Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Stock Option Activity |
A summary of stock option activity for the year ended December 31, 2025 is set forth below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of Stock Options
Outstanding |
|
|
Weighted Average Contractual Term (in years) |
|
|
Aggregate Intrinsic Value (in thousands) |
|
|
Weighted
Average
Exercise Price Per Share |
|
Outstanding at December 31, 2024 |
|
|
2,689,131 |
|
|
|
9.21 |
|
|
$ |
1,353 |
|
|
$ |
7.80 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
(49,570 |
) |
|
|
— |
|
|
|
— |
|
|
|
5.09 |
|
Canceled |
|
|
(306,799 |
) |
|
|
— |
|
|
|
— |
|
|
|
6.22 |
|
Outstanding at December 31, 2025 |
|
|
2,332,762 |
|
|
|
8.24 |
|
|
|
11 |
|
|
|
8.07 |
|
Exercisable at December 31, 2025 |
|
|
1,206,243 |
|
|
|
8.09 |
|
|
|
11 |
|
|
|
9.78 |
|
|
| Summary of Supplemental Stock Option Data |
The following table provides supplemental data on stock options for the years ended December 31, 2025 and 2024 (in $ thousands, except for weighted average figures):
|
|
|
|
|
|
|
|
|
|
|
For The Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Weighted average grant date fair value per option granted |
|
$ |
— |
|
|
$ |
1 |
|
Fair value of options vested |
|
$ |
1,431 |
|
|
$ |
3,815 |
|
Cash from participants to exercise stock options |
|
$ |
255 |
|
|
$ |
20 |
|
Intrinsic value of options exercised |
|
$ |
142 |
|
|
$ |
5 |
|
|
| Summary of Fair Value of Stock Options Granted |
The assumptions used to estimate the fair value of stock options granted during the years ended December 31, 2025 and 2024 were as follows:
|
|
|
|
|
|
|
|
|
|
|
For The Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Risk-free interest rate |
|
|
— |
|
|
3.97-4.25% |
|
Expected term (in years) |
|
|
— |
|
|
3.5 - 5.8 |
|
Dividend yield |
|
|
— |
|
|
|
— |
|
Expected volatility |
|
|
— |
|
|
55.69% - 59.07% |
|
|
| Summary of Warrant Activity |
A summary of warrant activity for the year ended December 31, 2025 is set forth below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Warrants Outstanding |
|
|
Weighted Average Contractual Term (in years) |
|
|
Aggregate Intrinsic Value (in thousands) |
|
|
Weighted
Average
Exercise Price Per Share |
|
Outstanding at December 31, 2024 |
|
|
1,160,560 |
|
|
|
9.71 |
|
|
$ |
230 |
|
|
$ |
5.92 |
|
Granted |
|
|
1,127,040 |
|
|
|
4.87 |
|
|
|
— |
|
|
|
6.12 |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Canceled |
|
|
(911,544 |
) |
|
|
— |
|
|
|
— |
|
|
|
6.17 |
|
Outstanding at December 31, 2025 |
|
|
1,376,056 |
|
|
|
5.30 |
|
|
|
— |
|
|
|
5.91 |
|
Exercisable at December 31, 2025 |
|
|
564,790 |
|
|
|
5.30 |
|
|
|
373 |
|
|
|
5.54 |
|
|
| Summary of Fair Value of Warrants Granted |
The assumptions used to estimate the fair value of warrants granted during the year ended December 31, 2025 and 2024 and were as follows:
|
|
|
|
|
|
|
|
|
|
|
For The Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Risk-free interest rate |
|
3.57% - 4.08% |
|
|
3.52% - 4.43% |
|
Expected term (in years) |
|
5.0 - 10.0 |
|
|
5.0 - 10.0 |
|
Dividend yield |
|
|
— |
|
|
|
— |
|
Expected volatility |
|
153.12% - 157.11% |
|
|
47% - 147% |
|
|
| Summary of RSU Activity |
A summary of RSU activity for the year ended December 31, 2025 is set forth below:
|
|
|
|
|
|
|
|
|
|
|
Number of RSUs |
|
|
Weighted
Average
Grant Date Fair Value per RSU |
|
Unvested RSUs at December 31, 2024 |
|
|
316,663 |
|
|
$ |
4.52 |
|
Granted |
|
|
2,316,380 |
|
|
|
2.72 |
|
Vested/shares issued |
|
|
(1,209,823 |
) |
|
|
3.00 |
|
Forfeited, cancelled, or expired |
|
|
(115,854 |
) |
|
|
2.66 |
|
Unvested RSUs at December 31, 2025 |
|
|
1,307,366 |
|
|
$ |
2.89 |
|
|
| Summary of Restricted Stock Activity |
A summary of RSPA activity for the year ended December 31, 2025 is set forth below:
|
|
|
|
|
|
|
|
|
|
|
Number
of RSPA |
|
|
Weighted
Average
Grant Date Fair Value per RSPA |
|
Unvested RSPAs at December 31, 2024 |
|
|
36,907 |
|
|
$ |
29.13 |
|
Granted |
|
|
— |
|
|
|
— |
|
Vested |
|
|
(23,421 |
) |
|
|
29.13 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Unvested RSPAs at December 31, 2025 |
|
|
13,486 |
|
|
|
29.13 |
|
|
| Summary of Price Targets Included in PRSU Awards and Number of PRSUs That Will Vest Upon Achievement of Such Price Targets |
The following table represents the various price targets included in the PRSU awards with market conditions and the number of PRSUs that will vest upon achievement of such price targets:
|
|
|
|
|
|
|
Company Price Target |
|
|
Number of PRSUs Eligible to Vest |
|
$ |
35.00 |
|
|
|
7,143 |
|
|
70.00 |
|
|
|
50,713 |
|
|
105.00 |
|
|
|
10,714 |
|
|
| Summary of Stock-based Compensation Expense Recognized |
A summary of stock-based compensation expense recognized is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For The Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Stock Options |
|
$ |
1,431 |
|
|
$ |
3,815 |
|
RSUs |
|
|
3,932 |
|
|
|
2,703 |
|
RSPAs |
|
|
675 |
|
|
|
687 |
|
PRSUs |
|
|
2,973 |
|
|
|
3,083 |
|
Warrants |
|
|
546 |
|
|
|
403 |
|
Management Incentive Bonus Plan |
|
|
— |
|
|
|
(16,667 |
) |
Other |
|
|
504 |
|
|
|
— |
|
Total Stock Based Compensation |
|
$ |
10,061 |
|
|
$ |
(5,976 |
) |
|
| Performance Based Restricted Stock Units |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Summary of Restricted Stock Activity |
A summary of PRSU activity for the year ended December 31, 2025 is set forth below:
|
|
|
|
|
|
|
|
|
|
|
Number
of PRSUs |
|
|
Weighted
Average
Grant Date Fair Value per PRSU |
|
PRSUs at December 31, 2024 |
|
|
428,571 |
|
|
$ |
14.74 |
|
Granted |
|
|
1,142,500 |
|
|
|
2.57 |
|
Shares issued |
|
|
(365,625 |
) |
|
|
15.61 |
|
Forfeited, cancelled, or expired |
|
|
(74,375 |
) |
|
|
2.32 |
|
PRSUs at December 31, 2025 |
|
|
1,131,071 |
|
|
$ |
3.09 |
|
|