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Equity Based Compensation (Tables)

3 Months Ended

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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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.

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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.

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