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Share-based Compensation Plans (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Total 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

 

Summary of Stock Option Activity

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

 

 

Summary of Weighted-average Assumptions used to Estimate Fair Value of Various Stock Options

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

%

 

Summary of Activities for Unvested RSUs

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