In December 2023, the Company’s board of directors adopted the 2024 Employee Stock Purchase Plan, which was subsequently approved by the Company’s stockholders in February 2024 (the “2024 ESPP”), under which eligible employees may be provided with the opportunity to periodically purchase shares of the Company’s common stock at a discount through their accumulated periodic payroll deductions. As of June 30, 2025, the Company had 600,000 shares authorized for issuance under the 2024 ESPP, and no offering periods had started.

In March 2024, the Company adopted the 2024 Omnibus Incentive Compensation Plan (the “2024 Plan”). The 2024 Plan permits the grant of stock options, stock appreciation rights, stock awards, restricted stock units (“RSUs”), dividend equivalent rights, cash awards, and other awards to employees and non-employees, including members of the board of directors, consultants, or advisors. As of June 30, 2025, the Company had 2,862,334 shares authorized for issuance under the 2024 Plan.

Stock options outstanding under the 2024 Plan were as follows (in thousands, except per share amounts and years):


	Number of Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)		Aggregate Intrinsic Value
Balance as of December 31, 2024		535		$	0.11		4.4	$	1,189
Exercised		(187	)	$	0.11
Balance as of June 30, 2025		348		$	0.11		4.6	$	481
Vested and expected to vest as of June 30, 2025		348		$	0.11		4.6	$	481
Exercisable as of June 30, 2025		344		$	0.11		4.6	$	476

No options were granted or cancelled during the six months ended June 30, 2025. As of June 30, 2025, unrecognized compensation cost related to stock options was nominal. The aggregate intrinsic value of 187,146 options exercised during the six months ended June 30, 2025 was $0.4 million.

In June 2024, the Company granted to the members of its board of directors certain share-based awards with a fixed monetary amount of $0.7 million equally allocated among six grantees (“2024 RSUs”). Based on the closing price of the Company’s common stock as of June 28, 2024, 31,668 shares were issued. During the three months ended March 31, 2025, the Company determined that an additional 100,608 shares became required to be issued to settle the remaining liability related to the 2024 RSUs. Upon completion of the required service period, 252,336 RSUs vested on March 31, 2025, of which 142,002 RSUs were settled in common stock in April 2025, and the remaining 110,334 RSUs will be released in future periods, based on the passage of time or upon the occurrence of certain qualifying distribution events.

In August 2024, the Company granted various employees 140,000 RSUs that vest in four equal annual installments subject to continuous service.

In December 2024, the Company granted various employees 629,500 RSUs, of which 329,500 RSUs vest in four equal installments subject to continuous service, and 300,000 RSUs vest quarterly between April 2025 and ending February 2026.

In May 2025, the Company granted to the members of its board of directors certain share-based awards with a fixed monetary amount of $0.7 million equally allocated among the six grantees (“2025 RSUs”), with terms and conditions substantially similar to those of the 2024 RSUs. The number of shares issuable to each grantee under the 2025 RSUs is calculated by dividing one-fourth of the allocated fixed monetary amount by the closing price of the Company’s common stock at the end of each fiscal quarter between April 1, 2025 and March 31, 2026. The RSUs will vest on March 31, 2026, subject to the grantees’ continuous service to the Company through this date, and will be released in future periods. The 2025 RSUs are initially classified as a liability and will be reclassified to equity up to the monetary amount for which the number of shares to be issued becomes determinable. During the three months ended June 30, 2025, the Company determined that an additional 110,736 shares became required to be issued to settle the remaining liability related to the 2025 RSUs.

RSUs under the 2024 Plan were as follows (in thousands, except per share amounts):


	Number of RSUs Outstanding			Weighted Average Grant Date Fair Value
Balance as of December 31, 2024		1,214		$	3.59
Granted		211		$	1.56
Vested and released		(237	)	$	2.82
Cancelled		(7	)	$	3.16
Balance as of June 30, 2025		1,181		$	3.38

During the three and six months ended June 30, 2025 the Company recognized stock-based compensation of $0.5 million and $1.0 million, respectively, related to the outstanding RSUs. As of June 30, 2025, there was $2.9 million of unrecognized compensation cost related to RSUs, which is expected to be recognized over a weighted average period of 2.2 years. Any unvested RSUs are forfeited upon separation from the Company. Forfeitures are accounted for as they occur.

The following table summarizes stock-based compensation included in the Company’s unaudited condensed consolidated statements of operations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cost of revenues		18		—		29		—
Research and development		215		128		361		254
Sales and marketing		45		36		79		72
General and administrative		234		159		554		1,220
Total	$	512	$	323	$	1,023	$	1,546

10. Stock-Based Compensation