A summary of stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive income (loss) is as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Cost of revenue	$	(38)	$	528
Research and development	19,186		30,007
Sales and marketing	12,319		49,258
General and administrative	10,979		17,975
Total	$	42,446	$	97,768

Stock-based compensation expense recognized during the three months ended March 31, 2024 included $88.9 million of cumulative stock-based compensation expense related to the time-based vesting and settlement of RSUs that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with the Company’s initial public offering.

A summary of stock option activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except years and per share data):


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2024	5,285	$	0.83	6.5	$	695,689
Granted	-	-
Exercised	(575)	0.67
Cancelled and forfeited	(97)	1.73
Outstanding at March 31, 2025	4,613	$	0.83	6.2	$	271,422
Vested and Exercisable at March 31, 2025	3,809	$	0.71	6.1	$	224,566

As of March 31, 2025, there was approximately $5.7 million of total unrecognized compensation cost, related to unvested stock options, which is expected to be recognized over a weighted-average remaining requisite service period of 0.7 years, using the straight-line method.

A summary of RSU activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except per share data):


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024	13,620	$	33.49
Granted	130	84.25
Vested	(2,314)	27.18
Cancelled and forfeited	(206)	34.27
Outstanding at March 31, 2025	11,230	$	35.37

The aggregate fair value of RSUs that vested and settled during the three months ended March 31, 2025 was $62.9 million.

As of March 31, 2025, there was $270.5 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of 1.9 years.

A summary of PSU activity under the 2024 Plan is as follows (in thousands, except per share data):


	Number of Performance Stock Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024	155	$	125.28
Granted	7	115.55
Vested	-	-
Cancelled and forfeited	-	-
Outstanding at March 31, 2025	162	$	124.87