In connection with the IPO, the Company granted RSUs to certain team members that generally vest on the five-year anniversary of the grant date, or over a five-year period with vesting of 20% each year. The non-employee directors of the Company received RSUs that vested on the first anniversary of the grant date, subject to the grantee's continued service through the vesting period, or upon termination from the Board of Directors for any reason other than for cause, a prorated portion of the shares vest on the termination date. The total stock-based compensation was $734 thousand for each of the three months ended June 30, 2026 and 2025, and $1.5 million for each of the six months ended June 30, 2026 and 2025, and is included in general and administrative expenses.


	For the six month period ended
RSUs (in thousands)	June 30, 2026		June 30, 2025
Non-vested - beginning of period		696		928
Granted		—		—
Vested		—		—
Canceled		—		—
Non-vested - end of period		696		928

The aggregate fair value of the RSUs granted during the year ended December 31, 2023 was $14.6 million. The unrecognized stock-based compensation of $5.6 million as of June 30, 2026, will be recognized through July 2028. The Company issued 372,600 (or 9% of the shares of common stock sold in the offering) warrants in connection with the IPO transaction to the underwriters. The warrants expire five years after the effective date of the registration and can be exercised on a cashless basis. As a result, the conversion of some or all of the warrants may dilute the ownership interests of existing shareholders.