v3.26.1
Share-Based Compensation
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Non-Qualified Stock Option Plan                                                                                                                                                                                    
On January 2, 2019, the Company adopted the 2019 Non-Qualified Stock Option Plan (the “2019 Plan”) to incentivize directors, consultants, advisors, and other key employees of the Company and its subsidiaries to continue their association by providing opportunities to participate in the ownership and further growth of the Company. The 2019 Plan provides for the grant of options (the “Stock Options”) to purchase shares of common stock of the Company. In conjunction with the Business Combination, the Company amended and fully restated the 2019 Plan through the establishment of the 2021 Incentive Plan (“2021 Plan”).

Stock Options are granted from the pool of shares designated by the appropriate committee of the Board of Directors. The grant-date fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. The grant date fair value of the service vesting and the performance vesting options is recognized as an expense over the requisite service period and upon the achievement of the performance condition deemed probable of being achieved, respectively. The exercise price of each Stock Option shall be determined by the committee and may not be less than the fair market value of the shares of common stock on the date of grant. Stock Options have 10-year terms, after which they expire and are no longer exercisable.
The total number of shares of common stock for which Stock Options may be granted under the 2021 Plan shall not exceed 15,640,000.
Stock Options become vested upon fulfillment of either service vesting conditions, performance vesting conditions, or both, as determined by the award agreement entered into by the Company and optionee. The service vesting requirement states that: (i) 25% of the service vesting options shall vest on the first anniversary of the grant date and (ii) the remaining 75% shall vest on an equal monthly-basis, so long as the optionee has remained continuously employed by the Company from the date of the award through the fourth anniversary of the grant date. The performance vesting requirement states that Stock Options shall vest upon sale of the Company only if the optionee has been continuously employed by the Company or its subsidiaries from
the grant date through the date of such sale of the Company. For the awards vesting based on service conditions only and that have a graded vesting schedule, the Company recognizes compensation expense for vested awards in earnings, net of actual forfeitures in the period they occur, on a straight-line basis over the requisite service period.
As of June 30, 2026, the total number of shares of common stock remaining available for future awards (e.g., non-qualified stock options, incentive stock options, restricted stock units, restricted stock awards) under the 2021 Plan is 9,808,797. There were no Stock Options granted for the three months ended June 30, 2026 and 2025.
Stock option activity during the six months ended June 30, 2026 and 2025 is as follows:
Stock optionsNumber of sharesWeighted average exercise priceWeighted average remaining contractual term (years)Aggregate intrinsic value (in thousands)
Balance at January 1, 20264,022,196 $2.23 
Granted— — 
Exercised
(96,137)1.16 
Forfeited— — 
Expired(67,084)1.02
Balance at June 30, 2026
3,858,975 $2.28 5.52$13,386 
Vested Options Exercisable at June 30, 2026
3,254,855 $2.34 5.19$11,222 
Stock optionsNumber of sharesWeighted average exercise priceWeighted average remaining contractual term (years)Aggregate intrinsic value (in thousands)
Balance at January 1, 20257,488,859$1.67 
Granted— — 
Exercised(2,645,017)0.89 
Forfeited(285,112)1.83 
Expired(77,469)2.58 
Balance at June 30, 2025
4,481,261 $2.11 6.16$3,351 
Vested Options Exercisable at June 30, 2025
3,374,192 $2.10 5.50$2,898 
Total share-based compensation expense related to stock options during the three and six months ended June 30, 2026 was $59 and $117, respectively. Total share-based compensation expense related to stock options during the three and six months ended June 30, 2025 was $107 and $213, respectively. The total intrinsic value of options exercised during three and six months ended June 30, 2026 was $93 and $429, respectively. The total intrinsic value of options exercised during three and six months ended June 30, 2025 was $7,100 and $7,277, respectively.
At June 30, 2026, there was $229 of total unrecognized compensation cost related to unvested service stock options granted under the 2021 Plan that are expected to vest. That cost is expected to be recognized over a weighted average period of 1.38 years as of June 30, 2026. During the six months ended June 30, 2026, the Company received $111 in cash and $318 tax benefit from the stock options exercised. The total fair value of shares of common stock vested during the six months ended June 30, 2026 and 2025 was $1,682 and $791, respectively.
Restricted Stock Units (“RSUs”)
The Company has 4,219,428 and 3,436,019 RSUs outstanding as of June 30, 2026 and December 31, 2025, respectively. The RSUs are service-based vesting awards and are valued based on the fair value of the Company’s common stock at the date of grant. The weighted-average grant date fair values of the RSUs granted during six months ended June 30, 2026 and 2025, were determined to be $3.01 and $1.19, respectively, based on the fair value of the Company’s common stock at the grant date.
A summary of the activity for the RSUs for the six months ended June 30, 2026 and 2025, respectively, are shown in the following table:
Six Months Ended June 30,
20262025
Number of SharesWeighted Average Grant Date Fair ValueNumber of SharesWeighted Average Grant Date Fair Value
Unvested at beginning of year3,436,019 $1.25 1,509,737 $0.94 
Granted2,401,435 3.01 3,935,704 1.19 
Vested(1,441,843)1.93 (1,700,884)0.93 
Forfeited(176,183)2.12 (387,710)1.00 
Unvested at end of year4,219,428 $1.98 3,356,847 $1.23 
The total share-based compensation expense related to RSUs was $1,011 and $1,568, respectively, during the three and six months ended June 30, 2026. The total share-based compensation expense related to RSUs was $644 and $860, respectively, during the three and six months ended June 30, 2025.
As of June 30, 2026, there was $7,691 of unrecognized compensation expense related to the RSUs that are expected to vest. That cost is expected to be recognized over a weighted average period of 3.43 years as of June 30, 2026.
RSUs granted to Medical Employees and Nonemployees
In 2022, the Company entered into arrangements with certain medical directors and supervisors of advanced practice providers employed by or engaged as independent contractors of the Company to grant RSUs of the Company (“Medical RSUs”). Granting of each annual Medical RSU award by the Company is dependent on the participant performing a specified minimum number of service hours during the calendar year (“One-Year Term”) and further contingent upon the participant’s continued service to, or employment by, the Company through the grant date. The Company’s regular grant date for these Medical RSU awards is in the first quarter of the calendar year following the One-Year Term. During the six months ended June 30, 2026 and 2025, 332,803 and 997,806 Medical RSU awards were granted, respectively.
The number of Medical RSUs granted to each such participant is determined by the fair market value of the Company's stock price at the grant date and are vested at the grant date. There were no unvested Medical RSU awards outstanding as of June 30, 2026 or 2025.

A summary of the activity for the equity-classified Medical RSUs for the six months ended June 30, 2026 and 2025, respectively, is shown in the following table:
Six Months Ended June 30,
20262025
Balance at beginning of period— — 
Granted332,803 997,806 
Vested(332,803)(997,806)
Forfeited— — 
Balance at end of period— — 
Total compensation costs for Medical RSUs was $0 and $1,032 for the three and six months ended June 30, 2026, respectively. Total compensation costs for Medical RSUs was $0 and $1,137 for the three and six months ended June 30, 2025, respectively. As of June 30, 2026, all Medical RSUs had vested.
Employee Stock Purchase Plan (ESPP)
In connection with the Business Combination, the Company adopted the 2021 Employee Stock Purchase Plan ("2021 ESPP”). The 2021 ESPP has reserved 3,591,088 shares of the Company’s common stock for issuance to eligible employees, who are entitled to purchase shares of common stock equal to 85% of the lower of the closing price on the purchase date or the six month closing price average during the contribution period through accumulated payroll deductions. During the three and
six months ended June 30, 2026, the Company issued 0 and 84,392 shares of common stock under the ESPP and recognized $0 and $39, respectively, in share-based compensation expense. There was no share-based compensation for the three and six months ended June 30, 2025, related to the ESPP.