| Share-based compensation |
Share-based compensation Equity Incentive Plans The Company maintains a LTIP, which provides for the grant of incentive stock options, non-statutory stock options, restricted stock units, performance stock units and other share-based awards to eligible participants. The number of SVS reserved for issuance from time to time under the LTIP is calculated as 10% of the aggregate number of SVS and MVS outstanding on an “as-converted” basis. On June 5, 2026, the Company effected a 1-for-3 reverse stock split of its SVS and MVS. All share amounts, per share amounts, voting rights and equity award information included herein has been retrospectively adjusted to reflect the reverse stock split for all periods presented. See Note 2 — Basis of presentation and consolidation for further detail. Virtual Employee Share Options In the second quarter of 2025, the Company granted VSOs in connection with the Company’s prior acquisition of Four20 in September 2022. The VSOs were granted to certain employees of Four20 and vest over a 36-month requisite service period ending December 31, 2025, with payment contingent on a qualifying “Exit Event”, as defined in the underlying plan agreement. Settlement of the Company’s outstanding VSO obligation occurred in the first half of 2026. Share-based compensation consisted of the following for the years ended December 31, 2025, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | | 2025 | | 2024 | | 2023 | Equity-classified awards: | | | | | | | Stock options | | $ | 8,268 | | | $ | 9,374 | | | $ | 7,591 | | Performance stock units | | 10,660 | | | 1,705 | | | 501 | | Restricted stock units | | 11,779 | | | 14,617 | | | 11,918 | | Share-based compensation expense: equity-classified awards | | 30,707 | | | 25,696 | | | 20,010 | | Liability-classified awards: | | | | | | | Virtual share option awards(1) | | 5,029 | | | — | | | — | | Share-based compensation expense: liability-settled awards | | 5,029 | | | — | | | — | | Total share-based compensation expense | | $ | 35,736 | | | $ | 25,696 | | | $ | 20,010 | | | | | | | | | (1) Includes the cumulative share-based compensation expense recognized for VSOs granted during the second quarter of 2025, for which the requisite service periods retroactively commenced in January 2023. |
Stock options As of December 31, 2025, 2024 and 2023, total unamortized compensation cost related to unvested stock options was $12.2 million, $13.7 million, $18.3 million, respectively, which the Company expects to recognize over a weighted-average period of 1.95, 2.00 and 2.31 years, respectively. The total intrinsic value of stock options exercised and the total fair value of stock options vested during the years ended December 31, 2025, 2024 and 2023 were as follows: | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | 2025 | | 2024 | | 2023 | Total intrinsic value of options exercised | 4,807 | | 208 | | 798 | Total fair value of options vested | 5,256 | | | 8,353 | | | 10,221 | |
Significant assumptions used to estimate the fair value of the Company’s stock options granted during the years ended 2025, 2024 and 2023 were as follows: | | | | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | | 2025 | | 2024 | | 2023 | Expected volatility | | 72% — 79% | | 71% — 74% | | 68% — 72% | Expected life in years | | 6.16 - 6.24 | | 6.01 - 6.02 | | 5.38 — 6.73 | Expected dividends(1) | | — | % | | — | % | | — | % | Risk-free interest rate (based on government bonds) | | 3.81% — 4.21% | | 3.63% — 4.52% | | 3.13% — 4.60% | | | | | | | | (1) The Company has never paid cash dividends nor expects to pay cash dividends in the foreseeable future. |
The Company’s stock options activity and related information during the years ended December 31, 2025, 2024 and 2023 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of options | | Weighted average exercise price | | Weighted average remaining contractual life (years) | | Aggregate intrinsic value | Outstanding at January 1, 2025 | | 9,887,023 | | $ | 14.940 | | | | | | Forfeited | | (2,284,138) | | 21.933 | | | | | | Expired | | (737,931) | | 26.877 | | | | | | Exercised | | (621,424) | | 0.411 | | | | | | Granted | | 4,375,072 | | 3.279 | | | | | | Outstanding at December 31, 2025 | | 10,618,602 | | $ | 8.658 | | | 6.65 | | $ | 28,364 | | Options exercisable at December 31, 2025 | | 3,374,323 | | $ | 10.596 | | | 3.03 | | $ | 10,928 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of options | | Weighted average exercise price | | Weighted average remaining contractual life (years) | | Aggregate intrinsic value | Outstanding at January 1, 2024 | | 9,310,868 | | $ | 15.870 | | | | | | Forfeited | | (487,165) | | 13.542 | | | | | | Expired | | (143,459) | | 44.220 | | | | | | Exercised | | (25,130) | | 6.180 | | | | | | Granted | | 1,231,909 | | 10.595 | | | | | | Outstanding at December 31, 2024 | | 9,887,023 | | $ | 14.940 | | | 5.50 | | $ | 8,846 | | Options exercisable at December 31, 2024 | | 5,572,751 | | $ | 16.621 | | | 3.40 | | $ | 8,778 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of options | | Weighted average exercise price | | Weighted average remaining contractual life (years) | | Aggregate intrinsic value | Outstanding at January 1, 2023 | | 8,179,723 | | $ | 20.01 | | | | | | Forfeited | | (856,521) | | 22.20 | | | | | | Expired | | (807,244) | | 27.72 | | | | | | Exercised | | (70,590) | | 0.69 | | | | | | Granted | | 2,865,500 | | 8.91 | | | | | | Outstanding at December 31, 2023 | | 9,310,868 | | $ | 15.87 | | | 6.29 | | $ | 34,646 | | Options exercisable at December 31, 2023 | | 4,989,095 | | $ | 16.23 | | | 4.22 | | $ | 25,679 | |
Performance stock units As of December 31, 2025, 2024 and 2023 total unamortized compensation cost related to unvested performance stock units was $10.7 million, $2.3 million and $5.3 million, respectively, which the Company expected to recognize over a weighted-average period of 1.53, 1.41 and 2.20 years, respectively. The Company’s PSU activity and related information for the years ended December 31, 2025, 2024 and 2023 were as follows: | | | | | | | | | | | | | Number of PSUs | | Weighted-Average Grant Date Fair Value | Unvested at January 1, 2025 | 629,861 | | $ | 11.430 | | Forfeited | (583,446) | | 8.430 | | Vested | (119,983) | | 10.350 | | Granted | 3,337,046 | | 2.820 | | Unvested at December 31, 2025 | 3,263,478 | | $ | 3.180 | | Inception-to-date PSUs vested at December 31, 2025 | 252,162 | | $ | 9.480 | |
| | | | | | | | | | | | | Number of PSUs | | Weighted-Average Grant Date Fair Value | Unvested at January 1, 2024 | 674,707 | | $ | 8.670 | | Forfeited | (713,942) | | 10.110 | | Vested | (132,179) | | 8.670 | | Granted | 801,275 | | 12.120 | | Unvested at December 31, 2024 | 629,861 | | $ | 11.430 | | Inception-to-date PSUs vested at December 31, 2024 | 132,179 | | $ | 8.670 | |
| | | | | | | | | | | | | Number of PSUs | | Weighted-Average Grant Date Fair Value | Unvested at January 1, 2023 | — | | $ | — | | Forfeited | (72,084) | | 8.670 | | Vested | — | | — | | Granted | 746,791 | | 8.670 | | Unvested at December 31, 2023 | 674,707 | | $ | 8.670 | | Inception-to-date PSUs vested at December 31, 2023 | — | | |
Modifications During the year ended December 31, 2025, the Company modified the performance targets for PSUs granted in 2025. The modification resulted in incremental compensation cost of $19.1 million, which will be recognized prospectively over the remaining service period. Restricted stock units As of December 31, 2025, 2024 and 2023, total unamortized compensation cost related to unvested restricted stock units was $33.9 million, $15.7 million and $17.9 million, respectively, which the Company expected to recognize over a weighted-average period of 2.39, 1.95 and 1.83 years, respectively. The Company’s RSU activity and related information for the years ended December 31, 2025, 2024 and 2023 were as follows: | | | | | | | | | | | | | Number of RSUs | | Weighted-Average Grant Date Fair Value | Unvested at January 1, 2025 | 2,111,261 | | $ | 10.890 | | Forfeited | (798,159) | | 6.270 | | Vested | (872,741) | | 11.640 | | Granted | 8,408,305 | | 4.170 | | Unvested at December 31, 2025 | 8,848,666 | | $ | 4.830 | | Inception-to-date RSUs vested at December 31, 2025 | 3,893,206 | | $ | 17.760 | |
| | | | | | | | | | | | | Number of RSUs | | Weighted-Average Grant Date Fair Value | Unvested at January 1, 2024 | 2,048,653 | | $ | 12.360 | | Forfeited | (819,826) | | 12.180 | | Vested | (1,076,186) | | 12.990 | | Granted | 1,958,620 | | 11.040 | | Unvested at December 31, 2024 | 2,111,261 | | $ | 10.890 | | Inception-to-date RSUs vested at December 31, 2024 | 3,020,465 | | $ | 19.530 | |
| | | | | | | | | | | | | Number of RSUs | | Weighted-Average Grant Date Fair Value | Unvested at January 1, 2023 | 1,428,146 | | $ | 22.320 | | Forfeited | (583,199) | | 16.980 | | Vested | (533,768) | | 23.310 | | Granted | 1,737,474 | | 9.090 | | Unvested at December 31, 2023 | 2,048,653 | | $ | 12.360 | | Inception-to-date RSUs vested at December 31, 2023 | 1,944,279 | | $ | 23.140 | |
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