EQUITY-BASED COMPENSATION

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Grants of Restricted Stock Units

The following table summarizes the activity related to the Company's restricted stock units ("RSUs") for the nine months ended September 30, 2024:


	Number of RSUs	Weighted average grant date fair value
Balance as of December 31, 2023, unvested	3,942,052	$	6.10
Granted	2,050,158	$	2.77
Vested	(1,306,101)	$	6.18
Forfeited	(446,651)	$	6.16
Balance as of September 30, 2024, unvested	4,239,458	$	4.46

Total compensation expense for RSUs was $2.4 million and $7.0 million for the three and nine months ended September 30, 2024, respectively, and $2.3 million and $6.7 million for the three and nine months ended September 30, 2023, respectively, which are included in selling, general and administrative expenses in the unaudited condensed consolidated statements of operations.

As of September 30, 2024, total compensation cost related to unvested RSUs not yet recognized is $17.0 million and is expected to be recognized over a weighted-average period of approximately 2.2 years.

Grants of Stock Options

The following table summarizes the activity related to the outstanding and exercisable stock options for the nine months ended September 30, 2024:


	Number of options	Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual term (years)
Outstanding as of December 31, 2023	758,458	$	12.00	$	4.27	7.7

Forfeited	(92,553)	$	12.00	$	4.28	—
Outstanding as of September 30, 2024	665,905	$	12.00	$	4.27	7.0

Exercisable as of September 30, 2024	596,663	$	12.00	$	4.27	7.0
Unvested as of September 30, 2024	69,242	$	12.00	$	4.29	7.0
Vested and expected to vest as of September 30, 2024	665,905	$	12.00	$	4.27	7.0

As of September 30, 2024, the vested stock options did not have an aggregated intrinsic value as the exercise price exceeded the estimated fair market value of the stock options.

Total compensation expense for stock options was approximately $0.1 million and $0.4 million, for the three and nine months ended September 30, 2024, respectively, and $0.2 million and $0.6 million for the three and nine months ended September 30, 2023, respectively, which are included in selling, general and administrative expenses in the unaudited condensed consolidated statements of operations.

As of September 30, 2024, total compensation cost related to unvested options not yet recognized is $0.3 million and is expected to be recognized over a weighted-average period of less than 1.0 year.