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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 63,089 $ 39,197
Short-term marketable securities 12,212 43,043
Accounts receivable 1,852 16,807
Contract assets – commissions receivable – current 208,426 242,467
Prepaid expenses and other current assets 17,288 12,961
Total current assets 302,867 354,475
Contract assets – commissions receivable – non-current 699,299 757,523
Property and equipment, net 4,939 4,437
Operating lease right-of-use assets 9,182 12,081
Restricted cash 3,090 3,090
Other assets 28,038 23,819
Total assets 1,047,415 1,155,425
Current liabilities:    
Accounts payable 6,215 23,448
Accrued compensation and benefits 24,266 43,888
Accrued marketing expenses 5,558 16,612
Lease liabilities – current 7,769 7,732
Other current liabilities 7,430 4,331
Total current liabilities 51,238 96,011
Long-term debt 69,423 68,458
Deferred income taxes – non-current 21,860 38,870
Lease liabilities – non-current 15,540 20,731
Other non-current liabilities 4,885 5,418
Total liabilities 162,946 229,488
Commitments and contingencies (Note 8)
Convertible preferred stock 370,303 337,509
Stockholders’ equity:    
Common stock 44 43
Additional paid-in capital 758,113 773,371
Treasury stock, at cost (199,998) (199,998)
Retained earnings (accumulated deficit) (43,815) 15,246
Accumulated other comprehensive loss (178) (234)
Total stockholders’ equity 514,166 588,428
Total liabilities, convertible preferred stock and stockholders’ equity $ 1,047,415 $ 1,155,425