Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Fair Value of the Sole Stock Option Grants |
The following assumptions were used to compute the fair value of the stock option grants during the six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | Six Months Ended
June 30, | | 2025 | | 2024 | | Risk-free interest rate | — | % | | 4.37 | % | | Expected term (in years) | — | | | 5.66 | | Volatility | — | % | | 65.95 | % | | Dividend yield | — | % | | — | % |
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| Schedule of Company’s Stock Option Activity |
The following table summarizes the Company’s stock option activity under the Plan during the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Options
Shares | | Weighted
Average
Exercise Price | | Weighted
Average
Remaining
Contractual
Life in Years | | Aggregate
Intrinsic
Value | | Balance as of December 31, 2024 | 8,167,496 | | $ | 6.98 | | | 7.32 | | $ | 2,521,202 | | | Granted | — | | | — | | | — | | | — | | | Vested | — | | | — | | | — | | | — | | | Exercised | — | | | — | | | — | | | — | | | Cancelled | (173,577) | | 7.56 | | | — | | | — | | | Balance as of June 30, 2025 | 7,993,919 | | 6.99 | | | 6.83 | | — | | | Options vested and exercisable as of June 30, 2025 | 5,317,493 | | $ | 6.94 | | | 6.44 | | $ | — | |
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| Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity |
Activity under RSUs during the six months ended June 30, 2025 was as follows: | | | | | | | | | | | | | RSUs | | Weighted-
Average
Grant Date
Fair Value
Per RSU | | Balance as of December 31, 2024 | 4,068,987 | | | $ | 4.63 | | | Granted | 450,180 | | 1.71 | | | Vested | (340,747) | | 4.32 | | | Forfeited | (158,978) | | | 4.10 | | | Balance as of June 30, 2025 | 4,019,442 | | 4.35 | | | Vested and unissued as of June 30, 2025 | 2,617 | | | 10.03 | | | Non-vested as of June 30, 2025 | 4,016,825 | | | $ | 4.35 | |
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| Schedule of Share-Based Payment Arrangement, Performance Shares, Activity |
The following is a summary of the revenue PSU grants for the six months ended June 30, 2025: | | | | | | | | | | | | | Revenue PSUs | | Weighted-
Average
Grant Date
Fair Value
Per PSU | | Balance as of December 31, 2024 | 868,218 | | $ | 5.16 | | | Granted | — | | | — | | | Vested | (217,055) | | | 5.16 | | | Forfeited | — | | | — | | | Performance adjustment | — | | | — | | | Balance as of June 30, 2025 | 651,163 | | $ | 5.16 | |
The following is a summary of the TSR PSU grants for the six months ended June 30, 2025: | | | | | | | | | | | | | TSR PSUs | | Weighted-
Average
Grant Date
Fair Value
Per PSU | | Balance as of December 31, 2024 | 1,205,251 | | $ | 4.19 | | | Granted | — | | | — | | | Vested | — | | | — | | | Forfeited | — | | | — | | | Balance as of June 30, 2025 | 1,205,251 | | | $ | 4.19 | |
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| Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions |
The following key assumptions were used in the Monte Carlo calculation for TSR PSU awards granted during the year ended December 31, 2024:
| | | | | | | Valuation date price | $ | 4.19 | | | Expected company volatility | 68.05 | % | | Expected peer group volatility | 90.63 | % | | Expected term (in years) | 3.05 | | Risk-free interest rate | 4.10 | % |
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