Stock Based Compensation and Other Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Stock Based Compensation and Other Benefit Plans

Schedule of valuation assumptions

	Year Ended December 31,
	2025		2024
Dividend yield	—	%	—	%
Expected volatility	63	%	65	%
Risk-free interest rate	4.24	%	4.35	%
Expected term	5.79 years		5.79 years

Schedule of stock option activity

			Weighted		Weighted
			Average		Average		Aggregate
			Exercise		Contractual		Intrinsic
	Number of		Price		Remaining Term		Value
	shares		Per Share		(in years)		(in thousands)
Outstanding as of January 1, 2025		2,426,929	$	20.83		5.77	$	18,644
Granted		9,936		25.12
Exercised		(246,395)		7.63
Forfeited, expired or cancelled		(37,013)		75.20
Outstanding as of December 31, 2025		2,153,457	$	21.42		5.23	$	14,520
Exercisable as of December 31, 2025		1,994,839	$	21.24		5.08	$	13,836
Vested and expected to vest as of December 31, 2025		2,153,457	$	21.42		5.23	$	14,520

Schedule of grant date fair values of PSUs granted

The grant date fair values of the PSUs granted in 2024 were estimated as follows:

						Derived
Hurdle Price		Number of		Fair Value		Service Period
Per PSU		PSUs		Per Share		(in years)
$	30.00		165,900	$	18.42-19.71		0.46-0.74
$	35.00		55,290	$	17.24-17.67		0.66-0.96
$	40.00		34,029	$	15.85-16.14		0.82-1.15
$	45.00		29,781	$	14.20-15.13		0.95-1.31
			285,000

The grant date fair values of the PSUs granted in 2025 were estimated as follows:

						Derived
Hurdle Price		Number of		Fair Value		Service Period
Per Share		PSUs		Per Share		(in years)
$	30.00		21,106	$	22.84-37.85		0.08-0.12
$	35.00		8,701	$	16.40-36.37		0.08-0.29
$	40.00		7,951	$	11.34-29.46		0.12-0.40
$	45.00		9,925	$	6.57-22.33		0.24-0.48
			47,683

Schedule of performance shares, outstanding activity

			Weighted
			Average
			Grant Date
	Number of		Fair Value
	Unvested PSUs		Per Share
Unvested balance as of January 1, 2025		597,117	$	16.03
Granted		47,683		20.61
Vested		(264,893)		17.35
Forfeited		—		—
Unvested balance as of December 31, 2025		379,907	$	15.69

Schedule of restricted stock unit awards activity

			Weighted
			Average
			Grant Date
	Number of		Fair Value
	Unvested RSUs		Per Share
Unvested balance as of January 1, 2025		15,175	$	24.71
Granted		29,855		25.12
Vested		(15,175)		24.71
Forfeited		—		—
Unvested balance as of December 31, 2025		29,855	$	25.12

Summary of stock-based compensation expense

The following table shows total stock-based compensation expense for stock options, PSUs, RSUs, and ESPP in the consolidated statements of operations (in thousands):

	Year Ended December 31,
	2025		2024
Equity-classified awards:	$	6,816	$	10,312
Liability-classified awards:		2,457		—
Total stock-based compensation expense	$	9,273	$	10,312