v3.26.3
Stock-based Compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Fair Value Assumptions
The fair value of each option granted during the nine months ended September 30, 2026 and 2025 is estimated on the date of grant using the Black-Scholes model based on the following assumptions:
Nine Months Ended
September 30,
20262025
Weighted average expected term (years)6.95.8
Risk-free interest rate3.9%4.0%
Volatility80%81%
Expected dividend yield0%0%
Summarized in the table below are the assumptions used in determining the grant-date fair value of $42.80 using the Monte-Carlo simulation approach for the RSUs with market condition:
Expected term (years)
2.0
Risk-free interest rate3.7 %
Volatility81 %
Expected dividend yield0 %
Schedule of Stock Options Activity
The following tables summarize activity of stock options and restricted stock units:
Stock options
Number of
Options		Weighted-
Average
Exercise
Price		Weighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
($ in millions)
Outstanding as of December 31, 2025
7,253,851$30.76 6.39$302.9 
Granted64,507 $56.20 
Exercised(579,428)$15.61 
Canceled/Forfeited
(69,525)$77.45 
Outstanding as of September 30, 2026
6,669,405$31.84 5.99$118.6 
Options exercisable as of September 30, 2026
5,746,208$30.97 5.63$105.1 
Options unvested as of September 30, 2026
923,197$37.23 8.19$13.5 
Schedule of Restricted Stock Units Activity
Restricted Stock Units
Number of SharesWeighted Average
Grant Date
Fair Value
Outstanding as of December 31, 2025
3,196,072 $29.98 
Granted (1)
3,588,974 $57.80 
Vested(1,377,787)$28.33 
Canceled/Forfeited
(272,320)$35.40 
Outstanding as of September 30, 2026
5,134,939 $49.62 
(1) Includes restricted stock units with market condition as discussed below.
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense from stock options, Restricted Stock Units with service condition (“RSUs with service condition”) and RSUs with market condition, including equity awards from the Assumed Plans as discussed above and warrants (Note 10), were included and presented in the condensed consolidated statements of operations and comprehensive loss as follows ($ in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Loss and loss adjustment expense, net$0.6 $0.6 $1.8 $1.7 
Other insurance expense0.8 0.8 2.3 2.1 
Sales and marketing (1)
1.1 1.1 3.2 (2.4)
Technology development (2)
9.6 7.4 28.3 21.1 
General and administrative (2)
11.1 7.2 33.3 20.3 
Total stock-based compensation expense$23.2 $17.1 $68.9 $42.8 
(1) Includes the impact of the canceled unvested warrant shares for contract year 2 related to the termination of the Warrant Agreement with Chewy in the amount of $5.2 million for the nine months ended September 30, 2025.
(2) Includes $1.9 million and $4.4 million of compensation expense related to RSUs with market condition for the three and nine months ended September 30, 2026.
Stock-based compensation expense classified by award type are included in the condensed consolidated statements of operations and comprehensive loss as follows ($ in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Stock options$4.1 $6.1 $15.7 $18.4 
RSUs with service condition
17.2 11.0 48.8 29.6 
RSUs with market condition
1.9 — 4.4 — 
Warrant shares— — — (5.2)
Total stock-based compensation expense$23.2 $17.1 $68.9 $42.8