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Employee benefit plans
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Compensation and Employee Benefit Plans
6. Employee benefit plans
Equity incentive plans. The Company has outstanding equity grants from four of its five stock-based employee compensation plans: the 2024 Equity Incentive Plan, as amended (2024 Plan), the 2014 Equity Incentive Plan (2014 Plan), the 2010 Equity Incentive Plan (2010 Plan), and the 2024 Employee Stock Purchase Plan (2024 ESPP). The 2024 Plan serves as a successor to the 2014 Plan and the 2014 Plan served as successor to the 2010 Plan. The original effective date of both the 2024 Plan and the 2024 ESPP was February 15, 2024 and the 2024 Plan was amended on June 2, 2026, which increased the number of shares of Class A common stock authorized for issuance under the 2024 Plan by 13,000,000 shares. The 2014 Plan and the 2014 Employee Stock Purchase Plan (2014 ESPP) each expired on February 15, 2024. The 2014 ESPP plan’s final purchase was on February 15, 2024, and no remaining purchase rights are accrued under this plan. Awards granted under the 2010 and 2014 Plans will continue to be subject to the terms and provisions of the 2010 and 2014 Plans.
The 2024 Plan provides for the granting of incentive and non-qualified stock options, restricted stock awards (RSAs), restricted stock units (RSUs), stock appreciation rights, stock bonus awards (SBAs) and performance awards to qualified employees, non-employee directors and consultants. Options granted under the 2024 Plan generally expire within ten years from the date of grant and generally vest over one to four years. RSUs granted under the 2024 Plan generally vest over two to four years based upon continued service and are settled at vesting in shares of the Company’s Class A common stock. Performance stock units (PSUs) granted under the 2024 Plan generally vest over three years based upon continued service and the Company achieving certain financial and operating targets and are settled at vesting in shares of the Company’s Class A common stock. SBAs granted under the 2024 Plan are generally granted and vested on the same day based on continued service and employees achieving certain performance goals and are settled at vesting in shares of the Company’s Class A common stock. The Company accounts for forfeitures of stock-based payment awards in the period they occur. The 2024 ESPP allows eligible employees to purchase shares of the Company’s Class A common stock through payroll deductions at a price equal to 85% of the lesser of the fair market value of the stock as of the first date or
the ending date of each six-month offering period. For additional information regarding the Company’s equity incentive plans, refer to the Annual Report on Form 10-K for the year ended December 31, 2025.
Stock options
A summary of the Company’s stock option activity for the six months ended June 30, 2026 is as follows:
Shares
(in thousands)
Weighted-average exercise price
Weighted-average remaining contractual term (in years)
Aggregate intrinsic value (in thousands)
Outstanding at December 31, 20251,444 $7.06 3.24$— 
Granted— — 
Exercised— — 
Forfeited/Cancelled(213)7.44 
Outstanding at June 30, 20261,231 $7.00 3.28$— 
Vested and expected to vest at June 30, 20261,231 $7.00 3.28$— 
Exercisable at June 30, 20261,231 $7.00 3.28$— 
The aggregate intrinsic value of the stock options outstanding as of June 30, 2026 represents the value of the Company’s closing stock price on June 30, 2026 in excess of the exercise price multiplied by the number of options outstanding.
Restricted stock units
A summary of the Company’s RSU activity for the six months ended June 30, 2026 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 20259,915 $1.81 
Granted7,082 1.11 
Vested(5,307)1.82 
Forfeited(1,047)1.52 
Non-vested shares at June 30, 202610,643 $1.37 
Performance stock units
A summary of the Company’s PSU activity for the six months ended June 30, 2026 is as follows:
Shares
(in thousands)
Weighted-average grant date fair value
Non-vested shares at December 31, 202547 

$5.79 
Granted3,279 1.11 
Vested(47)5.79 
Forfeited— — 
Non-vested shares at June 30, 20263,279 $1.11 
Employee stock purchase plan. For the six months ended June 30, 2026 and 2025, the Company issued 0.4 million and 0.6 million shares under its employee stock purchase plans, respectively, at weighted-average prices of $0.73 and $0.68 per share, respectively.
Stock-based compensation expense. The Company measures compensation expense for all stock-based payment awards based on the estimated fair values on the date of the grant. The fair value of stock options granted and ESPP issuances is estimated using the Black-Scholes option pricing model. The fair value of RSUs and PSUs are determined using the Company’s closing stock price on the date of grant. The fair value of SBAs is determined using the expected fixed dollar amount that will be settled by issuing shares of the Company’s Class A common stock on the vesting date. There have been no significant changes in the Company’s valuation assumptions from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2025.
The following table summarizes stock-based compensation expense included in the condensed consolidated statements of operations:
Three months ended June 30,Six months ended June 30,
(in thousands)2026202520262025
Cost of revenue$148 $240 $292 $488 
Research and development1,859 2,681 3,419 5,501 
Sales and marketing760 935 1,335 1,817 
General and administrative1,289 1,260 2,008 2,680 
Total stock-based compensation expense$4,056 $5,116 $7,054 $10,486 
Total stock-based compensation expense includes a net accrued stock bonus release of $0.4 million and an accrued stock bonus expense of $0.6 million for the three months ended June 30, 2026 and 2025, respectively, and an accrued stock bonus expense of $0.1 million and $0.9 million for the six months ended June 30, 2026 and 2025, respectively.
There was no income tax benefit related to stock-based compensation expense for the three and six months ended June 30, 2026 and 2025 due to a full valuation allowance on the Company’s United States net deferred tax assets. See Note 8, Income taxes, for additional details.
As of June 30, 2026, total unearned stock-based compensation of $17.3 million related to stock options, RSUs, PSUs, SBAs and ESPP shares is expected to be recognized over a weighted-average period of 1.92 years