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Share-based compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-based compensation Share-based compensation
Equity Incentive Plans
The Company maintains a 2018 Stock and Incentive Plan (as amended from time to time, the “LTIP”), which provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock and stock units, performance stock and stock units awards, dividend equivalents and other share-based awards to eligible participants. The number of SVS reserved for issuance from time to time under the LTIP is calculated as 10% of the aggregate number of SVS and MVS outstanding on an “as-converted” basis. The Company’s accounting policy for awards granted under the LTIP is discussed further in Note 3 — Significant accounting policies.
Share-based compensation consists of the following for the years ended December 31, 2024 and 2023:
Years Ended
December 31, 2024December 31, 2023
Stock options$9,374 $7,591 
Performance stock units1,705 501 
Restricted stock units14,617 11,918 
Share-based compensation$25,696 $20,010 
Stock options
As of December 31, 2024 and 2023, total unamortized compensation cost related to unvested stock options was $13.7 million and $18.3 million, respectively, which the Company expects to recognize over a weighted-average period of 2.00 years and 2.31 years, respectively.
The total intrinsic value of options exercised and the total fair value of shares vested during the years ended December 31, 2024 and 2023 were as follows:
Years Ended
December 31, 2024December 31, 2023
Total intrinsic value of options exercised$208 $798 
Total fair value of shares vested8,353 10,221 
Significant assumptions used to estimate the fair value of the Company’s stock option granted during the years ended December 31, 2024 and 2023 are summarized below:
Years Ended
December 31, 2024December 31, 2023
Expected volatility
71% — 74%
 68% — 72%
Expected life in years
6.01 — 6.02
5.38 — 6.73
Expected dividends— %— %
Risk-free interest rate (based on government bonds)
3.63% — 4.52%
3.13% — 4.60%
(1) The Company has never paid cash dividends nor expects to pay cash dividends in the foreseeable future.
The Company’s stock option activity and related information during the years ended December 31, 2024 and 2023 were as follows:
Number of
options		Weighted
average
exercise price		Weighted average remaining contractual life
(years) 		Aggregate intrinsic value
Outstanding at January 1, 202427,932,603$5.29 
Forfeited(1)
(1,461,492)4.51 
Expired(1)
(430,377)14.74 
Exercised(75,391)2.06 
Granted(2)
3,695,7273.53 
Outstanding at December 31, 202429,661,070$4.98 5.5 years$8,846 
Options exercisable at December 31, 202416,718,254$5.54 3.4 years$8,778 
(1) Includes adjustments for changes in estimates.
(2) Includes stock options, granted to the Company’s CEO and Chairman, during the year ended December 31, 2023, with a 10-year performance period. Vesting of these performance stock options is contingent upon the achievement of three distinct and appreciating stock price targets. The stock price targets are based on a 15-day average closing price of the Company’s SVS. Any options for which the vesting conditions are not met by March 6, 2033 will be canceled.
Number of
options		Weighted
average
exercise price		Weighted average remaining contractual life
(years) 		Aggregate intrinsic value
Outstanding at January 1, 202324,539,168$6.67 
Forfeited(1)
(2,569,561)7.40 
Expired(2,421,729)9.24 
Exercised(211,775)0.23 
Granted(2)
8,596,500 2.97 
Outstanding at December 31, 202327,932,603$5.29 6.29$34,646 
Options exercisable at December 31, 202314,967,286$5.41 4.22$25,679 
(1) Includes adjustments for changes in estimates.
(2) Includes stock options, granted to the Company’s CEO and Chairman, during the year ended December 31, 2023, with a 10-year performance period. Vesting of these performance stock options is contingent upon the achievement of three distinct and appreciating stock price targets. The stock price targets are based on a 15-day average closing price of the Company’s SVS. Any options for which the vesting conditions are not met by March 6, 2033 will be canceled.
Performance stock units
As of December 31, 2024 and 2023, total unamortized compensation cost related to unvested performance stock units was $2.3 million and $5.3 million, respectively, which the Company expects to recognize over a weighted-average period of 1.41 years and 2.2 years, respectively.
The Company’s PSU activity and related information for the years ended December 31, 2024 and 2023 are as follows:
Number of PSUsWeighted-Average Grant Date Fair Value
Unvested at January 1, 20242,024,121$2.89 
Forfeited(1)
(2,141,826)3.37 
Vested(396,537)2.89 
Granted2,403,8244.04 
Unvested at December 31, 20241,889,582$3.81 
Inception-to-date PSUs vested at December 31, 2024396,537
(1) Includes adjustments for changes in estimates.
Number of PSUsWeighted-Average Grant Date Fair Value
Unvested at January 1, 2023—$— 
Forfeited(1)
(216,251)2.89
Vested——
Granted2,240,3722.89
Unvested at December 31, 20232,024,121$2.89 
Inception-to-date PSUs vested at December 31, 2023—
(1) Includes adjustments for changes in estimates.
Restricted stock units
As of December 31, 2024 and 2023, total unamortized compensation cost related to unvested restricted stock units was $15.7 million and $17.9 million, respectively, which the Company expected to recognize over a weighted-average period of 1.95 years and 1.83 years, respectively.
The Company’s RSU activity and related information for the years ended December 31, 2024 and 2023 are as follows:
Number of RSUsWeighted-Average Grant Date Fair Value
Unvested at January 1, 20246,145,959$4.12 
Forfeited(1)
(2,459,478)4.06 
Vested(3,228,557)4.33 
Granted5,875,8603.68 
Unvested at December 31, 20246,333,784$3.63 
Inception-to-date RSUs vested at December 31, 20249,061,395
(1) Includes adjustments for changes in estimates.
Number of RSUsWeighted-Average Grant Date Fair Value
Unvested at January 1, 20234,284,439$7.44 
Forfeited(1)
(1,749,598)5.66
Vested(1,601,305)7.77
Granted 5,212,4233.03
Unvested at December 31, 20236,145,959$4.12 
Inception-to-date RSUs vested at December 31, 20235,832,838
(1) Includes adjustments for changes in estimates.