Equity-Based Compensation |
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| Equity-Based Compensation | 8. Equity-Based Compensation The Company recorded equity-based compensation expense related to all equity-based awards, which was allocated as follows in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025 and 2024 (in thousands):
During the six months ended June 30, 2025, certain equity-based awards were subject to modification accounting. Per the separation terms, certain stock option awards and RSUs were amended and may provide for continued vesting, accelerated vesting, and extended time to exercise vested options. As a result, equity-based compensation during the three and six months ended June 30, 2025 includes $9.0 million and $13.0 million, respectively, related to the modification of certain equity awards. The following table summarizes the Company’s unrecognized equity-based compensation expense as of June 30, 2025:
Restricted Stock Units The following table summarizes the Company’s restricted stock unit (“RSU”) activity for the current year:
The total fair value of RSUs vested during the six months ended June 30, 2025 and 2024 was $40.7 million and $8.2 million, respectively. Performance Stock Units The following table summarizes the Company’s performance stock unit (“PSU”) activity for the current year:
In April 2025, the Company granted PSUs to certain employees. The number of PSUs granted represents the target number of units that are eligible to be earned based on certain market-based conditions, subject to continued employment through applicable service vesting dates. The Company concluded that issued PSUs are equity-based awards and include market and service-based vesting conditions. Participants may ultimately earn up to 250% of the target number of units granted based on the degree of actual performance metric achievement. The Company estimated the fair value of these PSUs using a Monte-Carlo simulation model at the grant date. The Monte Carlo simulation model requires key inputs including risk-free interest rate, dividend yield and historical volatility. No PSUs vested during the six months ended June 30, 2025. Stock Options The following table summarizes the Company’s stock option activity for the current year:
Using the Black-Scholes option pricing model, the weighted average fair value of options granted during the six months ended June 30, 2025 and 2024 was $28.84 and $11.50, respectively. The following weighted average assumptions were used in determining the fair value of options granted in the six months ended June 30, 2025 and 2024:
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