v3.25.4
STOCKHOLDERS' EQUITY (DEFICIT) (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Arrangement, Cost by Plan
Stock-based compensation expense was as follows:
($ in millions)20252024
Restricted stock units$2.8 $3.9 
Options(0.7)0.7 
Total stock-based compensation$2.1 $4.6 
Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity
RSU activity was as follows:
Number of
RSUs		Weighted
-Average Grant
Date Fair Value
Unvested at December 31, 2024647,555$4.94 
Granted2,599,3821.90 
Vested(494,375)3.92 
Forfeited(216,829)3.05 
Unvested at December 31, 20252,535,733$2.18 
Schedule of Common Stock Warrants Assumptions
The assumptions used to estimate the fair value of grants with market performance hurdles were as follows:
20252024
Stock price hurdles for vesting(1)
$11.00 to $23.00
$12.00 to $22.00
Fair value price per share
$0.58
$3.91
Volatility90.0%90.0%
Expected term (years)3.03.0
Risk-free interest rate3.8%4.4%
Dividend yield——
(1) In order for the award to vest, the value of Class B common stock must reach and remain at or above the threshold price for a period of 20 days for the 2025 grants and 30 days for the 2024 grants (in addition to recipient remaining an employee and other terms of the grant agreements).
Schedule of Option Activity
The following is a summary of the Options (including Performance Options) activity:
Number of
Options		Weighted
Average
Exercise Price		Weighted-Average
Remaining
Contractual
Life (in years)
Aggregate
Intrinsic Value ($ in millions)
Outstanding at December 31, 2024825,325$5.88 9.0$— 
Options granted—— — — 
Options exercised—— — — 
Options forfeited or expired(825,125)5.85 — — 
Outstanding at December 31, 2025200$81.60 3.6$— 
Vested / exercisable at December 31, 2025200$81.60 3.6$— 
Unvested as of December 31, 2025—$— — $— 
Schedule of Warrants Classified As Equity, And Incremental Fair Value Of New Warrants These warrants were classified as equity, and the incremental fair value of the New Warrants, which was recorded as additional paid-in capital, was determined to be $1.1 million higher than the Old Warrants using the Black-Scholes option pricing model with the following assumptions as of the valuation date:
New WarrantsOld Warrants
Strike price
see note(1)
$11.09 
Stock price on valuation date$2.00$2.00
Volatility90.0%90.0%
Expected term (years)53
Risk-free interest rate3.9%3.7%
Annual variance81.0%81.0%
Dividend yield——
(1) The strike price for the new warrants was estimated using a Monte Carlo simulation, as the actual exercise price was not yet known as of the valuation date (i.e., the lesser of $11.09 or a 25% premium to the volume-weighted average price of the Company’s Class B common stock over trading days that extended beyond the valuation date).