STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

The following table presents the Company’s employee and non-employee RSA activity:


	RSA Awards	Weighted-Average Grant Date Fair Value
Nonvested RSAs outstanding as of December 31, 2024	—	$	—
Issued	934,032	30.71
Forfeited	54,250	31.00
Nonvested RSAs outstanding as of December 31, 2025	879,782	$	30.70

The following table presents the Company’s employee and non-employee RSU activity:


	RSU Awards	Weighted-Average Grant Date Fair Value
Nonvested RSUs outstanding as of December 31, 2024	—	$	—
Issued	168,624	22.42
Forfeited	—	—
Nonvested RSUs outstanding as of December 31, 2025	168,624	$	22.42

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 Shares	Weighted-Average Exercise Price		Weighted-Average Grant Date Fair value		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2022	1,512,059	$	10.39	$	4.09	8.4	$	3,939
Granted	1,369,500	12.99		3.29		9.6
Forfeited	(76,499)	9.65		3.85		7.3
Outstanding as of December 31, 2023	2,805,060	$	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, 2024	3,592,462	$	11.97	$	5.12	8.0	$	36,002
Granted	1,264,766	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, 2025	4,595,417	$	15.34	$	8.68	7.6	$	52,149
Options vested and exercisable as of December 31, 2025	3,404,182	$	12.08	$	4.95	7.0
Nonvested as of December 31, 2025	1,191,235	$	24.41	$	19.09	9.3

The following table presents the Black-Scholes option pricing model assumptions used to estimate grant date fair values: