Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

The fair value of each stock option award granted during the nine months ended September 30, 2025 was estimated as of the grant date using a Black-Scholes model with the following assumptions:


						Nine months ended September 30, 2025
Expected term (in years)						4.6 - 5.5
Risk-free interest rate						4.4%
Expected volatility						107.4% - 114.2%
Expected dividend yield						—
Weighted average grant date fair value per share						$1.15 - $1.88

Stock Option Activity

A summary of the stock option activity for the nine months ended September 30, 2025 is presented in the table below:


	Number of Options	Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024	20,803,142	$	2.61	7.8	$	11,507
Granted	1,166,855	1.44
Exercised	(791,810)	2.35
Forfeited	(1,138,461)	4.07

Outstanding at September 30, 2025	20,039,726	$	2.47	7.3	$	330
Options exercisable at September 30, 2025	10,564,684	$	2.89	6.5	$	93
Vested and expected to vest at September 30, 2025	17,886,021	$	2.53	7.3	$	276

RSU Activity

A summary of the RSU activity for the nine months ended September 30, 2025 is presented in the table below:


	Number of Shares Underlying RSUs	Weighted Average Grant-Date Fair Value
Outstanding non-vested RSUs at December 31, 2024	7,179,009	$	1.39
Granted	8,435,844	1.21
Vested	(2,210,547)	1.41
Forfeited	(840,860)	1.30
Outstanding non-vested RSUs at September 30, 2025	12,563,446	$	1.27

Stock-Based Compensation

Stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024 was allocated as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Research and development	$	745	$	754	$	2,151	$	2,012
Selling, general and administrative	2,082		1,657		5,934		4,470
Total stock-based compensation	$	2,827	$	2,411	$	8,085	$	6,482

Quantum-Si Inc 10-Q