Annual report [Section 13 and 15(d), not S-K Item 405]

Equity-Based Compensation (Tables)

v3.25.1
Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes time-based stock option activity under the 2021 Plan for the year ended December 31, 2024:
Number of
Stock Options
(in thousands)		 Weighted
Average
Exercise
Price		 Weighted
Average
Remaining
Contractual
Life
(in years)		 Aggregate
Intrinsic
Value
(in thousands)
Outstanding as of December 31, 2023 4,087 $ 4.24  8.77 $ 140 
Granted 4,686 $ 0.53 
Cancelled (249) $ 3.12 
Forfeited (1,957) $ 1.86 
Outstanding as of December 31, 2024 6,567 $ 2.35  8.57 $ — 
Fully vested and expected to vest as of December 31, 2024 6,567 $ 2.35  8.57 $ — 
Exercisable as of December 31, 2024 1,887 $ 5.55  7.07 $ — 
The following table summarizes performance-based stock option activity under the 2021 Plan for the year ended December 31, 2024:
Number of
Stock Options
(in thousands)		 Weighted
Average
Exercise
Price		 Weighted
Average
Remaining
Contractual
Life
(in years)		 Aggregate
Intrinsic
Value
(in thousands)
Outstanding as of December 31, 2023 1,650 $ 4.60  9.00 $ 51 
Granted —  $ —     
Forfeited (900) $ 4.30 
Outstanding as of December 31, 2024 750 $ 4.95  7.95 $ — 
Fully vested and expected to vest as of December 31, 2024 750 $ 4.95  7.95 $ — 
Exercisable as of December 31, 2024 — $ —  — $ — 
The following table summarizes stock option activity under the 2024 Plan for the year ended December 31, 2024:
Number of
Stock Options
(in thousands)		 Weighted
Average
Exercise
Price		 Weighted
Average
Remaining
Contractual
Life
(in years)		 Aggregate
Intrinsic
Value
(in thousands)
Outstanding as of December 31, 2023 — $ —  —  $ — 
Granted 12,100 $ 0.73 
Outstanding as of December 31, 2024 12,100 $ 0.73  9.36 $ — 
Fully vested and expected to vest as of December 31, 2024 12,100 $ 0.73  9.36 $ — 
Exercisable as of December 31, 2024 — $ —  —  $ — 
Schedule of Fair Value of Stock Options
The following additional disclosures are provided for time-based stock options:
Year Ended December 31,
2024 2023
Weighted average grant date fair value $ 0.34  $ 0.81 
The following additional disclosures are provided for performance-based stock options:
Year Ended December 31,
2024 2023
Weighted average grant date fair value $ —  $ 0.77 
The following additional disclosures are provided for RSU awards:
Year Ended December 31,
2024 2023
Weighted average grant date fair value $ 0.59  $ 1.80 
Total fair value of shares vested (in thousands) $ 2,680  $ 5,826 
The following additional disclosures are provided for stock options:
Year Ended
December 31, 2024
Weighted average grant date fair value $ 0.47 
Schedule of Weighted Average Assumptions used in Estimating the Grant Date Fair Value of Stock Options
The weighted average assumptions used in estimating the grant date fair value of stock options are listed in the table below:
Year Ended December 31,
2024 2023
Expected volatility 64.7  % 60.2  %
Risk-free interest rate 4.2  % 3.8  %
Expected term 6.2 years 6.6 years
Dividend rate 0.0  % 0.0  %
The weighted average assumptions used in estimating the grant date fair value of stock options are listed in the table below:
Year Ended
December 31, 2024
Expected volatility 66.5  %
Risk-free interest rate 4.5  %
Expected term 6.3 years
Dividend rate 0.0  %
Schedule of Nonvested Restricted Stock Units Activity
The following table summarizes RSU activity under the 2021 Plan for the year ended December 31, 2024:
Weighted
Average
Grant Date
Fair Value		 Number of
Units
(in thousands)
Non-vested as of December 31, 2023 $ 1.60  4,835 
Granted $ 0.59  1,210 
Vested $ 1.96  (1,695)
Forfeited $ 1.99  (663)
Non-vested as of December 31, 2024 $ 0.95  3,687 
The following table summarizes RSU activity under the 2024 Plan for the year ended December 31, 2024:
Weighted
Average
Grant Date
Fair Value		 Number of
Units
(in thousands)
Non-vested as of December 31, 2023 $ —  — 
Granted $ 0.73  4,400 
Non-vested as of December 31, 2024 $ 0.73  4,400
The following additional disclosures are provided for RSU awards:
Year Ended
December 31, 2024
Weighted average grant date fair value $ 0.73