Stock-Based Compensation (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Shares of Common Stock Reserved for Issuance |
Shares of common stock reserved for issuance under the Company’s equity incentive plans were as follows:
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March 31, 2025 |
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Outstanding stock awards |
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13,220,288 |
|
Reserved for future award grants |
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|
5,094,744 |
|
Reserved for future ESPP |
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|
500,061 |
|
Total common stock reserved for stock awards |
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|
18,815,093 |
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|
| Summary of Stock Option Activity |
A summary of the Company’s service-based stock option activity (excluding performance-based stock option activity, which is presented separately below) for the three months ended March 31, 2025 is as follows:
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Outstanding Service-Based Options |
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(in thousands, except share and per share data) |
|
Number of
Shares |
|
|
Weighted-
Average
Exercise Price |
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|
Weighted-
Average
Remaining
Contractual
Term (in years) |
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|
Aggregate
Intrinsic
Value |
|
Balance—December 31, 2024 |
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|
8,607,718 |
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|
$ |
5.07 |
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|
|
7.64 |
|
|
$ |
21,949 |
|
Options granted |
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|
3,467,500 |
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|
3.66 |
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Options exercised |
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(62,022 |
) |
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|
2.13 |
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|
Options forfeited or expired |
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(48,780 |
) |
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|
9.49 |
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Balance—March 31, 2025 |
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|
11,964,416 |
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|
$ |
4.66 |
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|
|
8.17 |
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|
$ |
7,914 |
|
Options vested and exercisable as of March 31, 2025 |
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|
4,945,104 |
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|
$ |
6.88 |
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|
|
6.49 |
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|
$ |
3,119 |
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|
| Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options |
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Three Months Ended March 31, |
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2025 |
|
2024 |
Expected term (in years) |
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5.77 - 6.08 |
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5.50 - 6.08 |
Volatility |
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83.72 - 84.08% |
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72.63 - 80.28% |
Risk-free interest rate |
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4.15 - 4.50% |
|
3.88 - 4.33% |
Dividend yield |
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–% |
|
–% |
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| Summary of Restricted Stock Units Activity |
A summary of the Company’s RSU activity for the three months ended March 31, 2025 is as follows:
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|
Unvested Service-Based Restricted Stock Units |
|
(in thousands, except share and per share data) |
|
Number of
Shares |
|
|
Weighted-
Average
Grant Date
Fair Value |
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|
Aggregate
Fair Value |
|
Balance—December 31, 2024 |
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|
433,484 |
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|
$ |
6.34 |
|
|
$ |
2,506 |
|
RSUs vested |
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|
(21,970 |
) |
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|
17.23 |
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|
118 |
|
RSUs forfeited |
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(2,142 |
) |
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|
6.61 |
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|
|
|
Balance—March 31, 2025 |
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|
409,372 |
|
|
$ |
5.75 |
|
|
$ |
1,437 |
|
|
| Performance Based RSU Activity |
A summary of the Company's PSUs activity for the three months ended March 31, 2025 is as follows:
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Unvested Performance-Based Restricted Stock Units |
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(in thousands, except share and per share data) |
|
Number of
Shares |
|
|
Weighted-
Average
Grant Date
Fair Value |
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|
Aggregate
Fair Value |
|
Balance—December 31, 2024 |
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|
— |
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|
$ |
— |
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|
$ |
— |
|
RSUs granted |
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|
575,000 |
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|
3.63 |
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|
RSUs vested |
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— |
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— |
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— |
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RSUs forfeited |
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— |
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|
— |
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Balance—March 31, 2025 |
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|
575,000 |
|
|
$ |
3.63 |
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|
$ |
2,018 |
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| Stock Based Compensation Expense by Award Type and Function |
The following is a summary of stock-based compensation expense by award type (in thousands):
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Three Months Ended March 31, |
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|
2025 |
|
|
2024 |
|
Service-based stock options |
|
$ |
1,221 |
|
|
$ |
1,215 |
|
Performance-based stock options |
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|
35 |
|
|
|
6 |
|
Service-based RSUs |
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|
745 |
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|
1,408 |
|
Performance-based RSUs |
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|
39 |
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|
— |
|
ESPP |
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|
179 |
|
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|
58 |
|
Total stock-based compensation expense |
|
$ |
2,219 |
|
|
$ |
2,687 |
|
The following is a summary of stock-based compensation expense by function (in thousands):
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Three Months Ended March 31, |
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2025 |
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|
2024 |
|
Cost of revenue |
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$ |
197 |
|
|
$ |
154 |
|
Research and development |
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|
856 |
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|
947 |
|
Selling, general and administrative |
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|
1,166 |
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|
1,586 |
|
Total stock-based compensation expense |
|
$ |
2,219 |
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|
$ |
2,687 |
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|
| 2019 Employee Stock Purchase Plan |
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| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Weighted-average Assumptions Used in Determination of Fair Value of Stock Options |
During the three months ended March 31, 2025 and 2024, no shares of common stock were purchased under the Employee Stock Purchase Plan ("ESPP"). Additionally, no stock purchase rights were granted during either period.
|
| 2019 Employee Stock Purchase Plan | Performance-Based Stock Option |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Stock Option Activity |
A summary of the Company's performance-based stock option activity for the three months ended March 31, 2025 is as follows:
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|
Outstanding Performance-Based Options |
|
(in thousands, except share and per share data) |
|
Number of
Shares |
|
|
Weighted-
Average
Exercise Price |
|
|
Weighted-
Average
Remaining
Contractual
Term (in
years) |
|
|
Aggregate
Intrinsic
Value |
|
Balance—December 31, 2024 |
|
|
271,500 |
|
|
$ |
1.61 |
|
|
|
9.20 |
|
|
$ |
1,133 |
|
Balance—March 31, 2025 |
|
|
271,500 |
|
|
$ |
1.61 |
|
|
|
8.96 |
|
|
$ |
517 |
|
Options vested and exercisable as of March 31, 2025 |
|
|
— |
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|
$ |
— |
|
|
|
— |
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|
$ |
— |
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