A summary of the option activity under the Company’s equity compensation plans is as follows:


	Time-Vesting Options Outstanding
	Number of Options			Weighted-Average Exercise Price (per option)		Weighted-Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025		714,618		$	22.82		6.51	$	2,573
Granted		50,000			8.86
Exercised		(15,292	)		6.43
Forfeited		(12,896	)		6.43
Expired		(1,200	)		6.43
Outstanding at June 30, 2026		735,230		$	22.53		6.26	$	2,438
Exercisable at June 30, 2026		572,459		$	26.95		5.89	$	1,912


	RSUs Outstanding
	Number of RSUs			Weighted-Average Fair Value (per RSU)
Outstanding at December 31, 2025		517,580		$	9.24
Granted		542,964			10.53
Vested		(112,366	)		11.69
Forfeited		(72,684	)		10.19
Outstanding at June 30, 2026		875,494		$	9.64

The fair value of RSUs vested during the three and six months ended June 30, 2026 was $0.2 million and $1.3 million, respectively. $0.8 million and $1.9 million was the fair value of RSUs vested during the three and six months ended June 30, 2025, respectively.

On January 1, 2026, the number of shares available for issuance under the 2021 Incentive Award Plan (the “2021 Plan”) increased by 358,986 pursuant to the terms of the 2021 Plan. As of June 30, 2026, 1,046,840 shares of Class A common stock were available for issuance under the 2021 Plan.

Vested RSUs included shares of common stock that the Company withheld on behalf of certain employees to satisfy the minimum statutory tax withholding requirements, as defined by the Company. The Company withheld shares of common stock with an aggregate fair value and remitted taxes of $0.4 million during the six months ended June 30, 2026, which were classified as financing cash outflows in the unaudited condensed consolidated statements of cash flows. The Company canceled and returned these shares to the 2021 Plan, which are available under the plan terms for future issuance.

In May 2022, the Company established an ESPP, the terms of which allow for qualified employees to participate in the purchase of designated shares of the Company’s common stock at a price equal to 85% of the lower of the closing price at the beginning or ending of each six-month purchase period.

On January 1, 2026, the number of shares available for issuance under the ESPP increased by 71,797 pursuant to the terms of the ESPP. As of June 30, 2026, 248,772 shares of Class A common stock were available for issuance under the ESPP.

During the six months ended June 30, 2026, 14,734 shares of the Company’s common stock were issued pursuant to the ESPP at an average price of $6.43 per share.

Stock-based compensation expense associated with the Company’s ESPP is based on fair value estimated on the date of grant using the Black-Scholes option pricing valuation model and the following weighted-average assumptions for grants during the six months ended June 30, 2026 and 2025:


	Six months ended June 30,
	2026			2025
Risk-free rate		3.7	%		4.2	%
Dividend yield rate		—			—
Volatility		88.0	%		68.7	%
Expected term (in years)		0.50			0.50
Weighted-average grant date fair value	$	1.93		$	1.15

Equity-based compensation expense for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Cost of revenue	$	122	$	195	$	223	$	396
Selling and marketing		95		235		234		505
Enterprise technology and development		84		114		180		275
General and administrative		984		1,471		1,766		2,565
Total equity-based compensation	$	1,285	$	2,015	$	2,403	$	3,741

In connection with the restructuring activities that took place during the three and six months ended June 30, 2025, the Company modified certain stock awards of terminated employees (two employees in the three month period ended June 30, 2025 and approximately 10 employees in the three month period ended March 31, 2025). See Note 13, Restructuring, for additional information on the restructuring activities. The modifications in the three and six months ended June 30, 2025 included accelerating the vesting of any options that would have vested within three to six months of the employee's termination date (12 months for former executives of the Company), and all vested options will be available for exercise for a total of six months after the employee's termination date (that is, three months in addition to the standard three months per original agreement). As a result of these modifications, the Company recognized approximately zero and $0.9 million reduction to equity-based compensation expense in the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2025, respectively.