In 2022, the Company adopted its 2022 Equity Incentive Plan (the “2022 Incentive Plan”). The 2022 Incentive Plan provides for the granting of stock options, stock appreciation rights (“SARs”), restricted shares, RSUs, and other awards to employees, non-employee directors, and consultants of the Company. Shares of common stock underlying awards that expire or are forfeited or canceled will again be available for issuance under the 2022 Incentive Plan.

The initial number of shares of the Company’s common stock reserved for issuance under the 2022 Incentive Plan was approximately 15.5 million, plus up to approximately 8.3 million shares subject to awards granted under the 2017 and 2020 Stock Incentive Plans that may become available for issuance under the 2022 Incentive Plan to the extent such awards are forfeited, expired, unexercised, or otherwise unsettled. Annually, beginning in March 2022 and ending in (and including) March 1, 2031, the number of shares of the Company’s common stock that may be issued under the 2022 Incentive Plan increases automatically by a number of shares equal to the lesser of (i) 4.0% of the outstanding shares on the last day of the immediately preceding month or (ii) such lesser number of shares (including zero) that the Company’s Board determines for the purposes of the annual increase for that fiscal year.

In 2022, the Company adopted its 2022 Employment Inducement Award Plan (the “2022 Inducement Plan”), which provides for the granting of stock options, SARs, restricted shares, RSUs, and other awards to individuals who were not previously employees of the Company, or following a bona fide period of non-employment, as inducement material to such individuals entering into employment with the Company. Shares of common stock underlying awards that expire or are forfeited or canceled will again be available for issuance under the 2022 Inducement Plan. 8.0 million shares of the Company’s common stock are reserved for issuance under the 2022 Inducement Plan.

In February 2025, the Board approved the Company’s 2025 Employment Inducement Award Plan (the “2025 Inducement Plan”), which provides for the granting of stock options, SARs, restricted shares, RSUs, and other awards to individuals who were not previously employees of the Company, or following a bona fide period of non-employment, as inducement material to such individuals entering into employment with the Company. Shares of common stock underlying awards that expire or are forfeited or canceled will again be available for issuance under the 2025 Inducement Plan. 8.0 million shares of the Company’s common stock are reserved for issuance under the 2025 Inducement Plan.


	Options Outstanding
	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Balance as of December 31, 2025	5,723	$	1.66	4.8	$	16,891
Stock options granted	3,886	4.26		—	—
Stock options exercised	(568)	1.72		—	1,762
Stock options forfeited, canceled, or expired	—	—		—	—
Balance as of June 30, 2026	9,041	2.77		5.5	17,513

Options exercisable as of June 30, 2026	4,755	1.69		4.1	14,349
Options vested and expected to vest as of June 30, 2026	9,041	$	2.77	5.5	$	17,513

As of June 30, 2026, total unrecognized stock-based compensation expense related to unvested option awards that are expected to vest was $10.4 million. The weighted-average period over which such stock-based compensation expense will be recognized is approximately 2.7 years.

The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest were calculated as the difference between the exercise price of the options and the closing stock price of the Company’s common stock on the New York Stock Exchange (“NYSE”) as of June 30, 2026.

The grant-date fair value of stock options granted during the six months ended June 30, 2026 was estimated using the Black-Scholes option-pricing model based on the following assumptions:

During the six months ended June 30, 2026, pursuant to the 2022 and 2025 Inducement Plans, the Company granted RSUs to employees that vest based on market-based conditions. These market-based RSUs will vest and convert to common stock if the Company’s stock price reaches certain price targets for 20 days in any 30-day trading window, subject to the applicable employee’s continued service. The grant-date fair value of these market-based RSUs is recognized as expense

The following table summarizes activity for all RSUs, including time-based and market-based awards, for the six months ended June 30, 2026 (amounts in thousands, except per share data):


	Number of RSUs	Weighted Average Grant Date Fair Value per Share
Non-vested balance as of December 31, 2025	20,349	$	1.66
RSUs granted	7,359	3.62
RSUs forfeited	(1,095)	1.55
RSUs vested	(6,664)	1.86
Non-vested balance as of June 30, 2026	19,949	$	2.32

As of June 30, 2026, unrecognized stock-based compensation expense related to these RSUs was $33.0 million which is expected to be recognized over the remaining weighted-average vesting period of approximately 2.6 years.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Sales and marketing	$	671	$	1,039	$	1,359	$	2,084
Research and development	522		1,368		1,486		2,736
General and administrative	3,173		6,577		8,574		13,440
Total stock-based compensation expense	$	4,366	$	8,984	$	11,419	$	18,260