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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 10. Stock-Based Compensation The Company recognizes cumulative stock-based compensation expense for the portion of the awards for which the service period is probable of being satisfied. Stock-based compensation expense is included in selling, general and administrative expense in the condensed consolidated statements of loss. The related deferred tax benefit for stock-based compensation recognized was $0.6 million and $1.6 million for the three and nine months ended September 30, 2025, respectively. The related deferred tax benefit for stock-based compensation recognized was $0.2 million and $1.2 million for the three and nine months ended September 30, 2024, respectively. Stock Options The Company recognized stock-based compensation expense relating to stock option activity of $0.7 million and $3.2 million for the three and nine months ended September 30, 2025, respectively. The Company recognized stock-based compensation expense relating to stock option activity of $0.9 million and $4.2 million for the three and nine months ended September 30, 2024, respectively. Stock option activity for the nine months ended September 30, 2025, was as follows:
|  |  |  |  | Weighted-Average |  |  |  |
|  | Number of Options |  |  | Exercise Price per Option |  |  | Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
|  | (thousands) |  |  |  |  |  | (years) |  |  | (millions) |
Outstanding at December 31, 2024 |  |  | 17,624 |  |  | $ | 5.94 |  |  |  | 6.1 |  |  | $ | 6.9 |
Granted |  |  | 998 |  |  |  | 4.20 |  |  |  |  |  |  |
Exercised |  |  | (97 | ) |  |  | 3.65 |  |  |  |  |  |  |
Forfeited/Expired |  |  | (2,278 | ) |  |  | 6.63 |  |  |  |  |  |  |
Outstanding at September 30, 2025 |  |  | 16,247 |  |  | $ | 5.75 |  |  |  | 6.4 |  |  | $ | 9.4 |
Exercisable at September 30, 2025 |  |  | 9,378 |  |  | $ | 6.61 |  |  |  | 5.7 |  |  | $ | 3.4 |
There was a total of $6.6 million unrecognized stock-based compensation expense at September 30, 2025 related to unvested stock options expected to be recognized over a weighted-average period of 1.49 years. Restricted Stock Units (“RSUs”) The Company grants RSUs that contain service conditions to certain executives and employees. The Company recognizes cumulative stock-based compensation expense for the portion of the awards for which the service period is probable of being satisfied. Stock-based compensation expense relating to RSU activity recognized in the three and nine months ended September 30, 2025 was $2.1 million and $5.2 million, respectively. Stock-based compensation expense relating to RSU activity recognized in the three and nine months ended September 30, 2024 was not material and $0.8 million, respectively. There was a total of $7.1 million of unrecognized stock-based compensation expense at September 30, 2025 related to unvested RSUs expected to be recognized over a weighted-average period of 2.1 years. RSU activity for the nine months ended September 30, 2025, was as follows:
(share data in thousands, except per share data) |  | Number of RSUs (share data in thousands) |  |  | Weighted Average Grant Date Fair Value per Share |
Unvested balance, December 31, 2024 |  |  | 268 |  |  | $ | 5.71 |
Granted |  |  | 3,017 |  |  |  | 4.13 |
Forfeited |  |  | (116 | ) |  |  | 4.13 |
Vested |  |  | (204 | ) |  |  | 5.71 |
Unvested balance, September 30, 2025 |  |  | 2,965 |  |  | $ | 4.17 |

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