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STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
2025 Incentive Award Plan
In connection with the IPO on June 12, 2025 (“effective date”), 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”), Restricted Stock Units (“RSUs”) 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 as of the effective date of the 2025 Plan was 5.4 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 December 31, 2025, approximately 4.2 million shares were available for future grants under the 2025 Plan.
RSAs and RSUs
The following table presents the Company’s employee and non-employee RSA activity:
RSA AwardsWeighted-Average Grant Date Fair Value
Nonvested RSAs outstanding as of December 31, 2024— $— 
Issued934,032 30.71 
Forfeited54,250 31.00 
Nonvested RSAs outstanding as of December 31, 2025879,782 $30.70 
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 126,282 RSAs, subsequent to the Voyager IPO in June 2025, during the year ended December 31, 2025. These additional RSAs have service-only vesting conditions and primarily 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 year ended December 31, 2025 was $4.5 million. As of December 31, 2025, total unrecognized compensation expense was approximately $22.6 million, which is expected to be recognized over a weighted-average period of approximately 4.3 years.
The following table presents the Company’s employee and non-employee RSU activity:
RSU AwardsWeighted-Average Grant Date Fair Value
Nonvested RSUs outstanding as of December 31, 2024— $— 
Issued168,624 22.42 
Forfeited— — 
Nonvested RSUs outstanding as of December 31, 2025168,624 $22.42 
The Company issued 168,624 RSUs during the year ended December 31, 2025. The RSUs have service-only vesting conditions and primarily vest over a four year service period beginning after the first year of service.
Stock-based compensation expense related to RSUs for the year ended December 31, 2025 was $0.1 million. As of December 31, 2025, total unrecognized compensation expense was approximately $3.6 million, which is expected to be recognized over a weighted-average period of approximately 3.6 years.
2020 and 2025 Incentive Award Plan - Options
The Company has granted 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 year ended December 31, 2025, the Company issued additional stock options under the 2025 Plan with terms materially consistent with those previously issued under the 2020 Plan. Stock-based compensation expense for options outstanding was $14.3 million for the
year ended December 31, 2025. Stock-based compensation expense for the 2020 Plan options was approximately $3.8 million and $2.1 million for the years ended December 31, 2024 and 2023, respectively.
The following table presents the Company’s employee and non-employee stock option activity (in thousands, except for shares and per share amounts):
Number of SharesWeighted-Average Exercise PriceWeighted-Average Grant Date Fair valueWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
Outstanding as of December 31, 20221,512,059 $10.39 $4.09 8.4$3,939 
Granted
1,369,500 12.993.299.6
Forfeited
(76,499)9.653.857.3
Outstanding as of December 31, 20232,805,060 $11.69 $3.71 8.5$4,324 
Granted
1,024,230 13.64 9.73 9.4
Forfeited
(234,893)16.01 8.43 7.9
Exercised
(1,935)11.01 5.13 8.3
Outstanding as of December 31, 20243,592,462 $11.97 $5.12 8.0$36,002 
Granted1,264,766 24.26 19.24 9.2
Forfeited(145,065)16.83 12.23 8.1
Exercised(116,746)8.57 9.60 7.2
Outstanding as of December 31, 20254,595,417 $15.34 $8.68 7.6$52,149 
Options vested and exercisable as of December 31, 20253,404,182 $12.08 $4.95 7.0
Nonvested as of December 31, 20251,191,235 $24.41 $19.09 9.3
As of December 31, 2025, 2024 and 2023, total unrecognized compensation expense was approximately $19.9 million, $11.5 million and $6.6 million, respectively, which is expected to be recognized over a weighted-average period of approximately 3.3 years, 2.0 years and 2.4 years, respectively.
The following table presents the Black-Scholes option pricing model assumptions used to estimate grant date fair values:
Years Ended December 31,
202520242023
Common stock price
$27.29 - $39.89
$13.07 - $32.05
$12.03 - $14.22
Exercise price
$21.76 - $34.99
$9.48 - $26.88
$9.48 - $23.12
Expected term (years)
6.1 - 6.1
1.7 - 2.2
1.9 - 2.3
Expected volatility
69.7% - 75.9%
64.0% - 75.0%
75.0% - 92.0%
Expected dividend yield
—
—
—
Risk-free interest rate
3.6% - 4.2%
4.1% - 4.8%
3.9% - 4.9%