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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Summaries of Recognized and Unrecognized Stock-Based Compensation Expense | Below are summaries of the recognized and unrecognized stock-based compensation expense by instrument for the periods indicated:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Recognized compensation expense: |  |  |  |  |  |  |  |  |  |  |  |
Options |  | $ | 71 |  |  | $ | 70 |  |  | $ | 331 |  |  | $ | 74 |
RSAs |  |  | 1,001 |  |  |  | 603 |  |  |  | 2,509 |  |  |  | 1,776 |
PSUs |  |  | 959 |  |  |  | 768 |  |  |  | 2,814 |  |  |  | 2,072 |
ESPP |  |  | 123 |  |  |  | 133 |  |  |  | 499 |  |  |  | 588 |
Total recognized compensation expense |  | $ | 2,154 |  |  | $ | 1,574 |  |  | $ | 6,153 |  |  | $ | 4,510 |
|  | September 30, 2025 |
|  | (In thousands) |
Unrecognized compensation expense: |  |  |
Options |  | $ | 125 |
RSAs |  |  | 6,691 |
PSUs |  |  | 4,151 |
ESPP |  |  | 102 |
Total unrecognized compensation expense |  | $ | 11,069 |
Weighted average period expected to be recognized (in years) |  |  |
Options |  |  | 2.0 |
RSAs |  |  | 2.2 |
Summary of Stock Option Activity | The table below summarizes stock option activity for the nine months ended September 30, 2025 and 2024:
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
|  | ($ in thousands, except per share amounts) |
Number of shares: |  |  |  |  |  |
Options outstanding at beginning of period |  |  | 1,065,772 |  |  |  | 752,964 |
Granted |  |  | 4,740 |  |  |  | 83,359 |
Modified |  |  | (283,790 | ) |  |  | — |
Options outstanding at end of period |  |  | 786,722 |  |  |  | 836,323 |
Options exercisable at end of period |  |  | 759,115 |  |  |  | 749,321 |
Options expected to vest (1) |  |  | 27,607 |  |  |  | 87,002 |
Weighted average exercise price per share: |  |  |  |  |  |
Options outstanding at beginning of period |  | $ | 14.46 |  |  | $ | 12.88 |
Granted |  |  | 17.50 |  |  |  | 18.23 |
Modified |  |  | 18.23 |  |  |  | — |
Options outstanding at end of period |  | $ | 13.12 |  |  | $ | 13.41 |
Options exercisable at end of period |  |  | 12.94 |  |  |  | 12.88 |
Options expected to vest (1) |  |  | 18.11 |  |  |  | 17.95 |
Aggregate intrinsic value (2): |  |  |  |  |  |
Options outstanding at end of period |  | $ | 4,041 |  |  | $ | 5,183 |
Options exercisable at end of period |  |  | 4,025 |  |  |  | 5,039 |
Options expected to vest (1) |  |  | 16 |  |  |  | 144 |
Weighted average remaining contractual life (in years): |  |  |  |  |  |
Options outstanding at end of period |  |  | 4.5 |  |  |  | 5.8 |
Options exercisable at end of period |  |  | 4.4 |  |  |  | 5.3 |
Options expected to vest (1) |  |  | 9.0 |  |  |  | 9.8 |
(1) The number of options expected to vest reflects no expected forfeiture. (2) The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the “in-the-money” option exercise price.
Summary of Restricted Stock Award Activities | The table below summarizes RSA activity for the nine months ended September 30, 2025 and 2024:
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
|  | Employee |  |  | Non-Employee Director |  |  | Total |  |  | Employee |  |  | Non-Employee Director |  |  | Total |
Number of shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unvested at beginning of period |  |  | 355,505 |  |  |  | 47,430 |  |  |  | 402,935 |  |  |  | 409,137 |  |  |  | 61,276 |  |  |  | 470,413 |
Granted |  |  | 329,495 |  |  |  | 17,292 |  |  |  | 346,787 |  |  |  | 195,164 |  |  |  | 15,939 |  |  |  | 211,103 |
Vested |  |  | (190,522 | ) |  |  | (26,261 | ) |  |  | (216,783 | ) |  |  | (248,796 | ) |  |  | (29,785 | ) |  |  | (278,581 | )
Unvested at end of period |  |  | 494,478 |  |  |  | 38,461 |  |  |  | 532,939 |  |  |  | 355,505 |  |  |  | 47,430 |  |  |  | 402,935 |
Weighted average grant date fair value per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unvested at beginning of period |  | $ | 13.52 |  |  | $ | 12.03 |  |  | $ | 13.35 |  |  | $ | 9.39 |  |  | $ | 9.31 |  |  | $ | 9.38 |
Granted |  |  | 18.78 |  |  |  | 16.48 |  |  |  | 18.66 |  |  |  | 15.93 |  |  |  | 17.88 |  |  |  | 16.08 |
Vested |  |  | 13.73 |  |  |  | 10.85 |  |  |  | 13.38 |  |  |  | 8.61 |  |  |  | 9.57 |  |  |  | 8.71 |
Unvested at end of period |  | $ | 16.95 |  |  | $ | 14.83 |  |  | $ | 16.79 |  |  | $ | 13.52 |  |  | $ | 12.03 |  |  | $ | 13.35 |
Summary of Performance Stock Units Activities | The table below summarizes PSU activity for the nine months ended September 30, 2025 and 2024:
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Outstanding at beginning of period, unvested |  |  | 517,131 |  |  | $ | 12.83 |  |  |  | 256,387 |  |  | $ | 11.05 |
Granted (1) |  |  | 155,165 |  |  |  | 18.82 |  |  |  | 157,994 |  |  |  | 15.86 |
Performance adjustment |  |  | 153,637 |  |  |  | 10.00 |  |  |  | 102,750 |  |  |  | 12.63 |
Vested |  |  | (205,500 | ) |  |  | 12.63 |  |  |  | — |  |  |  | — |
Outstanding at end of period, unvested |  |  | 620,433 |  |  | $ | 13.69 |  |  |  | 517,131 |  |  | $ | 12.83 |
(1) The number of PSUs are presented at 100% of the specified target shares.

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