Stockholders' Equity |
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| Stockholders' Equity | 8. Stockholders’ Equity Stock OptionsDuring the six months ended June 30, 2026 and 2025 the Company did not grant stock options to employees. Restricted Stock Units During the six months ended June 30, 2026 and 2025, the Company granted 3,432,100 and 2,669,694 restricted stock units ("RSUs"), respectively. The weighted average grant-date fair value of RSUs granted during the six months ended June 30, 2026 and 2025 was $2.63 and $8.58 per share, respectively. Performance Share UnitsThe Company grants primarily market condition PSU awards subject to market and service vesting conditions to certain executives under the Company's 2021 Incentive Award Plan. The actual number of PSUs that will vest at the end of the measurement period is determined based on the Company's total stockholder return ("TSR") ranking relative to the TSR of a published index of the Company's peers. The measurement period for its outstanding awards is three years. The grant date fair value of each target PSU award was determined using a Monte Carlo valuation model. Over the performance period, if the service vesting conditions are met, the actual number of PSUs earned may vary from zero, if performance thresholds are not met, to as much as 200%. In 2025, the Company issued a small number of PSU awards that vest on other performance conditions. The fair value of these PSUs is based on the stock price on the grant date and expense is recognized if the performance condition is probable of occurring. The service requirement for these awards is up to approximately 3 years; however, the employee must remain employed at the time the performance condition is met to receive the award. During the six months ended June 30, 2026 and 2025, the Company granted PSUs for 876,250 and 560,625 shares, respectively, at target performance levels. The weighted average grant-date fair value of the PSUs granted during the six months ended June 30, 2026 and 2025 was $3.29 and $11.17 per share, respectively. Share-Based Compensation ExpenseShare-based compensation expense is reflected in the Condensed Statements of Operations and Comprehensive Loss as follows (in thousands):
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