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Stock-based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
The Company has various stock compensation plans, which are more fully described in Part II, Item 8 “Financial Statements and Supplementary Data - Note 8 to the Consolidated Financial Statements - Stock-based Compensation” in its 2024 Annual Report on Form 10-K and Form 10-K/A for the fiscal year ended December 31, 2024.

Stock-based Compensation Expense

Total stock-based compensation was recognized as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
General and administrative$616 $1,859 $2,278 $4,376 
Sales and marketing260 365 991 1,076
Research and development395 490 1,247 1,594
Total stock-based compensation$1,271 $2,714 $4,516 $7,046 
The Company capitalized stock-based compensation attributable to internally developed software of $35 and $62 for the three and nine months ended September 30, 2025, respectively, compared to $45 and $45 for the same periods in 2024.

As of September 30, 2025, the Company had $11,092 of unrecognized stock-based compensation costs related to unvested RSUs that will be recognized over a weighted-average period of 1.2 years.

Equity Incentive Plan

Under the 2021 Incentive Award Plan, the Company has the ability to grant options, stock appreciation rights, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance stock units (“PSUs”), dividend equivalents, or other stock or cash-based awards to employees, directors, or consultants. Option awards are generally granted with an exercise price equal to the fair value of the Company’s common stock at the date of grant. Options and PSU awards generally vest over a period of four years. RSUs are generally subject to a four year vesting term with 25% vesting after one year and quarterly thereafter, or on a two year vesting term with 50% after one year and the remaining after the second year, or a one year vesting term with 100% after one year, depending on grant reason. RSU grants to directors typically vest at the earlier of one year from the date of grant or the next annual shareholder meeting and, in certain circumstances, vest immediately. RSAs generally vest over less than one year.

RSU activity was as follows:
Number of SharesWeighted Average Grant Date Fair Value
Outstanding as of December 31, 20241,451,643 $5.84 
Granted55,646 $4.57 
Vested(67,591)$11.20 
Forfeited(824)$65.39 
Outstanding as of March 31, 20251,438,874 $5.53 
Granted21,980 $4.19 
Vested(47,486)$13.02 
Forfeited(51,820)$5.12 
Outstanding as of June 30, 20251,361,548 $5.27 
Granted985,459 $8.45 
Vested(120,742)$7.21 
Forfeited— $— 
Outstanding as of September 30, 20252,226,265 $6.64