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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2026
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 March 31, |
|  | 2026 |  |  | 2025 |
|  | (In thousands) |
Recognized compensation expense: |  |  |  |  |  |
Options |  | $ | 16 |  |  | $ | 129 |
RSAs |  |  | 1,109 |  |  |  | 747 |
PSUs |  |  | 1,292 |  |  |  | 907 |
ESPP |  |  | 278 |  |  |  | 187 |
Total recognized compensation expense |  | $ | 2,695 |  |  | $ | 1,970 |
|  | March 31, 2026 |
|  | (In thousands) |
Unrecognized compensation expense: |  |  |
Options |  | $ | 92 |
RSAs |  |  | 8,321 |
PSUs |  |  | 7,734 |
ESPP |  |  | 281 |
Total unrecognized compensation expense |  | $ | 16,428 |
Weighted average period expected to be recognized (in years) |  |  |
Options |  |  | 1.6 |
RSAs |  |  | 2.2 |
Summary of Stock Option Activity | The table below summarizes stock option activity for the three months ended March 31, 2026 and 2025:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
|  | ($ in thousands, except per share amounts) |
Number of shares: |  |  |  |  |  |
Options outstanding at beginning of period |  |  | 786,722 |  |  |  | 1,065,772 |
Granted |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |
Modified |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Options outstanding at end of period |  |  | 786,722 |  |  |  | 1,065,772 |
Options exercisable at end of period |  |  | 760,838 |  |  |  | 749,344 |
Options expected to vest (1) |  |  | 25,884 |  |  |  | 316,428 |
Weighted average exercise price per share: |  |  |  |  |  |
Options outstanding at beginning of period |  | $ | 13.12 |  |  | $ | 14.46 |
Granted |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |
Modified |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Options outstanding at end of period |  | $ | 13.12 |  |  | $ | 14.46 |
Options exercisable at end of period |  |  | 12.96 |  |  |  | 12.88 |
Options expected to vest (1) |  |  | 17.95 |  |  |  | 18.19 |
Aggregate intrinsic value (2): |  |  |  |  |  |
Options outstanding at end of period |  | $ | 3,874 |  |  | $ | 4,538 |
Options exercisable at end of period |  |  | 3,860 |  |  |  | 4,365 |
Options expected to vest (1) |  |  | 14 |  |  |  | 173 |
Weighted average remaining contractual life (in years): |  |  |  |  |  |
Options outstanding at end of period |  |  | 4.0 |  |  |  | 6.2 |
Options exercisable at end of period |  |  | 3.9 |  |  |  | 4.8 |
Options expected to vest (1) |  |  | 8.5 |  |  |  | 9.4 |
(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 three months ended March 31, 2026 and 2025:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
|  | Employee |  |  | Non-Employee Director |  |  | Total |  |  | Employee |  |  | Non-Employee Director |  |  | Total |
Number of shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unvested at beginning of period |  |  | 494,478 |  |  |  | 38,461 |  |  |  | 532,939 |  |  |  | 355,505 |  |  |  | 47,430 |  |  |  | 402,935 |
Granted |  |  | 191,061 |  |  |  | — |  |  |  | 191,061 |  |  |  | 180,003 |  |  |  | — |  |  |  | 180,003 |
Vested |  |  | (185,445 | ) |  |  | — |  |  |  | (185,445 | ) |  |  | (163,779 | ) |  |  | — |  |  |  | (163,779 | )
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unvested at end of period |  |  | 500,094 |  |  |  | 38,461 |  |  |  | 538,555 |  |  |  | 371,729 |  |  |  | 47,430 |  |  |  | 419,159 |
Weighted average grant date fair value per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unvested at beginning of period |  | $ | 16.95 |  |  | $ | 14.83 |  |  | $ | 16.79 |  |  | $ | 13.52 |  |  | $ | 12.03 |  |  | $ | 13.34 |
Granted |  |  | 19.60 |  |  |  | — |  |  |  | 19.60 |  |  |  | 18.82 |  |  |  | — |  |  |  | 18.82 |
Vested |  |  | 14.89 |  |  |  | — |  |  |  | 14.89 |  |  |  | 12.92 |  |  |  | — |  |  |  | 12.92 |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unvested at end of period |  | $ | 18.73 |  |  | $ | 14.83 |  |  | $ | 18.44 |  |  | $ | 16.35 |  |  | $ | 12.03 |  |  | $ | 15.86 |
Summary of Performance Stock Units Activities | The table below summarizes PSU activity for the three months ended March 31, 2026 and 2025:
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
|  | 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 |  |  | 620,433 |  |  | $ | 13.70 |  |  |  | 517,131 |  |  | $ | 12.83 |
Granted (1) |  |  | 169,766 |  |  |  |  |  |  | 155,165 |  |  |  | 18.82 |
Performance adjustment |  |  | 157,994 |  |  |  |  |  |  | 153,637 |  |  |  | 10.00 |
Vested |  |  | (307,274 | ) |  |  |  |  |  | (205,500 | ) |  |  | 12.63 |
Forfeited |  |  | — |  |  |  |  |  |  | — |  |  |  | — |
Outstanding at end of period, unvested |  |  | 640,919 |  |  | $ | 13.26 |  |  |  | 620,433 |  |  | $ | 13.69 |
(1) The number of PSUs are presented at 100% of the specified target shares.

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