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

Equity-Based Compensation (Tables)

v3.26.1
Equity-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
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, 2025:
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, 2024 131 $ 117.27  8.57 $ — 
Granted 44 $ 8.56 
Cancelled (5) $ (164.21)
Forfeited (6) $ (128.81)
Cancelled & Forfeited adjustments 20 $ — 
Outstanding as of December 31, 2025 184 $ 80.33  8.15 $ — 
Fully vested and expected to vest as of December 31, 2025 184 $ 80.33  8.15 $ — 
Exercisable as of December 31, 2025 123 $ 107.24  7.73 $ — 
The following table summarizes performance-based stock option activity under the 2021 Plan for the year ended December 31, 2025:
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, 2024 15 $ 247.50  $ — 
Granted —  $ —     
Forfeited —  $ — 
Outstanding as of December 31, 2025 15 $ 247.50  6.93 $ — 
Fully vested and expected to vest as of December 31, 2025 15 $ 247.50  6.93 $ — 
Exercisable as of December 31, 2025 $ — 
The following table summarizes stock option activity under the 2024 Plan for the year ended December 31, 2025:
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, 2024 242 $ 36.50  9.36 $ — 
Granted $ — 
Outstanding as of December 31, 2025 242 $ 36.50  8.36 $ — 
Fully vested and expected to vest as of December 31, 2025 242 $ 36.50  8.36 $ — 
Exercisable as of December 31, 2025 91 36.50 8.36 $ — 
Schedule of Fair Value of Stock Options
The following additional disclosures are provided for time-based stock options:
Year Ended December 31,
2025 2024
Weighted average grant date fair value $ 5.50  $ 0.34 
The following additional disclosures are provided for RSU awards:
Year Ended December 31,
2025 2024
Weighted average grant date fair value $ 9.09  $ 0.59 
Total fair value of shares vested (in thousands) $ 2,217  $ 2,680 
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,
2025 2024
Expected volatility 68.4  % 64.7  %
Risk-free interest rate 4.1  % 4.2  %
Expected term 6.1 years 6.2 years
Dividend rate 0.0  % 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, 2025:
Weighted
Average
Grant Date
Fair Value
Number of
Units
(in thousands)
Non-vested as of December 31, 2024 $ 79.89  74 
Granted $ 9.09  55 
Vested $ 74.97  (29)
Forfeited $ 65.08  (16)
Non-vested as of December 31, 2025 $ 28.63  84 
The following table summarizes RSU activity under the 2024 Plan for the year ended December 31, 2025:
Weighted
Average
Grant Date
Fair Value
Number of
Units
(in thousands)
Non-vested as of December 31, 2024 $ 36.50  88 
Granted $ —  — 
Non-vested as of December 31, 2025 $ 36.50  88