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Equity | 9 Months Ended
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Sep. 30, 2025
Equity |
Equity | 14. Equity ​ The changes in shareholders’ equity for the three and nine months ended September 30, 2025 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Additional | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated Other | ​ | Total
​ | ​ | Common Stock |  | Paid- In | ​ | Treasury Stock | ​ | Accumulated |  | Comprehensive | ​ | Shareholders’
​ |  | Shares |  | Amount |  | Capital |  | Shares |  | Amount |  | Deficit |  | Income (Loss) |  | Equity
Balance, December 31, 2024 | ​ | 39,646,749 | ​ | $ | 40 | ​ | $ | 590,251 | ​ | (8,206,594) | ​ | $ | (197,505) | ​ | $ | (163,999) | ​ | $ | 55 | ​ | $ | 228,842
Exercise of common stock options | ​ | 67,718 | ​ | ​ | — | ​ | ​ | 1,552 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,552
Issuance for employee stock purchase plan | ​ | 17,868 | ​ | ​ | — | ​ | ​ | 506 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 506
Vesting of RSUs and PSUs | ​ | 956,368 | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Shares withheld for employee taxes upon vesting of RSUs and PSUs | ​ | (350,311) | ​ | ​ | — | ​ | ​ | (10,593) | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (10,593)
Stock-based compensation | ​ | — | ​ | ​ | — | ​ | ​ | 11,524 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,524
Other comprehensive income, net of tax | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 186 | ​ | ​ | 186
Net income | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 2,417 | ​ | ​ | — | ​ | ​ | 2,417
Balance, March 31, 2025 | ​ | 40,338,392 | ​ | $ | 40 | ​ | $ | 593,240 | ​ | (8,206,594) | ​ | $ | (197,505) | ​ | $ | (161,582) | ​ | $ | 241 | ​ | $ | 234,434
Exercise of common stock options | ​ | 21,944 | ​ | ​ | — | ​ | ​ | 308 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 308
Vesting of RSUs and PSUs | ​ | 102,760 | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Shares withheld for employee taxes upon vesting of RSUs and PSUs | ​ | (14,949) | ​ | ​ | — | ​ | ​ | (428) | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (428)
Share repurchases from Accelerated Share Repurchase ("ASR") agreement | ​ | — | ​ | ​ | — | ​ | ​ | (5,000) | ​ | (692,281) | ​ | ​ | (20,005) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (25,005)
Stock-based compensation | ​ | — | ​ | ​ | — | ​ | ​ | 10,818 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,818
Other comprehensive income, net of tax | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 96 | ​ | ​ | 96
Net income | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 11,983 | ​ | ​ | — | ​ | ​ | 11,983
Balance, June 30, 2025 | ​ | 40,448,147 | ​ | $ | 40 | ​ | $ | 598,938 | ​ | (8,898,875) | ​ | $ | (217,510) | ​ | $ | (149,599) | ​ | $ | 337 | ​ | $ | 232,206
Exercise of common stock options | ​ | 89,684 | ​ | ​ | — | ​ | ​ | 1,435 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,435
Issuance for employee stock purchase plan | ​ | 32,319 | ​ | ​ | — | ​ | ​ | 857 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 857
Vesting of RSUs and PSUs | ​ | 85,287 | ​ | ​ | 1 | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1
Shares withheld for employee taxes upon vesting of RSUs and PSUs | ​ | (25,836) | ​ | ​ | — | ​ | ​ | (964) | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (964)
Share repurchases from ASR agreement | ​ | — | ​ | ​ | — | ​ | ​ | 5,000 | ​ | (129,847) | ​ | ​ | (5,000) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Stock-based compensation | ​ | — | ​ | ​ | — | ​ | ​ | 9,811 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,811
Other comprehensive loss, net of tax | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (45) | ​ | ​ | (45)
Net income | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 31,507 | ​ | ​ | — | ​ | ​ | 31,507
Balance, September 30, 2025 | ​ | 40,629,601 | ​ | $ | 41 | ​ | $ | 615,077 | ​ | (9,028,722) | ​ | $ | (222,510) | ​ | $ | (118,092) | ​ | $ | 292 | ​ | $ | 274,808
​ The changes in shareholders’ equity for the three and nine months ended September 30, 2024 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Additional | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated Other |  | Total
​ | ​ | Common Stock |  | Paid- In | ​ | Treasury Stock | ​ | Accumulated | ​ | Comprehensive |  | Shareholders’
​ |  | Shares |  | ​ | Amount |  | Capital |  | Shares |  | ​ | Amount |  | Deficit |  | Income (Loss) |  | Equity
Balance, December 31, 2023 | ​ | 38,192,441 | ​ | $ | 38 | ​ | $ | 565,949 | ​ | (6,323,892) | ​ | $ | (137,381) | ​ | $ | (233,189) | ​ | $ | 14 | ​ | $ | 195,431
Exercise of common stock options | ​ | 200,200 | ​ | ​ | — | ​ | ​ | 4,205 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,205
Issuance for employee stock purchase plan | ​ | 18,538 | ​ | ​ | — | ​ | ​ | 356 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 356
Vesting of RSUs and PSUs | ​ | 1,000,357 | ​ | ​ | 1 | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1
Shares withheld for employee taxes upon vesting of RSUs and PSUs | ​ | (381,897) | ​ | ​ | — | ​ | ​ | (12,874) | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (12,874)
Stock-based compensation | ​ | — | ​ | ​ | — | ​ | ​ | 7,475 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,475
Other comprehensive loss, net of tax | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (138) | ​ | ​ | (138)
Net income | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 27,713 | ​ | ​ | — | ​ | ​ | 27,713
Balance, March 31, 2024 | ​ | 39,029,639 | ​ | $ | 39 | ​ | $ | 565,111 | ​ | (6,323,892) | ​ | $ | (137,381) | ​ | $ | (205,476) | ​ | $ | (124) | ​ | $ | 222,169
Exercise of common stock options | ​ | 282,248 | ​ | ​ | 1 | ​ | ​ | 5,727 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,728
Vesting of RSUs and PSUs | ​ | 392,140 | ​ | ​ | 1 | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1
Shares withheld for employee taxes upon vesting of RSUs and PSUs | ​ | (171,669) | ​ | ​ | (1) | ​ | ​ | (5,874) | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (5,875)
Share repurchases from ASR agreement | ​ | — | ​ | ​ | — | ​ | ​ | (7,000) | ​ | (888,889) | ​ | ​ | (28,000) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (35,000)
Stock-based compensation | ​ | — | ​ | ​ | — | ​ | ​ | 10,012 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,012
Other comprehensive loss, net of tax | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (58) | ​ | ​ | (58)
Net income | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 19,606 | ​ | ​ | — | ​ | ​ | 19,606
Balance, June 30, 2024 | ​ | 39,532,358 | ​ | $ | 40 | ​ | $ | 567,976 | ​ | (7,212,781) | ​ | $ | (165,381) | ​ | $ | (185,870) | ​ | $ | (182) | ​ | $ | 216,583
Exercise of common stock options | ​ | 9,079 | ​ | ​ | — | ​ | ​ | 140 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 140
Issuance for employee stock purchase plan | ​ | 17,126 | ​ | ​ | — | ​ | ​ | 471 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 471
Vesting of RSUs and PSUs | ​ | 61,930 | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Shares withheld for employee taxes upon vesting of RSUs and PSUs | ​ | (4,037) | ​ | ​ | — | ​ | ​ | (142) | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (142)
Share repurchases from ASR agreement | ​ | — | ​ | ​ | — | ​ | ​ | 7,000 | ​ | (173,659) | ​ | ​ | (7,000) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Stock-based compensation | ​ | — | ​ | ​ | — | ​ | ​ | 7,317 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,317
Other comprehensive income, net of tax | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 575 | ​ | ​ | 575
Net income | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 9,335 | ​ | ​ | — | ​ | ​ | 9,335
Balance, September 30, 2024 | ​ | 39,616,456 | ​ | $ | 40 | ​ | $ | 582,762 | ​ | (7,386,440) | ​ | $ | (172,381) | ​ | $ | (176,535) | ​ | $ | 393 | ​ | $ | 234,279
​ Common Stock ​ In May 2015, the Company adopted the Amended and Restated 2014 Stock Incentive Plan (the “Plan”), under which an aggregate of 2,700,000 shares of common stock were authorized for issuance to employees, officers, directors, consultants and advisors of the Company, plus an annual increase on the first day of each fiscal year until the expiration of the Plan equal to 4% of the total number of outstanding shares of common stock on December 31st of the immediately preceding calendar year (or a lower amount as otherwise determined by the Company’s board of directors (“Board of Directors”) prior to January 1st). The Plan expired on May 11, 2025 and on May 15, 2025, the Company’s shareholders approved the 2025 Equity Incentive Plan (the “2025 Plan”), under which an aggregate of 1,600,000 shares of common stock were authorized for issuance to employees, officers, directors, consultants and advisors of the Company, plus (i) shares of common stock that remained available for grants under the Plan as of its expiration and (ii) any shares of common stock subject to outstanding grants under the Plan that terminate, expire or are canceled, forfeited, exchanged or surrendered without having been exercised, vested or paid under the Plan. As of September 30, 2025, there were 3,257,241 shares of common stock available for issuance pursuant to the 2025 Plan. ​ The 2025 Plan provides for granting of both Internal Revenue Service qualified incentive stock options and non-qualified options, restricted stock awards, restricted stock units and performance stock units. The Company’s qualified incentive stock options and non-qualified options generally vest ratably over a four-year period of service and generally have a ten-year contractual life. Upon termination, vested stock options are generally exercisable for three months following the termination date, while unvested options are forfeited immediately upon termination. The Company’s RSUs granted prior to 2024 generally vest ratably over a four-year period of service. Beginning in 2024, RSUs granted by the Company vest ratably over a three-year period of service. Upon termination, unvested RSUs are forfeited immediately. Refer to Note 15, Stock-based Compensation, for more information. ​ Share Repurchases 2024-2025 Repurchase Program In January 2024, the Company’s Board of Directors authorized the repurchase of up to $150,000 of the Company’s common stock through June 30, 2025 (the “2024-2025 Repurchase Program”). The 2024-2025 Repurchase Program permitted the Company to effect repurchases through a variety of methods, including open-market purchases (including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act), privately negotiated transactions, or otherwise in compliance with Rule 10b-18 of the Exchange Act. The timing and amount of any shares purchased on the open market were determined based on the Company’s evaluation of the market conditions, share price and other factors. The Company utilized existing cash on hand to fund share repurchases. ​ In May 2025, the Company’s Board of Directors authorized an accelerated share repurchase (“ASR”) program to repurchase $25,000 of the Company’s common stock as part of the 2024-2025 Repurchase Program. Under the terms of the Company's ASR agreement with an investment bank, the Company paid $25,000 on May 9, 2025, and received 692,281 shares, representing 80% of the upfront payment on a price per share of $28.89, the closing price on the date the agreement was executed. The remaining shares to be purchased by the Company was to be based on the volume-weighted average price of its common stock through July 29, 2025, minus an agreed upon discount between the parties. In July 2025, the ASR agreement settled and the Company received an additional 129,847 shares, bringing the total shares repurchased pursuant to the ASR agreement to 822,128. ​ The ASR agreement was accounted for as two distinct transactions: (1) an immediate repurchase of common stock, recorded as a treasury stock transaction; and (2) a forward contract indexed to the Company’s own stock. The forward contract, which represented the remaining shares to be delivered by the investment bank, was recorded as a reduction to stockholders’ equity. The forward contract associated with the ASR agreement was settled and not outstanding as of September 30, 2025. ​ The 2024-2025 Repurchase Program expired on June 30, 2025. Under the 2024-2025 Repurchase Program, the Company repurchased 2,704,830 shares at a weighted-average price of $31.43 per share for a total of $85,025, inclusive of $25 of fees and commissions, under the 2024-2025 Repurchase Program and the cost of repurchased shares was recorded as treasury stock in the Condensed Consolidated Balance Sheet. ​ 2025-2026 Repurchase Program ​ In July 2025, the Company’s Board of Directors authorized the repurchase of up to $150,000 of the Company’s common stock through December 31, 2026 (the “2025-2026 Repurchase Program”). The 2025-2026 Repurchase Program permits the Company to effect repurchases through a variety of methods, including open-market purchases (including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act), privately negotiated transactions, or otherwise in compliance with Rule 10b-18 of the Exchange Act. The timing and amount of any shares purchased on the open market will be determined based on the Company’s evaluation of the market conditions, share price and other factors. The Company plans to utilize existing cash on hand to fund share repurchases. ​ The Company has no t yet repurchased shares under the 2025-2026 Repurchase Program. Thus, $150,000 remained available for share repurchases under the 2025-2026 Repurchase Program as of September 30, 2025.

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