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Share-Based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
12.
Share-Based Compensation

Restricted Stock

We grant restricted stock units (“RSUs”) as part of our long-term incentive compensation to employees and non-employee members of the Board of Directors. RSUs generally vest over a period of three to five years for employees and one year for members of the Board of Directors. The restricted common stock underlying RSUs are not deemed issued or outstanding upon grant, and do not carry any voting rights.

The restricted share activity for the nine months ended September 30, 2025 is summarized as follows:

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

Number

 

 

Grant Date

 

 

 

of Shares

 

 

Fair Value

 

Restricted shares unvested at December 31, 2024

 

 

1,007,415

 

 

$

1.79

 

Granted

 

 

515,247

 

 

$

1.04

 

Vested

 

 

(559,397

)

 

$

1.97

 

Forfeited

 

 

(26,576

)

 

$

1.67

 

Restricted shares unvested at September 30, 2025

 

 

936,689

 

 

$

1.28

 

As of September 30, 2025, there was $1.0 million of total unrecognized compensation cost related to unvested share-based compensation arrangements, which is expected to be recognized over a weighted-average period of 1.5 years.

Compensation cost for share-based awards is recognized on a straight-line basis over the vesting period. Share-based compensation expense for the three months ended September 30, 2025 and September 30, 2024 was $0.2 million and $0.2 million, respectively, and $0.7 million and $0.9 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.