Certain restricted stock unit (“RSU”) awards granted by the Company are subject to market conditions. These market condition awards are issued upon the achievement (at varying levels) of certain market capitalization thresholds. The Company has an obligation to issue a variable number of shares based on a fixed dollar value divided by the volume weighted-average price per share of the Company’s common stock for a 90-day period preceding each market capitalization achievement date. These awards are liability-classified and require fair value remeasurement at the end of each reporting period.

During the first quarter of 2025, the Company issued RSUs to certain executives upon the achievement of a certain market capitalization threshold. Upon achievement of that market capitalization threshold, the Company issued an aggregate of 228,785 fully vested RSUs to the executives with a total fair value of $4,173.

During the first quarter of 2025, a market condition award of the Company's Chief Executive Officer was modified to lower a certain market capitalization threshold and establish a date for the modified market capitalization threshold to be met, unless extended by the Compensation Committee of the Board (“Compensation Committee”) prior to such date. This award is remeasured to its fair value at the end of each reporting period.

During the second quarter of 2025, the Company issued RSUs to certain executives upon the achievement of a certain market capitalization threshold. Upon achievement of that market capitalization threshold, the Company issued an aggregate of 208,099 fully vested RSUs to the executives with a total fair value of $4,990.

The Company used the Monte Carlo simulation model to value the liability-classified awards. The key inputs into the Monte Carlo simulation as of September 30, 2025, and December 31, 2024, were as follows:


	September 30, 2025		December 31, 2024
Expected term (in years)	2.1 - 10.0		10.0
Expected stock price volatility (1)	45.0% - 55.0%		60.0	%
Risk-free interest rate (2)	3.6% - 4.2%		4.6	%
Expected dividend yield (3)	—	%	—	%

(1)Expected volatility is based on a blend of historical volatility observed for a publicly traded peer group and the Company’s specific volatility over a period equivalent to the expected term of the awards.

KPI awards will be issued upon the satisfaction of certain KPIs as determined annually by the Board. The Company has an obligation to issue a variable number of shares based on a fixed dollar value divided by the volume weighted-average price per share of the Company’s common stock for a 90-day period preceding the issue date. The issue date shall occur no later than 120 days after the end of the applicable year. These awards are liability-classified and require fair value remeasurement at the end of each reporting period. The fair value of the KPI awards is based on the fixed dollar amount that is probable of being paid.

During the first quarter of 2024, the Compensation Committee approved KPI awards and measurement frameworks related to the fiscal year ending December 31, 2024. In March 2025, the Compensation Committee determined that as of December 31, 2024, such KPIs were achieved. A total of 238,400 shares were issued in the first quarter of 2025 with a total fair value of $3,609. Stock-based compensation expense of $526 related to the service provided through to the date of issuance was recorded in “Selling, general and administrative expense” on the condensed consolidated statements of operations.

During the second quarter of 2025, the Compensation Committee approved KPI awards and measurement frameworks related to the fiscal year ending December 31, 2025. As of September 30, 2025, the liability was measured based on a probability weighted approach and $2,664 was accrued and recorded in “Other non-current liabilities” in the condensed consolidated balance sheets. For the three and nine months ended September 30, 2025, stock-based compensation expense of $1,766 and $2,664, respectively, related to the service provided from the grant date through September 30, 2025 were recorded in “Selling, general and administrative expense” on the condensed consolidated statements of operations.


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024	6,110,486	$	9.66
Granted	2,591,261	$	21.13
Vested	(1,684,652)	$	10.35
Forfeited or expired	(445,151)	$	11.73
Outstanding at September 30, 2025	6,571,944	$	13.86

During the third quarter of 2025, the former chief financial officer of the Company entered into a transition agreement with the Company, pursuant to which she agreed to remain as an employee until March 31, 2026 and continue performing her responsibilities as an officer until a replacement was appointed by the Company. In connection with the transition, the vesting of certain time-based RSU awards will be accelerated if the former chief financial officer remains employed through March 31, 2026, complies with her obligations, including under the transition agreement, through such date; and signs a general release of claims. The Company recognizes expense measured as the fair value of the modified award on a straight-line basis over the requisite service period.

The former chief financial officer of the Company was transitioned to a senior advisor role upon the Board’s appointment of a new chief financial officer on September 30, 2025, effective October 1, 2025. The Company determined that there was no substantive service remaining for the modified awards upon the appointment of the new chief financial officer. As such, the Company recognized all of the incremental stock-based compensation of the modified award, amounting to $1,476, during the three months ended September 30, 2025.

Furthermore, the Company determined that certain time-based RSU awards were modified as a result of the transition and no substantive service remained for these time-based RSU awards. As such, the Company recognized the incremental stock-based compensation on these awards, amounting to $642, during the three months ended September 30, 2025.


	Number of Options	Weighted Average Exercise Price
Outstanding at December 31, 2024	705,116	$	5.00
Exercised	(321,614)	$	4.77
Forfeited or expired	(24,973)	$	7.16
Outstanding at September 30, 2025	358,529	$	5.05


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Selling, general and administrative expenses	$	2,655	$	5,843	$	26,080	$	20,183
Product development expenses	3,364		1,209		7,415		2,459
	$	6,019	$	7,052	$	33,495	$	22,642