v3.26.1
Stock-Based Compensation Expense
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Expense Stock-Based Compensation Expense
Stock-based compensation expense for stock options and restricted stock units for the three months ended March 31, 2026 and 2025 were $1.0 million, and $0.8 million, respectively. As of March 31, 2026, there was $6.3 million of unrecognized compensation cost related to stock options and restricted stock units which is expected to be recognized over the remaining vesting periods, with a weighted-average period of 2.5 years.
Stock Options
The Company grants stock options to certain employees that will vest over a period of one to four years. A summary of stock option award activity for the three months ended March 31, 2026 was as follows:
Options
Shares
Weighted Average
Exercise Price
Weighted Average Remaining Contractual Term
Outstanding at December 31, 2025
484,770 $9.30 6.5
Granted— — 
Exercised— — 
Cancelled or forfeited— — 
Outstanding at March 31, 2026
484,770 $9.30 6.3
Exercisable at March 31, 2026
263,348 $13.97 4.8
The aggregate intrinsic value of stock options outstanding as of March 31, 2026 was less than $0.4 million. There were no stock options granted during the three months ended March 31, 2026.
A summary of stock option award activity for the three months ended March 31, 2025 was as follows:
Options
Shares
Weighted Average
Exercise Price
Weighted Average Remaining Contractual Term
Outstanding at December 31, 2024
488,385 $9.34 7.5
Granted— $— 
Exercised— — 
Cancelled or forfeited— — 
Outstanding at March 31, 2025
488,385 $9.34 7.3
Exercisable at March 31, 2025
192,985 $17.86 4.5
The aggregate intrinsic value of stock options outstanding as of March 31, 2025 was $0.1 million.
Restricted Stock Units
The Company grants restricted stock units to certain employees that will generally vest over a period of four years. The fair value of restricted stock unit awards is determined by the fair value of the Company’s common stock at the date of grant. Restricted stock units activity during the three months ended March 31, 2026 was as follows:
Number of
Shares
Weighted Average Grant Date Fair Value Per Share
Non-vested, at December 31, 2025
3,674,502 $2.39 
Granted187,500 2.00 
Vested— — 
Cancelled or forfeited(85,782)2.22 
Non-vested, at March 31, 2026
3,776,220 $2.37 
Restricted stock units activity during the three months ended March 31, 2025 was as follows:
Number of
Shares
Weighted Average Grant Date Fair Value Per Share
Non-vested, at December 31, 2024
2,233,816 $4.60 
Granted— — 
Vested(28,732)5.92 
Cancelled or forfeited(153,945)3.13 
Non-vested, at March 31, 2025
2,051,139 $4.69