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STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
2025 Incentive Award Plan
In 2025, the Company adopted the 2025 Incentive Award Plan (“2025 Plan”), under which the Company may grant cash and equity-based incentive awards which include, but are not limited to, Restricted Stock Awards (“RSAs”) and Stock Options to employees, directors, and consultants to the Company or its subsidiaries.
The aggregate number of shares of Class A common stock or Class B common stock, if determined by the plan administrator, available for issuance under the 2025 Plan is equal to the sum of 4.4 million shares plus any shares available for issuance under the Company's 2020 Incentive Plan (“2020 Plan”) as of the effective date of the 2025 Plan, or 1.0 million shares. The amount of shares available for issuance is eligible to increase on the first day of each calendar year beginning January 1, 2026 and ending on and including January 1, 2035 by the lesser of (i) 5% of the shares of Class A common stock and Class B common stock outstanding on an as-converted basis on the last day of the immediately preceding fiscal year and (ii) such lesser amount as determined by the Company’s Board of Directors. As of September 30, 2025, approximately 4.3 million shares were available for future grants under the 2025 Plan.
The following table presents the Company's employee and non-employee RSA activity under the 2025 Plan:
RSA AwardsWeighted-Average Grant Date Fair Value
Nonvested RSAs outstanding as of March 31, 2025— $— 
Issued807,750 31.00 
Nonvested RSAs outstanding as of June 30, 2025807,750 31.00 
Issued103,525 30.59 
Forfeited(36,500)31.00 
Nonvested RSAs outstanding as of September 30, 2025874,775 $30.95 
The Company issued 807,750 RSAs associated with the Voyager IPO in June 2025. The fair value of the RSAs granted was $31.00 per share based on the grant date associated with the Voyager IPO when all terms and conditions were approved and communicated to employees. The RSAs have service-only vesting conditions and vest after each of the third, fourth, and fifth years of service.
The Company issued an additional 103,525 RSAs during the three months ended September 30, 2025. The RSAs have service-only vesting conditions and vest over a four year service period beginning after the first year of service. All RSAs granted to employees are considered legally issued and outstanding for voting purposes. However, for accounting and dilution purposes, only vested awards are considered issued and outstanding.
Stock-based compensation expense related to RSAs for the three and nine months ended September 30, 2025 was $2.0 million and $2.3 million, respectively.
The Company also issued an immaterial amount of Restricted Stock Units (“RSUs”) during the three months ended September 30, 2025.
2020 and 2025 Incentive Award Plan - Options
The Company maintains options under the 2020 Incentive Award Plan; however, following the effectiveness of the 2025 Plan, no further grants will be made under the 2020 Plan. During the three months ended September 30, 2025, the Company issued additional stock options under the 2025 Plan with terms materially consistent with those previously issued under the 2020 Plan.
All Stock Options issued before November 2024 under the 2020 Plan accelerated and vested upon completion of the IPO in June 2025. Stock-based compensation expense for the 2020 Plan options outstanding was $0.1 million and $13.1 million for the three and nine months ended September 30, 2025, respectively. Stock-based compensation expense for the 2020 Plan options outstanding was $0.8 million and $2.7 million for the three and nine months ended September 30, 2024.