Share-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Restricted Share Activity, Excluding Company's Employee Stock Purchase Plan |
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Number of
shares |
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Weighted
average
grant
date fair
value |
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| Unvested at December 31, 2024 |
503,894 |
|
|
$ |
8.55 |
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| Granted |
228,539 |
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|
6.12 |
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| Vested |
(95,335) |
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|
9.44 |
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| Vested shares forgone to satisfy minimum statutory withholding |
(53,440) |
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|
9.44 |
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| Forfeitures |
(73,444) |
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|
7.18 |
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| Unvested at September 30, 2025 |
510,214 |
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$ |
7.40 |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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| Weighted average grant date fair value of awards granted |
$ |
10.78 |
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$ |
6.90 |
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$ |
6.12 |
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$ |
7.51 |
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| Total fair value of shares vested |
$ |
— |
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|
$ |
2,636 |
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|
$ |
678,591 |
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|
$ |
750,298 |
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| Total fair value of shares forgone to satisfy minimum statutory withholding |
$ |
— |
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|
$ |
814 |
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|
$ |
380,389 |
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$ |
465,020 |
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| Schedule of Performance-Based Restricted Stock Units |
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Number of
shares |
|
Weighted
average
grant
date fair
value |
|
|
|
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| Unvested at December 31, 2024 |
189,221 |
|
|
$ |
7.92 |
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| Granted |
364,905 |
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|
5.70 |
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| Vested |
(30,325) |
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|
3.19 |
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| Vested shares forgone to satisfy minimum statutory withholding |
(19,675) |
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|
3.19 |
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| Forfeitures |
(121,324) |
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|
9.17 |
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| Unvested at September 30, 2025 |
382,802 |
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$ |
6.03 |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
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| Weighted average grant date fair value of awards granted |
$ |
5.70 |
|
|
$ |
— |
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|
$ |
5.70 |
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|
$ |
5.69 |
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| Total fair value of shares vested |
$ |
96,737 |
|
|
$ |
— |
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|
$ |
96,737 |
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|
$ |
83,862 |
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| Total fair value of shares forgone to satisfy minimum statutory withholding |
$ |
62,763 |
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$ |
— |
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|
$ |
62,763 |
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$ |
67,137 |
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| Schedule of Share-based Payment Arrangement, Option, Activity |
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| 2014 Plan (Options) |
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Number
of Authorized
Shares |
|
Weighted-
Average Exercise
Price |
|
Weighted-
Average
Remaining
Contractual Term (in Years) |
|
Aggregate
Intrinsic Value |
| Outstanding at December 31, 2024 |
|
535,667 |
|
|
$ |
7.00 |
|
|
3.57 |
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$ |
1,588,137 |
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| Exercised |
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(49,259) |
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|
2.59 |
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| Exercised shares forgone to satisfy minimum statutory withholding |
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(27,852) |
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|
2.58 |
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| Shares tendered for cashless exercise |
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(32,889) |
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|
2.53 |
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| Forfeitures and expirations |
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(75,750) |
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|
8.34 |
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| Outstanding at September 30, 2025 |
|
349,917 |
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$ |
8.09 |
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|
3.85 |
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$ |
1,228,854 |
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| Exercisable at September 30, 2025 |
|
349,917 |
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$ |
8.09 |
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|
3.85 |
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$ |
1,228,854 |
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| 2021 Plan (Options) |
|
Number
of Authorized
Shares |
|
Weighted-
Average Exercise
Price |
|
Weighted-
Average
Remaining
Contractual Term (in Years) |
|
Aggregate
Intrinsic Value |
| Outstanding at December 31, 2024 |
|
1,840,786 |
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|
$ |
8.93 |
|
|
8.54 |
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$ |
1,504,894 |
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| Granted |
|
869,421 |
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|
6.04 |
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| Exercised |
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(12,549) |
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|
8.22 |
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| Exercised shares forgone to satisfy minimum statutory withholding |
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(177,214) |
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|
8.39 |
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| Shares tendered for cashless exercise |
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(14,356) |
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|
7.09 |
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| Forfeitures and expirations |
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(236,755) |
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|
8.06 |
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| Outstanding at September 30, 2025 |
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2,269,333 |
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$ |
7.98 |
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|
8.45 |
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$ |
6,671,470 |
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| Exercisable at September 30, 2025 (a) |
|
895,560 |
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|
$ |
9.94 |
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|
7.46 |
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$ |
1,659,002 |
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| Schedule of Share-based Compensation Expense Based on Fair Value of Options |
The following is the average fair value per share estimated on the date of grant and the assumptions used for options granted:
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| Stock Options: |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
| Expected volatility |
|
—% |
|
—% |
|
46% to 50% |
|
46% to 51% |
| Risk free interest rate |
|
—% |
|
—% |
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3.87% to 4.01% |
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4.25% to 4.60% |
| Expected lives at date of grant (in years) |
|
0.00 |
|
0.00 |
|
4.27 |
|
4.08 |
| Weighted average fair value of options granted |
|
$— |
|
$— |
|
$2.73 |
|
$2.95 |
| Total intrinsic value of options exercised |
|
$836,616 |
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$— |
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$926,116 |
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$312,195 |
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