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Equity Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Schedule of Fair Value of Each Option Grant Using the Black-scholes Option Pricing Model | The fair value of each option grant during the three months ended March 31, 2026 and 2025 was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions:
| Three Months Ended March 31,
| 2026 |  | 2025
Expected volatility | 78 | - | 79% |  | 60%
Dividend yield | 0% |  | 0%
Risk free interest rates | 3.87 | - | 3.97% |  | 4.11 | - | 4.16%
Expected term (years) | 6.5 | - | 7 |  | 6 | - | 7
Schedule of Stock Option Activity | A summary of stock option activity for the three months ended March 31, 2026 is as follows:
(in thousands, except share and per share data) | Number of Shares Underlying Options |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value
Outstanding at January 1, 2026 | 3,405,906 |  |  | $ | 4.64 |  |  | $ | 19,279 |
Granted | 1,325,644 |  |  | 16.11 |  |  |
Cancelled / Expired | — |  |  | — |  |  |
Exercised | (105,717) |  |  | 0.52 |  |  |
Outstanding at March 31, 2026 | 4,625,833 |  |  | $ | 8.02 |  |  | $ | 82,770 |
Vested and expected to vest at March 31, 2026 | 4,625,833 |  |  | $ | 8.02 |  |  | $ | 82,770 |
The following table summarizes information concerning outstanding and exercisable stock options at March 31, 2026:
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years)
Outstanding at March 31, 2026 | 4,625,833 |  |  | $ | 8.02 |  |  | 9.00
Exercisable at March 31, 2026 | 860,703 |  |  | $ | 2.07 |  |  | 7.57

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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