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STOCKHOLDERS' EQUITY (DEFICIT) AND COMPENSATION ARRANGEMENTS (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Unit Activity
The table below summarizes RSU activity for the nine months ended September 30, 2025:
RSUs
Weighted-Average Grant Date Fair Value (per unit)
Unvested at December 31, 2024711,346 $11.18 
Granted243,460 13.21 
Vested(304,279)14.07 
Forfeited(163,663)11.82 
Reclassified from Liability (1)
109,120 33.91 
Unvested at September 30, 2025595,984 $16.93 
(1)    Reclassification of liability-classified 2024 Executive PSUs following modification of the award to equity-classified units as of June 26, 2025. Please refer to the modification details in the "Liability-classified 2024 Executive PSU" section below.
Schedule of Weighted-Average Assumptions for Stock Options The weighted-average assumptions for stock options granted are outlined in the following table:
Dividend yield0.0 %
Risk-free interest rate4.1 %
Expected term (in years)2.00
Expected volatility78.2 %
Schedule of Stock Options Activity
The table below summarizes stock option activity for the nine months ended September 30, 2025:
OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 20243,062,500 $6.00 1.25$18,834 
Outstanding at September 30, 20253,062,500 6.00 0.5053,134 
Exercisable at September 30, 20253,062,500 $6.00 0.50$53,134 
Schedule of Share-Based Payment Award, Equity Instrument Other than Options, Valuation Assumptions
The key inputs used in the Monte Carlo simulation and requisite service period for the 2025 PSUs are outlined in the following table:
May 20, 2025 (1)
Dividend yield0.00 %
Risk-free interest rate3.91 %
Expected volatility98.88 %
Requisite service period (in years)2.95
(1)    Only one award of 2025 PSUs was granted in June 2025 and three awards of 2025 PSUs were granted in July 2025. Key inputs used in the Monte Carlo simulation and requisite service period are materially the same as the awards granted in May 2025.
The key inputs used in the Monte Carlo simulation and requisite service period for the equity-classified 2024 Executive PSUs by grant date are outlined in the following table:
Equity-classified 2024 Executive PSUs
June 12, 2024October 14, 2024
Dividend yield0.00 %0.00 %
Risk-free interest rate4.46 %3.86 %
Expected volatility95.73 %98.70 %
Requisite service period (in years)
2.882.54
Schedule of Share-Based Payment Arrangement, Performance Shares, Activity
The table below summarizes 2025 PSU activity for the nine months ended September 30, 2025:
2025 PSUsWeighted-Average Grant Date Fair Value (per unit)
Unvested at December 31, 2024— $— 
Granted 1,714,083 24.69 
Vested— — 
Forfeited(97,162)23.71 
Unvested at September 30, 20251,616,921 $24.75 
The table below summarizes equity-classified 2024 Executive PSU activity for the nine months ended September 30, 2025:
Equity-classified 2024 Executive PSUs
Weighted-Average Grant Date Fair Value (per unit)
Unvested at December 31, 20243,698,064 $13.29 
Granted — — 
Vested(848,408)13.75 
Forfeited(337,534)13.59 
Reclassified from Liability (1)
130,683 28.54 
Unvested at September 30, 20252,642,805 $13.86 
(1)    Reclassification of liability-classified 2024 Executive PSUs following modification of the award to equity-classified units as of June 26, 2025. Please refer to the modification details in the "Liability-classified 2024 Executive PSU" section below.
The table below summarizes activity related to the liability-classified 2024 Executive PSUs for the nine months ended September 30, 2025:
Liability-classified Executive PSUs
Weighted-Average Grant Date Fair Value (per unit)
Unvested at December 31, 2024261,365 $6.70 
Granted— — 
Vested(21,562)6.70 
Forfeited— — 
Reclassified to Equity(239,803)$6.70 
Unvested at September 30, 2025— $— 
The table below summarizes PSU activity for the nine months ended September 30, 2025:
PSUs
Weighted-Average Grant Date Fair Value (per unit)
Unvested at December 31, 202416,417 $16.68 
Granted— — 
Vested— — 
Forfeited(16,417)16.68 
Unvested at September 30, 2025— $—