Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

A summary of the stock option activity is as follows:


	Number of options	Weighted average exercise price		Weighted average remaining contractual life	Aggregate intrinsic value




	(In thousands)			(In years)	(In thousands)
Balance as of December 31, 2025	15,170	$	4.02	3.99	$	14,414

Exercised	(110)	$	0.87		$	147
Canceled	(642)	$	12.34
Balance as of September 30, 2026	14,418	$	3.67	3.29	$	356


Vested and exercisable as of September 30, 2026	14,188	$	3.69	3.29	$	356

Schedule of RSU and PSU Activity

A summary of the Company’s RSU activity and related information is as follows:


	Number of RSUs	Weighted average grant date fair value per share
	(In thousands)
Balance as of December 31, 2025	12,739	$	2.84
Granted	7,068	$	1.72
Vested	(6,482)	$	2.39
Forfeited	(1,513)	$	2.60
Balance as of September 30, 2026	11,812	$	2.45

A summary of the Company’s PSU activity and related information is as follows:


	Number of PSUs	Weighted average grant date fair value per share
	(In thousands)
Balance as of December 31, 2025	7,260	$	2.06
Granted	992	$	0.45

Canceled and forfeited	(875)	$	1.10
Balance as of September 30, 2026	7,377	$	1.98

Schedule of Valuation Assumptions

The estimated weighted-average grant date fair value of the PSU awards granted during the first quarter of 2026 was $0.45 per share, which was determined using a Monte Carlo simulation model. The significant assumptions in the Monte Carlo simulation model include the risk-free interest rate, expected volatility of the Company’s stock price, and expected life of the award.


Fair value of common stock			$1.75
Remaining contractual term (years)			3.87
Expected volatility			90%
Risk-free interest rate			3.57%
Expected dividend yield			—

The remaining tranches were valued using a Monte Carlo simulation model. The weighted average estimated fair value of the remaining tranches was $3.80 per share based on the following assumptions:


Fair value of common stock			$18.00
Remaining contractual term (years)			14.75
Expected volatility			40.00%
Risk-free interest rate			1.71%
Expected dividend yield			—

Schedule of Stock-Based Compensation Expense

The Company’s stock-based compensation expense was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(In thousands)				(In thousands)
Cost of revenue	$	147	$	123	$	415	$	409
Research and development(1)	1,454		1,663		4,611		4,619
Sales and marketing	991		699		2,067		2,037
General and administrative	3,441		5,314		12,698		14,412
Total	$	6,033	$	7,799	$	19,791	$	21,477

____________

(1) Net of $0.1 million and $0.3 million of additions to capitalized internal-use software for the three and nine months ended September 30, 2026 and $0.6 million and $2.8 million for the three and nine months ended September 30, 2025.