Note 13 - Stock-based Compensation

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

13. Stock-Based Compensation

The Company maintains the 2021 Equity Incentive Plan (the “2021 Plan”). As of March 31, 2026, 52,493,016 shares remained for future issuance under the 2021 Plan. To date, the Company has issued only stock options and restricted stock units to employees, directors and consultants.

Total stock-based compensation expense was $7.3 million for the three months ended March 31, 2026, and was $9.6 million for three months ended  March 31, 2025.

Stock Options

The compensation costs for stock option awards are recognized using the straight-line attribution method over the requisite service period. Forfeitures are accounted for as they occur. Stock options vest over a four-year service period and expire on the tenth anniversary of the date of award.

The weighted-average grant date fair value of options granted during the three months ended March 31, 2026 was $6.14. 

The Company estimated the grant date fair value of these stock options using the Black-Scholes option-pricing model with the following weighted-average assumptions:

	March 16,
	2026
Expected life (in years)		6.1
Expected volatility		58.2	%
Risk-free rate		3.9	%
Dividend yield		—

A summary of the Company’s stock option activity during the three months ended March 31, 2026 is as follows:

	Stock Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life
Balance, January 1, 2026		18,435,493		$	4.67		4.18
Granted		578,556			10.52		—
Exercised		(581,088	)		1.62		—
Forfeited or expired		(18,580	)		4.48		—
Balance, March 31, 2026		18,414,381		$	4.95		4.23
Exercisable, March 31, 2026		17,187,597		$	4.62		3.89

As of March 31, 2026, there was $6.6 million in unrecognized compensation costs related to all unvested options. This unrecognized stock-based compensation cost is expected to be recognized over a weighted-average period of approximately 3.2 years.

As of  March 31, 2026, the Company had 18,414,381 options outstanding and 17,187,597 options exercisable with intrinsic values of $86.4 million and $84.8 million, respectively. During the three months ended March 31, 2026, 581,088 options were exercised, with a total intrinsic value of $5.7 million.

Restricted Stock Units

Under the terms of the 2021 Plan, we have issued restricted stock unit awards with a continuous employment condition only (“Time-Based RSUs”), and restricted stock unit awards with a continuous employment condition that are also contingent on the Company meeting certain performance goals that may be higher or lower than the granted amount (“PSUs”, and together with Time-Based RSUs, “RSUs”). Both types of RSU awards vest over periods determined at the time of grant either ratably or along a cliff vesting. 

The compensation costs for RSUs are recognized using the straight-line attribution method over the requisite service period. Forfeitures are accounted for as they occur. RSUs are measured at the fair market value of the underlying stock at the grant date.

A summary of the Company’s RSU activity during the three months ended March 31, 2026 is as follows:

	Unvested PSUs			Unvested Time-Based RSUs
	Number of Shares			Number of Shares			Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2025		804,518			6,132,497		$	9.28
Granted		651,140			3,247,470			10.53
Performance adjustment		166,634			—			7.46
Vested		(334,661	)		(1,273,753	)		9.04
Forfeited		(44,477	)		(188,984	)		9.97
Unvested as of March 31, 2026		1,243,154			7,917,230		$	9.81

RSUs that vested during the three months ended  March 31, 2026 had an aggregate fair value at vesting of $17.3 million. As of March 31, 2026, there was $85.8 million in unrecognized compensation costs specific to the unvested RSUs, to be recognized over a weighted-average period of 3.0 years.