| Stock-Based Plans and Compensation |
18. STOCK-BASED PLANS AND COMPENSATION There were no stock-based compensation expenses related to the 2013 Plan in the three and nine months ended September 30, 2026 and 2025. Total stock-based compensation expense related to the 2017 Plan was as follows:
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Three Months Ended September 30, |
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2026 |
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2025 |
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Options |
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RSUs |
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Total |
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Options |
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|
RSUs |
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Total |
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Cost of revenue |
$ |
78 |
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|
$ |
1,094 |
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|
$ |
1,172 |
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|
$ |
197 |
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|
$ |
868 |
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|
$ |
1,065 |
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Selling, general and administrative expense |
|
45 |
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|
8,516 |
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|
8,561 |
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|
233 |
|
|
|
7,922 |
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|
|
8,155 |
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Total |
$ |
123 |
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|
$ |
9,610 |
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|
$ |
9,733 |
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|
$ |
430 |
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|
$ |
8,790 |
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$ |
9,220 |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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Options |
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RSUs |
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Total |
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Options |
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RSUs |
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Total |
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Cost of revenue |
$ |
302 |
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|
$ |
2,928 |
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$ |
3,230 |
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$ |
596 |
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|
$ |
3,910 |
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$ |
4,506 |
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Selling, general and administrative expense |
|
285 |
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|
24,909 |
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|
25,194 |
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|
|
736 |
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|
28,535 |
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|
29,271 |
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Total |
$ |
587 |
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|
$ |
27,837 |
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|
$ |
28,424 |
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|
$ |
1,332 |
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$ |
32,445 |
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$ |
33,777 |
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As of September 30, 2026 and September 30, 2025, there was $34.2 million and $56.0 million, respectively, of total unrecognized stock-based compensation expense related to unvested options and restricted stock under the 2017 Plan. Such unrecognized expense is expected to be recognized over a weighted-average 2.1 year period. Amended & Restated 2017 Stock Incentive Plan Restricted Stock Awards and Restricted Stock Units RSAs and RSUs activity was as follows:
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Nine Months Ended September 30, |
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2026 |
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2025 |
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Shares |
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Weighted-Average Grant Date Fair Value |
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Shares |
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Weighted-Average Grant Date Fair Value |
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Beginning outstanding shares |
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2,324,404 |
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2,617,059 |
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Granted |
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805,544 |
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$ |
25.06 |
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1,350,599 |
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$ |
18.02 |
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Forfeited/ cancelled |
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(155,248 |
) |
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$ |
24.65 |
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(104,996 |
) |
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$ |
28.44 |
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Vested |
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(310,978 |
) |
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$ |
29.97 |
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(617,957 |
) |
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$ |
27.21 |
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Ending outstanding shares |
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2,663,722 |
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3,244,705 |
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Options The following summarizes the options activity of the 2017 Plan:
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Options to Purchase Common Stock |
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Weighted-Average Exercise Price per Share |
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Weighted Average Grant Date Fair Value per Share |
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Weighted Average Remaining Contract Life (in Years) |
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Aggregate Intrinsic Value of In-The-Money Options |
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Outstanding as of December 31, 2024 |
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2,345,207 |
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$ |
30.62 |
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$ |
16.32 |
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|
6.0 |
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$ |
776 |
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Forfeited/ cancelled |
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(40,368 |
) |
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|
41.50 |
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— |
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— |
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— |
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Expired |
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(65,287 |
) |
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36.89 |
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— |
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— |
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— |
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Exercised |
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(16,804 |
) |
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|
15.45 |
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— |
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— |
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|
|
164 |
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Outstanding as of September 30, 2025 |
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2,222,748 |
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$ |
30.35 |
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$ |
16.32 |
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|
5.2 |
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$ |
8,241 |
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Outstanding as of December 31, 2025 |
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2,193,528 |
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$ |
30.33 |
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|
16.32 |
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|
4.9 |
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|
6,109 |
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Forfeited/ cancelled |
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(9,040 |
) |
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|
36.95 |
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— |
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— |
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— |
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Expired |
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(64,089 |
) |
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|
38.47 |
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— |
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— |
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— |
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Exercised |
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(32,511 |
) |
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|
18.23 |
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— |
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— |
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|
|
300 |
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Outstanding as of September 30, 2026 |
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2,087,888 |
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$ |
30.24 |
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$ |
16.32 |
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|
4.3 |
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$ |
— |
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Exercisable as of September 30, 2026 |
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2,015,935 |
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$ |
30.13 |
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4.2 |
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$ |
— |
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Amended & Restated 2013 Stock Option Plan The following summarizes the activity of the 2013 Plan:
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Options to Purchase Common Stock |
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Weighted-Average Exercise Price per Share |
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Weighted Average Grant Date Fair Value per Share |
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Weighted Average Remaining Contract Life (in Years) |
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Aggregate Intrinsic Value of In-The-Money Options |
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Outstanding as of December 31, 2024 |
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680,889 |
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$ |
6.49 |
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$ |
2.51 |
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1.5 |
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$ |
8,211 |
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Expired |
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(1,000 |
) |
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|
6.03 |
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— |
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— |
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— |
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Exercised |
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(18,095 |
) |
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|
8.02 |
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— |
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— |
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|
309 |
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Outstanding as of September 30, 2025 |
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661,794 |
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$ |
6.46 |
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$ |
2.51 |
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0.8 |
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$ |
10,351 |
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Outstanding as of December 31, 2025 |
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567,827 |
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$ |
6.51 |
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2.51 |
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0.5 |
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10,401 |
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Expired |
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(425 |
) |
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6.03 |
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— |
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— |
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— |
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Exercised |
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(504,902 |
) |
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|
6.11 |
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— |
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— |
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|
8,608 |
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Outstanding as of September 30, 2026 |
|
62,500 |
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$ |
9.76 |
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$ |
2.51 |
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|
0.2 |
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$ |
226 |
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Exercisable as of September 30, 2026 |
|
62,500 |
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$ |
9.76 |
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0.2 |
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$ |
226 |
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Common Stock Reserved for Future Issuances—The Company has reserved certain stock of its authorized but unissued common stock for possible future issuance in connection with the following:
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September 30, |
|
|
2026 |
|
|
2025 |
|
2013 Plan |
|
62,500 |
|
|
|
661,794 |
|
2017 Plan(1) |
|
7,971,177 |
|
|
|
7,384,230 |
|
|
|
8,033,677 |
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|
|
8,046,024 |
|
(1) In January 2026 and 2025, the Board of Directors ratified the addition of 1,436,436 and 1,372,373 shares of common stock, respectively, to the number of shares available for issuance under the 2017 Plan pursuant to the annual increase provision of such plan. Unless the Board of Directors determines otherwise, additional annual increases will be effective on each January 1, through January 1, 2027. The 2017 Plan permits the Company to settle awards, if and when vested, in cash at its discretion. Pursuant to the terms of the 2017 Plan, the number of shares authorized for issuance thereunder will only be reduced with respect to shares of common stock actually issued upon exercise or settlement of an award. Shares of common stock subject to awards that have been canceled, expired, forfeited or otherwise not issued under an award and shares of common stock subject to awards settled in cash do not count as shares of common stock issued under the 2017 Plan. The Company expects to have sufficient shares available under the 2017 Plan to satisfy the future settlement of outstanding awards. |