Stock-Based Compensation

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Note 11. Stock-Based Compensation

The Company’s stock-based compensation included in its condensed consolidated statements of operations and comprehensive loss, net of forfeitures, was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Research and development	$	691	$	1,616	$	1,841	$	3,067
General and administrative		1,911		3,186		4,573		6,519
Cost of revenue		93		—		254		—
Total stock-based compensation	$	2,695	$	4,802	$	6,668	$	9,586

The following table summarizes stock-based compensation expense by award type, net of forfeitures:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Restricted Stock Units ("RSUs")	$	1,956	$	3,604	$	4,771	$	6,689
Performance Stock Units ("PSUs")		256		700		913		1,632
Restricted Stock Awards ("RSAs")		474		487		952		978
Stock options		9		11		32		287
Total	$	2,695	$	4,802	$	6,668	$	9,586

PSUs are measured at their estimated fair value using a Monte Carlo simulation valuation model with the effect of the market condition reflected in the grant date fair value of the award. The fair value of RSUs is estimated based on the closing price of the Company’s Class A common stock at the date of grant.

SES AI Corp 10-Q