v3.26.1
Equity Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Fair Value of Each Option Grant Using the Black-Scholes Option Pricing Model
The fair value of each option grant during the three and six months ended June 30, 2026 and 2025 was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Expected volatility78-79%80%78-79%60-80%
Dividend yield0%0%0%0%
Risk free interest rates4.17-4.34%4.32%3.87-4.34%4.11-4.32%
Expected term (years)6.5-776.5-76-7
Schedule of Stock Option Activity
A summary of stock option activity for the six months ended June 30, 2026 is as follows:
(in thousands, except share and per share data)Number of Shares Underlying OptionsWeighted Average Exercise PriceAggregate Intrinsic Value
Outstanding at January 1, 20263,405,906 $4.64 $19,279 
Granted1,483,644 16.44 
Cancelled or expired(56,859)11.13 
Exercised(119,477)0.71 
Outstanding at June 30, 20264,713,214 $8.37 $65,554 
Vested and expected to vest at June 30, 20264,713,214 $8.37 $65,554 
The following table summarizes information concerning outstanding and exercisable stock options at June 30, 2026:
OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)
Outstanding at June 30, 20264,713,214 $8.37 8.8
Exercisable at June 30, 20261,166,290 $3.10 7.7