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Equity
 9 Months Ended
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 not 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.