In 2020, the Company adopted the 2020 Equity Incentive Plan, or “2020 Plan”, under which stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based restricted stock units and other cash-based or stock-based awards may be granted to employees, consultants and directors. Shares of common stock that are issued and available for issuance under the 2020 Plan consist of authorized, but unissued or reacquired shares of common stock or any combination thereof. The Company has granted awards of stock options, restricted stock units, and market-based and performance-based restricted stock units under the 2020 Plan.

A total of 3,873,885 shares of common stock were initially authorized and reserved for issuance under the 2020 Plan. This share reserve automatically increased, and will continue to increase, on each subsequent January 1st through and including January 1, 2031, by an amount equal to the smaller of (a) 5 percent of the number of shares of common stock issued and outstanding on the immediately preceding December 31 and (b) an amount determined by the board of directors. On January 1, 2026 and 2025 the share reserve increased by 4,082,622 shares and 3,928,833 shares, respectively.

During the three months ended June 30, 2026, the Company's Board of Directors approved the adoption of a stockholder rights plan and declared a dividend distribution of one preferred share purchase right on each outstanding share of the Company's common stock. Each right will entitle stockholders to buy one one-thousandth of a share of the Company's Series A Junior Participating Preferred Stock at an exercise price of $13.00 per one one-thousandth of a share, subject to adjustment. The dividend was payable to holders of record as of the close of business on April 27, 2026.

The rights will be exercisable only if a person or group acquires 10% or more (or 20% or more in the case of a Passive Institutional Investor) of the Company's outstanding common stock and various other criteria are met (the “Distribution Date”). Until the Distribution Date, the rights will not be exercisable; the rights will not be evidenced by separate rights certificates; and the rights will be transferable by, and only in connection with, the transfer of common stock. The rights will expire on April 12, 2027, unless earlier redeemed or exchanged by the Company.

Stock options generally vest and become exercisable over a service period of 4 years from the date of grant, subject to continued service. The Company has not granted and does not anticipate granting stock options in fiscal 2026.


(in thousands)	Outstanding			Weighted-Average Exercise Price		Aggregate Intrinsic Value
Balance as of December 31, 2025		3,066		$	7.37	$	1,173
Stock options granted		0			0		0
Exercised		(319	)		1.74		482
Plan shares expired or canceled		(633	)		11.61		2
Balance as of September 30, 2026		2,114		$	6.95	$	105
Vested and expected to vest		1,944		$	6.96	$	105
Exercisable as of September 30, 2026		298		$	1.79	$	433

The expected stock-based compensation expense remaining to be recognized as of September 30, 2026 is $1.8 million related to stock options, which reflects outstanding stock option awards that are vested and outstanding stock option awards that are expected to vest. This expense will be recognized over a weighted-average period of 2.11 years.


(in thousands)	Outstanding			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Balance as of December 31, 2025		5,518		$	7.50	$	22,732
Granted		2,894			2.87		8,304
Canceled		(1,461	)		7.07		4,531
Vested and converted to shares		(1,580	)		8.69		4,640
Balance as of September 30, 2026		5,371		$	4.77	$	16,972
Vested and expected to vest		3,880		$	4.97	$	12,260

The expected stock-based compensation expense remaining to be recognized as of September 30, 2026 is $15.4 million related to RSUs, which reflects outstanding RSUs that are vested and outstanding RSUs that are expected to vest. This expense will be recognized over a weighted-average period of 2.39 years.

Market-based PSU and performance-based PSU activity for the nine months ended September 30, 2026 was as follows:


(in thousands)	Outstanding			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Balance as of December 31, 2025		811		$	7.22	$	3,341
Granted		1,093			3.02		3,454
Canceled		(135	)		6.75		427
Change in awards based on performance		(137	)		5.69		433
Vested and converted to shares		(174	)		5.52		550
Balance as of September 30, 2026		1,458		$	4.42	$	4,607
Vested and expected to vest		1,056		$	4.62	$	3,339

The grant date fair value of the market-based awards issued in March and May was $3.29. Significant assumptions used in the Monte Carlo simulation model for the market-based PSU awards granted are as follows:


	Nine months ended September 30,
	2026	2025
Volatility	53.10%	64.59%
Risk-free interest rate	3.47%	3.63%
Dividend yield	0.00%	0.00%

The aggregate expected stock-based compensation expense remaining to be recognized as of September 30, 2026 is $2.1 million which reflects market-based and performance-based PSUs that are outstanding and expected to vest. This expense will be recognized over a weighted-average period of 1.25 years.

On September 10, 2026, the Company's Board of Directors (the "Board") authorized a program to repurchase up to $50 million of shares of the Company's common stock (the "Share Repurchase Program"). The Share Repurchase Program became effective September 10, 2026 and expires on the earlier of September 10, 2028, or when $50 million of shares have been repurchased.

Under the Share Repurchase Program, any repurchase of shares will take place in open market transactions or privately negotiated transactions in accordance with applicable securities and other laws, including the Securities Exchange Act of 1934. The timing, manner, price and amount of any repurchases are determined by the Company in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions. The Share Repurchase Program does not obligate the Company to acquire any specific number of shares. The Company's Board may modify, suspend, extend or terminate the repurchase program at any time. As of September 30, 2026, the Company has not repurchased any shares.