XML 55 R32.htm IDEA: XBRL DOCUMENT v3.25.4
Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity

Stock option activity for the year ended December 31, 2025 is as follows:

 

 

Options Outstanding

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Term (Years)

 

 

Aggregate Intrinsic Value (in thousands)

 

Balance at December 31, 2024

 

 

13,198,232

 

 

$

2.86

 

 

 

6.3

 

 

$

4,573

 

Options granted

 

 

964,266

 

 

 

2.17

 

 

 

 

 

 

 

Options exercised

 

 

(28,669

)

 

 

1.98

 

 

 

 

 

 

 

Options forfeited

 

 

(961,117

)

 

 

6.20

 

 

 

 

 

 

 

Balance at December 31, 2025

 

 

13,172,712

 

 

$

2.83

 

 

 

5.4

 

 

$

562

 

Vested and exercisable, December 31, 2025

 

 

8,185,158

 

 

$

3.33

 

 

 

5.0

 

 

$

412

 

Schedule of Stock Option Valuation Assumptions

The fair value of stock options granted to employees, directors, and non-employees that are calculated using the Black-Scholes option pricing model using the following assumptions:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Risk-free interest rate

 

3.7% - 4.5%

 

 

3.5% - 4.7%

 

Expected volatility

 

79.4% - 85.5%

 

 

82.0% - 88.8%

 

Expected term (in years)

 

 

6.0

 

 

5.8 - 6.1

 

Expected dividend yield

 

 

 

 

 

 

 

 

For 2024 Market Condition Options, the following assumptions were used to determine the grant date fair value:

Risk-free interest rate

 

 

4.07

%

Expected volatility

 

 

84.80

%

Expected dividend yield

 

 

 

Strike price

 

$

1.77

 

Weighted-average grant date fair value

 

$

1.22

 

 

For 2023 Market Condition Options, the following assumptions were used to determine the grant date fair value:

 

 

 

Original Assumptions

 

 

Modified Assumptions

 

Risk-free interest rate

 

 

3.94

%

 

 

3.89

%

Expected volatility

 

 

83.10

%

 

 

81.92

%

Expected dividend yield

 

 

 

 

 

 

Strike price

 

$

4.59

 

 

$

2.00

 

Stock price hurdle

 

$

6.89

 

 

$

3.00

 

Weighted-average grant date fair value

 

$

2.91

 

 

$

1.40

 

Schedule of RSU Activity

RSU activity for the year ended December 31, 2025 is as follows:

 

 

 

Number of Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Balance at December 31, 2024

 

 

4,450,441

 

 

$

4.26

 

Granted

 

 

1,308,683

 

 

 

2.29

 

Vested

 

 

(2,455,646

)

 

 

5.37

 

Forfeited

 

 

(431,050

)

 

 

2.81

 

Balance at December 31, 2025

 

 

2,872,428

 

 

$

2.63

 

Schedule of Employee Stock Purchase Plan Valuation Assumptions

The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model, based on the following assumptions:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Risk-free interest rate

 

3.8% - 4.3%

 

 

4.4% - 5.4%

 

Expected volatility

 

41.8% - 42.4%

 

 

48.6% - 66.3%

 

Expected term (in years)

 

 

0.5

 

 

 

0.5

 

Expected dividend yield

 

 

 

 

 

 

Schedule of Components of Stock-based Compensation Expensed

The following table summarizes the components of stock-based compensation recognized in the Company’s consolidated statements of operations and comprehensive loss (in thousands):

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

Cost of revenue

$

462

 

 

$

1,594

 

Research and development

 

6,069

 

 

 

8,533

 

Selling, general and administrative

 

8,883

 

 

 

18,080

 

Total stock-based compensation

$

15,414

 

 

$

28,207