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Share-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
The Company effected a 1-for-15 reverse stock split of all of its authorized, issued and outstanding shares of common stock on April 14, 2025. Proportional adjustments were made to the number of shares of common stock awarded and available for issuance under the Company’s equity incentive plans, as well as the exercise price and the number of shares issuable upon the exercise or conversion of the Company’s outstanding stock options and other equity securities under the Company’s equity incentive plans. See Note 2, "Summary of Significant Accounting Policies," for additional information.
2025 Inducement Plan
In March 2025, the Company adopted the 2025 Inducement Plan (the "Inducement Plan") pursuant to which the Company reserved 100,000 shares of its common stock to be used exclusively for grants of equity-based awards to individuals who were not previously employees or directors of the Company, as an inducement material to the individual’s entry into employment with the Company. The Inducement Plan was adopted by the Company’s board of directors without stockholder approval pursuant to NYSE Listed Company Manual Rule 303A.08. In July 2025, the Company amended and restated the Inducement Plan to reserve an additional 83,330 shares.

Share Repurchase Program

In March 2025, the Company's board of directors approved a share repurchase program of up to $10.0 million. The program does not obligate the Company to acquire any particular amount of its common stock, and may be modified, suspended, or terminated at any time at the Company’s discretion. The program has no expiration date. As of June 30, 2025, the Company has repurchased 314,701 shares at an average price of $13.15 per share and approximately $5.9 million remains available for repurchase under the share repurchase program.
Stock Compensation
Stock compensation for the periods indicated below are as follows (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
RSUs$3,225 $7,083 $9,298 $15,750 
Stock options211 776 657 1,576 
Total share-based compensation$3,436 $7,859 $9,955 $17,326 

RSUs
The Company’s RSUs are convertible into shares of the Company’s common stock upon vesting on a one-to-one basis, and generally contain time-based vesting conditions. RSUs granted to certain executives also contain market-based vesting conditions or performance-based vesting conditions. The RSUs generally vest over the service period of one to three years.
RSU activity during the six months ended June 30, 2025 was as follows:
Total RSUsTime-basedPerformance-basedMarket-basedWeighted-Average Grant Date Fair Value Per Share
Unvested as of December 31, 2024839,958 539,379 113,378 187,201 $48.91 
Granted123,278 123,278 — — 15.88 
Vested(1)
(371,428)(274,646)(65,516)(31,266)67.56 
Forfeited(65,938)(54,330)(11,608)— 35.73 
Unvested as of June 30, 2025525,870 333,681 36,254 155,935 $29.41 
(1) Common stock has not been issued in connection with 25,323 vested RSUs because such RSUs were unsettled as of June 30, 2025.

Future share-based compensation expense for unvested RSUs as of June 30, 2025 was $9.7 million, which will be recognized over a weighted-average period of 1.17 years.