10-K Share-based compensation (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of share-based payment arrangement expense |
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. |
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| Schedule of stock option activity |
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 | |
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 | |
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| Schedule of fair value assumptions |
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. |
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| Schedule of restricted stock units activity |
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 | — | | |
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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