Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Stock-Based Compensation [Abstract] |
|
| Schedule of Stock Option Activity |
Stock option activity for the six months ended
June 30, 2026 was as follows (in thousands, except share, per share, and remaining life data):
| | | Number of
Options | | | Weighted
Average Exercise
Price | | | Weighted
Average
Remaining
Life | | Intrinsic
Value | | | Outstanding at December 31, 2025 | | | 2,602,081 | | | $ | 6.06 | | | 7.6 years | | $ | 18,508 | | | Granted | | | 6,750,119 | | | $ | 4.47 | | | | | | | | | Exercised | | | (504,650 | ) | | $ | 0.92 | | | | | | | | | Cancelled | | | (92,131 | ) | | $ | 145.54 | | | | | | | | | Outstanding at June 30, 2026 | | | 8,755,419 | | | $ | 3.67 | | | 9.5 years | | $ | 157,897 | | | | | | | | | | | | | | | | | | | Exercisable as of June 30, 2026 | | | 834,854 | | | $ | 2.10 | | | 8.6 years | | $ | 16,363 | | | | | | | | | | | | | | | | | | | Vested and expected to vest as of June 30, 2026 | | | 8,755,419 | | | $ | 3.67 | | | 9.5 years | | $ | 157,897 | |
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| Schedule of Estimated the Fair Value of Stock Options |
The Company estimated the fair value of stock
options using the Black-Scholes option pricing model. The fair value of the stock options granted during the six months ended June 30,
2026 and 2025 was estimated using the following weighted average assumptions:
| | | Six Months Ended June 30, | | | | | 2026 | | | 2025 | | | Dividend yield | | | — | % | | | — | % | | Expected volatility | | | 75.00 | % | | | 65.16 | % | | Risk-free interest rate | | | 3.93% – 4.06 | % | | | 4.39 | % | | Expected life | | | 5.63 – 7.00 years | | | | 5.46 years | |
|
| Schedule of Summarizes the Activity Related to the Company’s RSUs |
The following table summarizes the activity related
to the Company’s RSUs:
| | |
Number of
RSUs | | |
Weighted
Average Grant
Date Fair Value | |
| Balance, December 31, 2025 | |
| - | | |
$ | - | |
| Granted | |
| 6,272,206 | | |
| 10.71 | |
| Vested and converted to shares | |
| (37,165 | ) | |
| 6.47 | |
| Forfeited or cancelled | |
| (11,443 | ) | |
| 6.47 | |
| Balance, June 30, 2026 | |
| 6,223,598 | | |
$ | 10.74 | |
|
| Schedule of Stock-based Compensation Expense |
The Company has recorded stock-based compensation
expense for the six months ended June 30, 2026 and 2025 related to the issuance of stock option awards and RSUs to employees and
non-employees in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
| | |
Three Months Ended June 30, | |
| | |
2026 | | |
2025 | |
| Cost of revenue | |
$ | 702 | | |
$ | — | |
| Technology and infrastructure | |
| 783 | | |
| 286 | |
| Sales and marketing | |
| 302 | | |
| — | |
| General and administrative | |
| 7,601 | | |
| 494 | |
| Stock-based compensation, net of amounts capitalized | |
| 9,388 | | |
| 780 | |
| Capitalized stock-based compensation | |
| 303 | | |
| — | |
| Total stock-based compensation | |
$ | 9,691 | | |
$ | 780 | |
| | |
Six Months Ended June 30, | |
| | |
2026 | | |
2025 | |
| Cost of revenue | |
$ | 796 | | |
$ | 1 | |
| Technology and infrastructure | |
| 1,263 | | |
| 381 | |
| Sales and marketing | |
| 342 | | |
| — | |
| General and administrative | |
| 9,165 | | |
| 697 | |
| Stock-based compensation, net of amounts capitalized | |
| 11,566 | | |
| 1,079 | |
| Capitalized stock-based compensation | |
| 303 | | |
| — | |
| Total stock-based compensation | |
$ | 11,869 | | |
$ | 1,079 | |
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