Stock Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

4. Stock-Based Compensation — Under the Company’s Stock Incentive Plan, as amended and restated on June 1, 2022 (“the 2022 Stock Incentive Plan”), all employees are eligible to receive non-assignable and non-transferable restricted stock (RSUs), options to purchase common stock, and other forms of equity. During the three months ended September 30, 2025 and 2024, the Company's stock-based compensation expense amounted to $760 and $1,135, respectively. During the nine months ended September 30, 2025 and 2024, the Company's stock-based compensation expense amounted to $1,740 and $3,887, respectively.

RSUs

A summary of nonvested RSUs outstanding is presented below:


	Nine Months Ended September 30, 2025
	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested shares at January 1, 2025		682,853		$	13.77
Granted		143,346			4.67
Vested		(290,981	)		15.19
Forfeited		(25,804	)		21.73
Nonvested shares at September 30, 2025		509,414		$	10.00

As of September 30, 2025, the total unrecognized stock-based compensation expense related to RSUs outstanding was $1,682 and is expected to be recognized over a weighted-average period of 2.3 years

Stock Options

A summary of the incentive stock option activity for the nine months ended September 30, 2025 is presented below:


	Options outstanding			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Balance as of January 1, 2025		424,511		$	10.28		6.1	$	—
Forfeited		(38,504	)	$	10.28		5.3	$	—
Balance as of September 30, 2025		386,007		$	10.28		5.3	$	—
Options vested and exercisable as of September 30, 2025		168,588		$	10.28		5.3	$	—

As of September 30, 2025, the total unrecognized stock-based compensation expense related to stock options outstanding was $573 and is expected to be recognized over a weighted-average period of 1.3 years.