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Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Under the Company's Third Amended and Restated Certificate of Incorporation, there are 300,000,000 shares of authorized Common Stock and 5,000,000 shares of authorized Preferred Stock. Holders of Common Stock are entitled to one vote for each share. The shares of Preferred Stock shall be issued with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors.
Warrants
The Company had 3,871,557 outstanding warrants which expired on November 8, 2024. Prior to expiration, the Company classified its warrants as a liability in its consolidated balance sheets and the change in the estimated fair value of the warrant was recognized as a non-cash charge or gain in the Company’s consolidated statements of operations. During the three and nine months ended September 30, 2024, the Company recognized non-cash gains of $2.2 million and $1.8 million, respectively, for the change in the estimated fair value of the warrant liability.
Equity-based Compensation
In connection with the Company’s 2019 Stock Incentive Plan (the "2019 Plan"), the Company provides equity-based compensation to attract and retain employees while also aligning employees’ interest with the interests of its stockholders. The 2019 Plan permits the grant of various equity-based awards to selected employees and non-employee directors. As of September 30, 2025, the Company is permitted to grant up to 18,350,000 shares of Common Stock under the 2019 Plan, subject to certain adjustments and limitations. At September 30, 2025, 8,081,294 shares of the Company’s Common Stock were available for issuance under the 2019 Plan.
Stock Options
There were no stock options granted during the nine months ended September 30, 2025 and 2024. The following table provides the activity regarding the Company’s outstanding stock options during the nine months ended September 30, 2025 that were granted in connection with the 2019 Plan (in thousands, except per share data):
Number of
Options		Weighted-Average
Grant Date
Fair Value
per Share		Weighted-Average
Exercise Price
per Share		Weighted-Average
Remaining
Contractual Term
Outstanding, December 31, 20241,250$2.12 $11.50 1.1 Years
Expired(1,250)$2.12 $11.50 
Outstanding, September 30, 2025—$— $— 
The following table provides the activity for all outstanding stock options during the nine months ended September 30, 2025 (in thousands, except per share data):
Number of
Options		Weighted-Average
Exercise Price
per Share		Weighted-Average
Remaining
Contractual Term
Outstanding, December 31, 20242,195$9.67 
2.4 Years
Expired(1,250)$11.50 
Outstanding, September 30, 2025945$7.24 3.4 Years
There were no stock option exercises during the nine months ended September 30, 2025. During the nine months ended September 30, 2024, 207,002 stock options were exercised resulting in $0.7 million of cash proceeds received by the
Company and the issuance of 207,002 shares of the Company’s Common Stock. During the nine months ended September 30, 2024, 38,014 stock options were exercised on a cashless basis resulting in the issuance of 13,509 shares of the Company's Common Stock.
Restricted Stock Units
During the nine months ended September 30, 2025, the Company granted the following shares of restricted stock units:
•1,579,775 shares of restricted stock units to various employees which vest ratably over the three-year period following the vesting commencement dates, subject to the employees’ continuous employment through the applicable vesting date. The grant-date fair value of these awards was $16.9 million.
•185,674 shares of restricted stock units to the Company's non-employee directors which vest within one year following the grant date. The grant-date fair value of these awards was $1.7 million.
•732,379 shares of performance-vested restricted stock units ("Performance RSUs") to senior executive management of the Company which vest on the third anniversary of the vesting commencement date subject to the achievement of specified goals relative to the Company’s three-year relative total shareholder return ("Relative TSR") performance versus the Company’s defined peer group (the "Peer Group"), which is considered a market condition, and is also subject to the employees’ continuous employment through the vesting date. The grant-date fair value of these awards, using a Monte-Carlo simulation analysis, was $12.4 million. The payout of shares on the vesting date are as follows based on the Company’s Relative TSR versus the Peer Group (for performance between the stated goals noted below, straight-line interpolation will be applied):
•Less than 25th Percentile – No payout
•Greater than or equal to 25th Percentile – 50% of Performance RSUs
•Equal to 50th Percentile – 100% of Performance RSUs
•Greater than or equal to 75th Percentile – 200% of Performance RSUs
Activity related to the Company’s non-vested restricted stock units for the nine months ended September 30, 2025 is presented below (in thousands, except per share data):
Number of SharesWeighted-Average Grant Date
Fair Value per Share
Non-vested balance, December 31, 20243,078$13.99 
Granted2,498$12.38 
Vested(973)$13.00 
Forfeited(487)$17.04 
Non-vested balance, September 30, 20254,116$12.92 
Equity-Based Compensation Expense
The Company recognized equity-based compensation expense of $5.3 million during the three months ended September 30, 2025, of which $4.6 million and $0.7 million is included in general and administrative expenses and cost of net revenue, respectively, in the accompanying consolidated statements of operations. The Company recognized equity-based compensation expense of $0.9 million during the three months ended September 30, 2024, which is included in cost of net revenue in the accompanying consolidated statements of operations. Equity-based compensation expense included in general and administrative expenses was less than $0.1 million during the three months ended September 30, 2024.
The Company recognized equity-based compensation expense of $16.7 million during the nine months ended September 30, 2025, of which $13.2 million and $3.5 million is included in general and administrative expenses and cost of
net revenue, respectively, in the accompanying consolidated statements of operations. The Company recognized equity-based compensation expense of $10.6 million during the nine months ended September 30, 2024, of which $7.2 million and $3.4 million is included in general and administrative expenses and cost of net revenue, respectively, in the accompanying consolidated statements of operations.
As previously disclosed, in connection with the separation of the Company's former President in August 2024, all of his outstanding unvested restricted stock units were forfeited, which resulted in the reversal of $3.3 million of previously recognized equity-based compensation expense. The reversal was recognized as a reduction to general and administrative expenses in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2024.
At September 30, 2025, there was $35.8 million of unrecognized compensation expense related to equity-based compensation awards, which is expected to be recognized over a weighted-average period of 2.0 years.