Share-based Compensation Plans

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-based Compensation Plans

14.Share-based compensation plans

Share-based payments expense

Total share-based payments expense was as follows:

	For the Three Months Ended
		March 31, 2026		March 31, 2025
		(In thousands)
Stock options		$	660	$	840
Restricted share units			225		674
Total share-based payments		$	885	$	1,514

Stock Options

The following table summarizes the stock option activity for the period ended March 31, 2026:

	Number of Stock Options			Weighted average remaining contractual life (in years)		Weighted Average Exercise Price (per share) $		Aggregate intrinsic value
Outstanding, December 31, 2025		13,903,573			5.32	$	2.86	$	368
Granted		40,000			—		0.66		—
Exercised		—			—		—		—
Forfeited		(133,627	)		—		0.84		—
Expired		(938,142	)		—		5.11		—
Outstanding, March 31, 2026		12,871,804			5.36	$	2.71	$	250
Exercisable, March 31, 2026		9,871,173			4.51	$	3.17	$	56

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between Company’s closing stock price on March 31, 2026 and December 31, 2025, respectively, and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had they exercised their in-the-money options on March 31, 2026 and December 31, 2025, respectively.

The fair value of the various stock options granted were estimated using the Black-Scholes Option Pricing Model (the "Black-Scholes Model") with the following assumptions:

	March 31, 2026			March 31, 2025
Volatility	93.26% - 94.78%			72.55% - 75.19%
Risk-free interest rate	3.73% - 3.95%			4.02% - 4.4%
Expected life (years)		6.25		5.07 - 6.25
Dividend yield		0.00	%		0.00	%

Volatility was estimated by using the historical volatility of the Company's stock price. The expected life in years represents the period of time that the options issued are expected to be outstanding. The risk-free rate is based on U.S. treasury bond issues with a remaining term approximately equal to the expected life of the options. Dividend yield reflects that the Company has never paid cash dividends and does not expect to pay cash dividends in the foreseeable future.

The total estimated fair value of stock options that vested during the three months ended March 31, 2026 and 2025 was $838 and $2,730, respectively. As of March 31, 2026, total unrecognized compensation cost related to unvested options was $1,707, which is expected to be recognized over a weighted-average period of 1.92 years.

Restricted Share Units

The following table summarizes the activities for the RSUs for the period ended March 31, 2026:

	Number of RSUs
Outstanding, December 31, 2025		5,029,315
Granted		—
Vested		(10,143	)
Forfeited		(32,467	)
Outstanding, March 31, 2026		4,986,705

As of March 31, 2026, total unrecognized compensation cost related to unvested RSUs was $1,948, which is expected to be recognized over a weighted-average period of 2.49 years.