v3.25.1
Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Award, Valuation Assumptions The key inputs into the Monte Carlo simulation as of March 31, 2025, and December 31, 2024, were as follows:
March 31,
2025		December 31, 2024
Expected term (in years)
2.6 - 10.0
10.0
Expected stock price volatility (1)
60.0 %65.0 %
Risk-free interest rate (2)
3.8% - 4.2%
4.1 %
Expected dividend yield (3)
— %— %
(1)Expected volatility is based on a blend of historical volatility observed for a publicly traded peer group and the Company’s specific volatility over a period equivalent to the expected term of the awards.
(2)The risk-free interest rate is based on the U.S. Treasury yield of treasury bonds with a maturity that approximates the expected term of the awards.
(3)The Company has not historically paid any cash dividends on its common stock.
Summary of Restricted Stock Unit Activity
The following table summarizes the unvested time-based RSU activity during the three months ended March 31, 2025:
Number of SharesWeighted Average Grant Date Fair Value
Outstanding at December 31, 20246,110,486 $9.66 
Granted247,669 $16.69 
Vested(303,528)$9.25 
Forfeited or expired(87,424)$12.22 
Outstanding at March 31, 20255,967,203 $9.93 
Summary of Stock Option Activity
The following table summarizes the stock option activity for the three months ended March 31, 2025:
Number of
Options		Weighted
Average
Exercise
Price
Outstanding at December 31, 2024705,116 $5.00 
Exercised(133,581)$4.61 
Forfeited or expired(2,272)$7.63 
Outstanding at March 31, 2025569,263 $5.08 
Summary of the Components of Total Stock-Based Compensation Expense
The following table summarizes stock-based compensation expenses for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31,
20252024
Selling, general and administrative expenses$9,711 $7,423 
Product development expenses1,236 446 
$10,947 $7,869