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Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 12.  Stock-Based Compensation

The Company’s stock-based compensation included in its condensed consolidated statements of operations and comprehensive loss, net of forfeitures, was as follows:

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​	​	​	​	​	​	​	​	​	​	​	​
​	Three Months Ended September 30,					​	Nine Months Ended September 30,
(in thousands)	2025			2024			2025			2024
Research and development	$	608	​	$	3,493	​	$	2,449	​	$	6,560
General and administrative		1,521	​		3,018	​		6,094	​		9,537
Cost of revenue		67	​		—	​	​	321	​	​	—
Total stock-based compensation	$	2,196	​	$	6,511	​	$	8,864	​	$	16,097

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The following table summarizes stock-based compensation expense by award type, net of forfeitures:

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​	​	​	​	​	​	​	​	​	​	​	​
​	Three Months Ended September 30,					​	Nine Months Ended September 30,
(in thousands)	2025		​	2024		​	2025		​	2024
Earn-Out Restricted Shares	$	—	​	$	1,997	​	$	—	​	$	1,997
Restricted Stock Units ("RSUs")	​	1,774	​	​	3,404	​	​	6,545	​	​	10,093
Performance Stock Units ("PSUs")	​	176	​	​	582	​	​	1,089	​	​	2,214
Restricted Stock Awards ("RSAs")	​	245	​	​	486	​	​	1,197	​	​	1,464
Stock options	​	1	​	​	42	​	​	33	​	​	329
Total	$	2,196	​	$	6,511	​	$	8,864	​	$	16,097

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​

​

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PSUs are measured at their estimated fair value using a Monte Carlo simulation valuation model with the effect of the market condition reflected in the grant date fair value of the award. The fair value of RSUs is estimated based on the closing price of the Company’s Class A common stock at the date of grant.

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- Definition

The entire disclosure for share-based payment arrangement.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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