Stockholders' Equity (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Equity [Abstract] |
|
| Summary of Share-Based Compensation Expense |
The following table sets forth share-based compensation expense included in the consolidated statements of operations:
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|
|
Year Ended December 31, |
|
(in thousands) |
|
2025 |
|
|
2024 |
|
Cost of revenue |
|
$ |
131 |
|
|
$ |
112 |
|
Research and development |
|
|
2,017 |
|
|
|
1,641 |
|
Sales and marketing |
|
|
2,224 |
|
|
|
1,881 |
|
General and administrative |
|
|
3,808 |
|
|
|
3,273 |
|
Share-based compensation expense |
|
$ |
8,180 |
|
|
$ |
6,907 |
|
Share-based compensation expense by type of share-based award:
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|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
(in thousands) |
|
2025 |
|
|
2024 |
|
Stock options |
|
$ |
272 |
|
|
$ |
653 |
|
RSAs and RSUs |
|
|
7,647 |
|
|
|
6,066 |
|
ESPP |
|
|
261 |
|
|
|
188 |
|
|
|
$ |
8,180 |
|
|
$ |
6,907 |
|
Total unrecognized compensation expense by type of award and the weighted-average remaining requisite service period over which such expense is expected to be recognized (in thousands, unless otherwise noted):
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|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Unrecognized
Expense |
|
|
Remaining
Weighted-
Average
Recognition
Period (in years) |
|
Stock options |
|
$ |
28 |
|
|
|
0.18 |
|
RSAs and RSUs |
|
$ |
8,479 |
|
|
|
1.72 |
|
|
| Summary of Stock Option Activity |
Stock option activity under all of the Company’s Plans as of and for the year ended December 31, 2025 is summarized below:
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|
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|
|
|
|
|
|
|
|
|
|
Stock
Options |
|
|
Weighted-
average
Exercise
price
per share |
|
|
Weighted-
average
Remaining
Contractual
Life (in years) |
|
|
Intrinsic
Value
(in thousands)(1) |
|
Outstanding at December 31, 2024 |
|
|
1,376,396 |
|
|
$ |
6.48 |
|
|
|
|
|
|
|
Exercised |
|
|
(38,013 |
) |
|
$ |
5.98 |
|
|
|
|
|
|
|
Forfeited or expired |
|
|
(36,311 |
) |
|
$ |
32.15 |
|
|
|
|
|
|
|
Outstanding at December 31, 2025 |
|
|
1,302,072 |
|
|
$ |
5.78 |
|
|
|
3.80 |
|
|
$ |
10,809 |
|
Exercisable at December 31, 2025 |
|
|
1,259,605 |
|
|
$ |
5.70 |
|
|
|
3.68 |
|
|
$ |
10,572 |
|
Vested and expected to vest at December 31, 2025 |
|
|
1,302,072 |
|
|
$ |
5.78 |
|
|
|
3.80 |
|
|
$ |
10,809 |
|
(1)
Intrinsic value is calculated as the estimated fair value of the Company’s stock at December 31, 2025 less the option exercise price of in-the-money options.
|
| Summary of Non-vested Stock Options |
A summary of the status of the Company’s non-vested stock options for the year ended December 31, 2025 is presented below:
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|
Non-vested Stock
Options |
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|
Weighted-
Average
Grant
Date Fair Value |
|
Nonvested, December 31, 2024 |
|
|
123,987 |
|
|
$ |
6.83 |
|
Vested |
|
|
(81,520 |
) |
|
$ |
7.26 |
|
Nonvested, December 31, 2025 |
|
|
42,467 |
|
|
$ |
6.00 |
|
|
| Summary of Fair Value Assumptions |
The fair value of the purchase options under the ESPP are estimated at the beginning of the purchase period using the Black-Scholes valuation model utilizing the following assumptions:
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|
|
|
|
|
|
2025 |
|
2024 |
Risk-free interest rate |
|
4.25% -4.29% |
|
5.24% - 5.37% |
Expected life (in years) |
|
0.5 |
|
0.5 |
Estimated volatility |
|
77.32% - 84.49% |
|
64.5% - 67.33% |
Expected dividends |
|
None |
|
None |
|
| Schedule of Restricted Stock Activity |
RSA activity as of and for the year ended December 31, 2025 is summarized below (no RSAs were granted in 2025 or 2024):
|
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|
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|
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|
|
|
|
Restricted Stock
Awards |
|
|
Weighted-
Average
Grant
Date Fair Value |
|
Outstanding at December 31, 2024 |
|
|
154,210 |
|
|
$ |
11.12 |
|
Vested |
|
|
(152,457 |
) |
|
$ |
11.12 |
|
Forfeited or expired |
|
|
(1,753 |
) |
|
$ |
11.41 |
|
Outstanding at December 31, 2025 |
|
|
— |
|
|
$ |
— |
|
RSU activity as of and for the year ended December 31, 2025 is summarized below:
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|
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|
|
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|
Restricted Stock
Units |
|
|
Weighted-
Average
Grant
Date Fair Value |
|
Outstanding at December 31, 2024 |
|
|
1,657,760 |
|
|
$ |
6.76 |
|
Granted |
|
|
639,617 |
|
|
$ |
13.34 |
|
Vested |
|
|
(620,493 |
) |
|
$ |
7.10 |
|
Forfeited or expired |
|
|
(25,017 |
) |
|
$ |
8.01 |
|
Outstanding at December 31, 2025 |
|
|
1,651,867 |
|
|
$ |
9.16 |
|
|