Share-based compensation expense includes restricted stock units, or RSUs, and stock options.

The table below shows the total pre-tax share-based compensation expenses recorded for the periods presented:


	Three Months Ended March 31,
(in thousands)	2026		2025
General and administrative	$	720	$	39
Sales and marketing	—		10
Research and development	—		5
Total	$	720	$	54

The table below shows activity related to stock options:


	Options	Weighted Average Exercise Price
Outstanding as of December 31, 2025	2,397,872	$	4.61
Granted	2,054,181	4.92
Exercised	(39,650)	0.76
Forfeited	(54,834)	4.43
Outstanding as of March 31, 2026	4,357,569	$	4.80
Exercisable March 31, 2026	516,321	$	8.07

As of March 31, 2026, unrecognized pretax compensation of $9.9 million related to stock options which will be recognized over a weighted average period of approximately 3.6 years.

The table below shows the activity for our restricted stock:


	Units	Weighted Average Fair Value
Nonvested as of December 31, 2025	276,875	$	10.16
Granted	417,875	3.89
Vested	(10,984)	5.50
Forfeited	—	—
Nonvested as of March 31, 2026	683,766	$	6.40

As of March 31, 2026, unrecognized pretax compensation of $3.8 million related to restricted stock units which will be recognized over a weighted average period of approximately 3.4 years.