Equity Incentive Plan

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Equity Incentive Plan

. Equity Incentive Plan

Option Plan Activity

The following table summarizes the stock option activity for the three months ended March 31, 2025:

	Shares (in thousands)			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)
Outstanding at December 31, 2024		26,082		$	4.46		7.80
Granted		4,461		$	1.70
Exercised		(99	)	$	1.38
Expired and forfeited		(982	)	$	5.67
Outstanding at March 31, 2025		29,462		$	4.02		7.69

We estimated the fair value of each option grant on the grant date using the Black-Scholes option pricing model and for market-based stock option grants using the Monte Carlo simulation model. The following are the weighted-average assumptions:

	For the Three Months Ended
	March 31,
	2025			2024
Risk-free interest rate		4.3	%		4.2	%
Dividend yield		0.0	%		0.0	%
Volatility		80.1	%		79.7	%
Expected life (years)		6			4

The following table summarizes the restricted stock unit (“RSU”) activity for the three months ended March 31, 2025:

	Shares (in thousands)			Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2024		1,981		$	2.35
Granted		2,207		$	1.70
Released		(173	)	$	1.82
Expired and forfeited		(163	)	$	2.66
Outstanding at March 31, 2025		3,852		$	1.93

The fair value of RSUs is estimated based on the closing market price of our common stock on the date of the grant. RSUs generally vest quarterly over a four-year period.

Stock-Based Compensation

The following table summarizes stock-based compensation expense related to stock-based payment awards granted pursuant to all of our equity compensation arrangements (in thousands):

	Three Months Ended March 31,
	2025		2024
General and administrative	$	1,572	$	1,878
Sales and marketing		695		796
Research and development		244		701
Total stock-based compensation expense	$	2,511	$	3,375

As of March 31, 2025, there was $25.5 million of total unrecognized compensation cost related to non-vested, stock-based payment awards granted under all of our equity compensation plans and all non-plan option grants. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures. We expect to recognize this compensation cost over a weighted-average period of three years.