Equity

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Equity

Equity

Preferred Stock

Effective June 14, 2021, in connection with the closing of the Company’s Initial Public Offering (“IPO”), the Company’s board of directors (“Board”) is authorized to issue up to 10,000,000 shares of preferred stock, $0.01 par value per share, in one or more series. The Company's Board has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. As of June 30, 2025 and December 31, 2024, no shares of preferred stock were issued or outstanding.

Common Stock

As of June 30, 2025 and December 31, 2024, the Company had authorized 400,000,000 shares of voting common stock, $0.01 par value per share. Each holder of the Company's common stock is entitled to one vote for each share on all matters to be voted upon by the stockholders and there are no cumulative rights. Subject to any preferential rights of any outstanding preferred stockholders, the Company's common stock are entitled to receive ratably the dividends, if any, as may be declared from time to time by the Board out of legally available funds. If there is a liquidation, dissolution, or winding up of the Company, holders of the Company's common stock would be entitled to share in the Company's assets remaining after the payment of liabilities and any preferential rights of any outstanding preferred stock. The rights, preferences, and privileges of the holders of the Company's common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock which the Company may designate and issue in the future.

As of June 30, 2025 and December 31, 2024, the Company had reserved shares of common stock for issuance in connection with the following:

	June 30, 2025	December 31, 2024
Options to purchase common stock	3,353,962	3,560,144
Restricted stock units outstanding	4,918,148	4,230,176
Shares available for future grant under the 2021 Plan	2,224,900	2,238,376
Shares available for future grant under the ESPP	2,329,934	1,971,655
Total	12,826,944	12,000,351

Treasury Stock

In August 2023, the Board authorized the Company to repurchase up to an aggregate of $20.0 million of its common stock (“2023 Stock Repurchase Program”). In June 2024, the Board authorized an increase to the Company’s 2023 Stock Repurchase Program to an aggregate repurchase amount of $25.5 million, and subsequently announced the completion of its 2023 Stock Repurchase Program. In August 2024, the Board authorized the Company to repurchase up to an aggregate of $10.0 million of its common stock (“2024 Stock Repurchase Program”).

As of June 30, 2025, the Company had 6,921,514 shares of treasury stock carried at its cost basis of $33.4 million, and approximately $2.0 million remains available for future purchases.

The following table summarizes total treasury stock purchased under each of the Company's programs as of the periods presented:

(in thousands except share amounts)	June 30, 2025			December 31, 2024
	Shares	Cost Basis		Shares	Cost Basis
2023 Stock Repurchase Program	4,926,635	$	25,373	4,926,635	$	25,373
2024 Stock Repurchase Program	1,994,879	8,039		1,516,887	6,245
Total	6,921,514	$	33,412	6,443,522	$	31,618