensation expense for RSUs with service-based vesting conditions on a straight-line basis over the requisite service period for each award, which is typically between two to four years.
Each PSU conveys a right to receive one share of the Company’s common stock on the date it vests, provided that the number of PSUs that will ultimately vest may vary based upon achievement of the corporate performance metrics at the end of the performance period. During the performance period, Management estimates the number of PSUs that are expected to vest based on the anticipated achievement. If the performance-based vesting condition is considered probable of being achieved, the Company recognizes expense over the requisite service period based on the probable outcome of achievement. If the performance goals are not met, or are considered improbable, no compensation cost is recognized, and any previously recognized compensation cost is reversed. Total stock-based compensation expense to be recognized may fluctuate during the performance period due to changes in forecasted achievement.
During the third quarter of 2025, the Company granted 553,125 PSUs at target to certain executives, with payout achievement ranging from 0% to 150% of target. One third of the eligible PSUs vest upon certification of the corporate performance metrics by the board of directors’ compensation committee in the third quarter of 2026, and the remaining two thirds will vest equally over the following 6 quarters, subject to continual service by the grantee. Achievement has been considered probable since the grant date, and, as of March 31, 2026, the Company estimated a payout rate of 75% of target based on forecasted achievement.
During the first quarter of 2025, the Company granted 372,044 PSUs at target to certain executives, with payout achievement ranging from 0% to 150% of target. In February 2026, the Board of Directors’ compensation committee certified actual achievement against target of 66%. As a result, 198,897 shares were awarded to the grantees, of which one third vested in the quarter of certification, while the remaining two thirds will vest equally over the following 8 quarters, subject to continual service by the grantee. The difference in number of shares granted at target and the shares certified by the Board based on actual achievement were canceled and returned to the pool of available for future issuance under the 2021 Plan.
A summary of RSU and PSU activity under the 2021 Plan is as follows:
RSUs OutstandingWeighted Average Grant Date Fair Value
PSUs Outstanding (1)
Weighted Average Grant Date Fair Value
Balance - December 31, 2025
14,159,159$8.06 911,001$7.55 
Granted 8,735,8865.01 —— 
Released(1,374,581)9.41 (78,937)8.46 
Canceled(765,598)8.16 (103,037)8.24 
Balance - March 31, 2026
20,754,866$6.68 729,027$7.35 
Unvested - March 31, 2026
20,656,876$6.68 729,027$7.35 
Awards vested, not yet released - March 31, 2026
97,990$8.06 —$— 
(1) Canceled PSU shares reflect the difference in the number of shares granted at target and the shares certified by the Board based on actual achievement.
As of March 31, 2026, total unrecognized stock-based compensation expense related to unvested RSUs was $126.8 million, which will be recognized over a weighted average period of 2.3 years.
As of March 31, 2026, total unrecognized stock-based compensation expense related to unvested PSUs was $2.2 million, which will be recognized over a weighted average period of 1.0 year.
Stock options— The Company may grant stock options at exercise prices not less than the fair market value at the date of grant. These options generally expire 10 years from the date of grant. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period for each award, which is generally even over four years.
The following is a summary of activity for stock options having only service-based vesting conditions under the Equity Incentive Plans:
Options OutstandingWeighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
(In Thousands)
Balance - December 31, 2025
890,908 $5.84 3.61$1,174 
Granted — — 
Exercised (3,750)3.12 
Canceled (10,601)8.29 
Balance - March 31, 2026
876,557 $5.82 3.27$644 
Vested & exercisable as of March 31, 2026
876,557 $5.82 3.27$644 
As of March 31, 2026, there was no unrecognized stock-based compensation for stock options with service-based vesting conditions, as all such awards were fully vested.
Performance-based stock options— There have been no substantive changes to the 50,000 vested and exercisable performance-based stock options that were outstanding as of March 31, 2026, compared to the information described as of December 31, 2025, in Note 11— Stockholders’ equity, included in Part II, Item 8 of the Company’s Annual Report.
Employee stock purchase plan— The 2021 Employee Stock Purchase Plan (the “ESPP”) became effective on October 29, 2021. The Company initially reserved 2,800,000 shares of the Company's common stock under the ESPP. Shares reserved for issuance shall increase on the first day of the fiscal year, beginning in fiscal 2023, in an amount equal to the least of 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, three times the initial number of shares reserved under the ESPP, or a lesser amount determined by the Company’s board of directors or compensation committee. On January 1, 2026, the shares available for future grants under the ESPP automatically increased by 1,450,506 pursuant to the above evergreen provision of the 2021 ESPP.
As of March 31, 2026, total unrecognized compensation cost for the ESPP was $3.1 million, which will be recognized over a weighted average period of 1.6 years.
Total stock-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands):
Three Months Ended March 31,
20262025
Cost of revenue$1,661 $1,572 
Sales and marketing4,794 5,407 
Research and development4,864 4,708 
General and administrative5,049 6,280 
Total stock-based compensation expense$16,368 $17,967 
The Company capitalized $0.9 million and $1.6 million of stock-based compensation expense as capitalized software during the three months ended March 31, 2026 and 2025, respectively