v3.26.1
Subsequent Events
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events

17. SUBSEQUENT EVENTS

On July 9, 2026, the Company announced Kent P. Hawryluk's departure from his role as the Company's chief executive officer and a member of the Company's board of directors effective July 13, 2026. Mr. Hawryluk will assist the Board and the Company’s new CEO with the transition and will provide strategic advisory services through August 16, 2026 under the terms of a consulting agreement entered into with the Company that became effective upon Mr. Hawryluk’s separation from the Company. Mr. Hawryluk’s departure is not due to a dispute or disagreement with the Company or the Company’s auditors.

Pursuant to the terms of Mr. Hawryluk's separation agreement, certain outstanding equity awards will continue to vest following termination and certain awards will be accelerated. Based on a preliminary assessment of the terms of the separation agreement, the Company expects to recognize stock-based compensation expense ranging from approximately $15 million to $20 million during the third quarter of 2026. The Company is continuing to evaluate the accounting implications of the terms of the separation agreement, and the ultimate amount recognized may differ materially from these preliminary estimates. No amounts associated with the separation agreement have been reflected in the accompanying financial statements because the termination occurred after June 30, 2026.

On July 9, 2026, the Board appointed Steven Hoerter as President and CEO and principal executive officer of the Company, effective as of July 13, 2026.

On July 9, 2026, the Board appointed John Smither as Chief Financial Officer and principal financial officer and principal accounting officer of the Company, effective as of July 13, 2026.