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.

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.

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