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Stock-based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation
13. Stock-based Compensation
The Company grants stock-based awards under the Kodiak 2025 Equity Incentive Plan (the “2025 EIP”). The Company also maintains the Legacy Kodiak 2018 Equity Incentive Plan (the “2018 Plan”), under which outstanding awards continue to vest but no further awards may be granted. As of June 30, 2026, 25,122,538 and 7,455,905 shares of the Company's common stock were available for future issuance under the 2025 EIP and the 2025 Employee Stock Purchase Plan (the
“ESPP”), respectively. The first offering period under the ESPP commenced on May 20, 2026. Stock-based compensation expense recognized under the ESPP for the three and six months ended June 30, 2026 was not material.
Stock Option Activity
Stock option activity under the Company’s equity incentive plan was as follows:
Options Outstanding
Number of Options
(in thousands)
Weighted–Average Exercise Price
Weighted-Average Remaining Contractual Life
(in years)
Aggregate Intrinsic Value
(in thousands)
Outstanding as of December 31, 202555,438$1.90 
Granted—— 
Exercised(2,368)0.61 
Forfeited(891)3.08 
Expired(44)1.37 
Outstanding as of June 30, 202652,135$1.94 6.5$186,069 
Exercisable as of June 30, 202637,261$0.98 5.8$155,862 
The aggregate intrinsic value in the above table is calculated as the difference between the exercise price of the underlying stock options and the Company’s fair value of its common stock as of the balance sheet date.
As of June 30, 2026, total unrecognized compensation expense related to unvested options was $50.4 million, which the Company expects to recognize over an estimated weighted-average period of 2.5 years.
Restricted Stock Units
RSUs activity under the Company's equity incentive plan was as follows:
Unvested RSUs Outstanding
Number of RSUs
(in thousands)
Weighted–Average Grant-Date Fair Value
Outstanding as of December 31, 20252,622$5.91 
Granted1,9327.82 
Vested
——
Forfeited(411)6.40 
Outstanding as of June 30, 20264,143$6.75 
As of June 30, 2026, total unrecognized compensation expense related to unvested RSUs was $25.0 million, which the Company expects to recognize over an estimated weighted-average period of 3.6 years.
Stock-based Compensation
Total stock-based compensation recorded in the Company’s condensed consolidated statements of operations and comprehensive (loss) income was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Research and development$2,754 $1,735 $5,196 $2,920 
General and administrative3,075 995 6,114 1,477 
Truck and freight operations192 109 360 177 
Sales and marketing358 174 733 317 
Total stock-based compensation$6,379 $3,013 $12,403 $4,891 
Stock-based compensation capitalized as part of property and equipment was not material for the three and six months ended June 30, 2026 and 2025.