Employee Benefit Plans

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Employee Savings Plan

The Company has a defined contribution retirement savings plan (the "401(k) Plan") covering eligible employees, which includes safe harbor matching contributions based on the amount of employees' contributions to the 401(k) Plan. The Company contributes to the 401(k) Plan annually 100.0% of the first 4.0% of compensation that is contributed by the employee up to 4.0% of eligible annual compensation after one year of service. The Company's service contributions to the 401(k) Plan amounted to approximately $0.7 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively, and $1.2 million and $1.0 million for the six months ended June 30, 2026 and 2025, respectively, and are included in Salaries and benefits in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Company's cash match is invested pursuant to the participant's contribution direction. Employer contributions are immediately 100.0% vested.

Stock-based Compensation

The Company maintains various equity incentive plans (the "Plans"), which are described in Note 14 to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. During the period ended June 30, 2026, there were no material modifications to the Plans.

Shares authorized, outstanding and remaining under the Plans at June 30, 2026 were as follows:


June 30, 2026	Shares Authorized Under Plans	Shares Outstanding Under Plans	Shares Remaining Under Plans
2014 Equity Incentive Plan ("2014 Plan")	54,402,262	20,993,945	N/A
2020 Equity Incentive Plan ("2020 Plan")	112,256,721	35,011,171	16,267,632
2020 Management Incentive Plan ("2020 MIP")	33,426,983	—	—
2022 Inducement Award Plan ("Inducement Plan")	11,000,000	1,187,543	1,321,485

Compensation cost presented in Salaries and benefits in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)
Stock options	$	—	$	116	$	29	$	294
Restricted Stock Units ("RSUs")	8,903		23,069		20,955		46,093
Performance Restricted Stock Units ("PRSUs")	(109)		2,904		124		5,987
2020 Employee Stock Purchase Plan ("ESPP")	110		106		247		258
Total compensation cost recognized for stock-based compensation plans	$	8,904	$	26,195	$	21,355	$	52,632

At June 30, 2026, there was approximately $76.8 million of unrecognized stock-based compensation expense related to unvested stock options, unvested RSUs, unvested PRSUs and the ESPP.

Stock Options

The Company did not grant stock options during the six months ended June 30, 2026 and 2025, respectively.

A summary of option activity under the 2020 Plan during the six months ended June 30, 2026, was as follows:


	Number of stock options	Weighted-average exercise price
Outstanding, January 1, 2026	773,859	$	8.88
Granted	—	—
Exercised	—	—
Forfeited	—	—
Outstanding, June 30, 2026	773,859	$	8.88

A summary of stock option activity under the 2014 Plan during the six months ended June 30, 2026, was as follows:


	Number of stock options	Weighted-average exercise price
Outstanding, January 1, 2026	22,990,399	$	2.75
Granted	—	—
Exercised	(962,417)	1.75
Forfeited	(1,034,037)	1.94
Outstanding, June 30, 2026	20,993,945	$	2.84

At June 30, 2026, outstanding stock options, substantially all of which are expected to vest, had an aggregate intrinsic value of $52.6 million, and a weighted-average remaining contractual term of 3.00 years. At June 30, 2026, there were 21,767,804 options exercisable under the Plan, with an aggregate intrinsic value of $52.6 million, a weighted-average exercise price of $3.05 per share, and a weighted-average remaining contractual term of 3.00 years. The total value of stock options exercised during the six months ended June 30, 2026 and 2025 was $4.1 million and $0.9 million, respectively. Cash received from stock option exercises during the six months ended June 30, 2026 and 2025 totaled $1.7 million and $0.4 million, respectively.

Restricted Stock Units

A summary of total RSU activity is presented below:


	Number of RSUs	Weighted-average grant date fair value per share
Outstanding, January 1, 2026	42,953,954	$	3.44
Granted	7,792,462	2.32
Released	(11,273,136)	6.26
Forfeited	(4,240,770)	1.67
Outstanding, June 30, 2026	35,232,510	$	2.51

Performance Restricted Stock Units

The Company has granted PRSUs to certain executives and key employees, which become eligible to vest based on achievement of certain Company or individual performance milestones (“Non-Market PRSUs”) and certain Company stock price targets (“Market PRSUs”), each as determined by the Compensation Committee. Market PRSUs will vest if prior to the vesting date the average closing price of one share of the Company's common stock for 90 consecutive days equals or exceeds a specified price. The PRSU expense referenced above is mainly attributable to Market PRSUs that vest based on pre-established milestones that primarily consist of the volume-weighted average stock closing price ranging from $20 to $30 for 90 consecutive days. The grant date fair value of the Non-Market PRSUs was based on the closing price of the Company’s Class A common stock and recognized as expense over the requisite performance period under the accelerated attribution method and is adjusted in future periods for the success or failure to achieve the specified performance condition. The grant date fair value of the Market PRSUs was determined using a Monte Carlo simulation model that incorporated multiple valuation assumptions, including the probability of achieving the specified market condition. Expense for Market PRSUs is recognized over the derived service period under the accelerated attribution method and is not adjusted in future periods for the success or failure to achieve the specified market condition.

At January 7, 2026, the end of the performance period, the market conditions associated with the Company's Market PRSUs were not achieved. Accordingly, the awards were forfeited and cancelled. Consistent with ASC 718, Compensation - Stock Compensation, previously recognized compensation cost associated with these awards was not reversed and no additional compensation expense was recognized upon cancellation as the derived service period had been completed.

A summary of PRSU activity is presented below:


	Number of PRSUs	Weighted-average grant date fair value per share
Non-vested, January 1, 2026	27,523,030	$	9.57
Granted during 2026	192,345	1.70

Vested	—	—
Forfeited	(27,523,030)	9.57
Non-vested at June 30, 2026	192,345	$	1.70

At June 30, 2026, there was $0.3 million unrecognized share-based compensation expense related to PRSUs.

2020 Employee Stock Purchase Plan

At June 30, 2026, 16,157,671 shares of Class A common stock were available for issuance under the ESPP.

The assumptions that the Company used in the Black-Scholes option-pricing model to determine the fair value of the purchase rights under the ESPP for the most recent offering period, is as follows:


Offering period from May 22, 2026 to November 21, 2026
Weighted-average risk-free interest rate	3.8	%
Expected term (in years)	0.50 years
Expected volatility	52.2	%