Equity-Based Compensation

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

17. Equity-Based Compensation

2023 and 2020 Equity Incentive Plan

Presented below is a summary of the compensation cost recognized in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025 and 2024.

	Three Months Ended June 30,					Six Months Ended June 30,
(in thousands)	2025		2024			2025		2024
Research and development	$	373	$	1,090		$	1,072	$	2,321
Sales and marketing		-		(82	)		-		(7	)
General and administrative		2,431		1,917			3,821		3,977
Total	$	2,804	$	2,925		$	4,893	$	6,291

For the three and six months ended June 30, 2025 and 2024, $0.1 million and $(0.07) million and $0.5 million and $0.2 million of stock-based compensation was capitalized as software costs, respectively.

During the six months ended June 30, 2025, the Company did not grant any shares under the 2023 and 2020 Plan. The Company has not granted any restricted stock or stock appreciation rights.

The following summary sets forth the stock option activity under the 2023 and 2020 Plan:

	Number of options			Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2024		80		$	101,540.30		8.3	$	—
Granted		—			—
Exercised		—			—
Cancelled or forfeited		(1	)		20,514.00
Outstanding as of June 30, 2025		79		$	10,160.08		7.8	$	—
Options exercisable as of June 30, 2025		45		$	48,800.35		7.7	$	—
Options unvested as of June 30, 2025		40		$	175,778.88		7.9	$	—

The aggregate intrinsic value of options outstanding, exercisable and unvested were calculated as the difference between the exercise price of the options and the estimated fair market value of the Company’s common stock, as of June 30, 2025.

For the three months ended June 30, 2025 and 2024, the Company recognized stock compensation expense of $2.8 million and $2.9 million, respectively. For the six months ended June 30, 2025 and 2024, the Company recognized stock compensation expense of $4.9 million and $6.3 million, respectively. As of June 30, 2025 and December 31, 2024, the Company had $1.5 million and $4.4 million of unrecognized stock-based compensation expense that is expected to be recognized over a weighted-average period of 0.4 years and 0.7 years, respectively.

The Company recognized stock compensation expense of $2.4 million for the three and six months ended June 30, 2025 related to the LTI Preferred Stock Grants (See. FN. 10 Accrued Expenses and Other Current Liabilities).