v3.26.1
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Option Activity

The following table summarizes the stock option activity for the six months ended June 30, 2026:

 

 

Stock Options

 

 

Number of
Options
Outstanding

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Life
(Years)

 

 

Aggregate
Intrinsic
Value (In
Thousands)

 

Balances as of December 31, 2025

 

 

5,477,425

 

 

$

3.96

 

 

 

6.8

 

 

$

71,837

 

Options granted

 

 

512,979

 

 

 

17.94

 

 

 

 

 

 

 

Options exercised

 

 

(98,416

)

 

 

2.50

 

 

 

 

 

 

1,297

 

Options forfeited and expired

 

 

(56,148

)

 

 

15.98

 

 

 

 

 

 

 

Balances as of June 30, 2026

 

 

5,835,840

 

 

$

5.09

 

 

 

6.6

 

 

$

89,846

 

Vested and expected to vest as of June 30, 2026

 

 

5,835,840

 

 

$

5.09

 

 

 

6.6

 

 

$

89,846

 

Options exercisable as of June 30, 2026

 

 

4,619,047

 

 

$

3.50

 

 

 

6.1

 

 

$

78,440

 

Summary of Fair Value of Stock Option Valuation Assumptions

The fair value of each service-based vesting stock option granted during the year was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:

 

 

Six Months Ended June 30,

 

2026

 

2025

Risk-free interest rate

 

3.76% - 4.17%

 

4.09%

Expected term (in years)

 

6.04 - 6.25

 

6.02

Expected volatility

 

77.16% - 77.51%

 

76.97%

Dividend yield

 

%

 

%

Stock Appreciation Rights (SARs)  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Fair Value of SARs Assumptions The assumptions used to determine the fair value of the SARs using the Black-Scholes option-pricing model are as follows:

 

 

 

June 30, 2026

 

December 31, 2025

 

Grant Date

Risk-free interest rate

 

4.38%

 

4.18%

 

4.23%

Expected term (in years)

 

8.75

 

9.25

 

10.00

Volatility

 

77.38%

 

77.24%

 

75.57%

Expected dividend yield

 

%

 

%

 

%