Stock Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

2021 Equity Incentive Plan

In April 2021, prior to the IPO closing, the Company’s board of directors and stockholders approved the 2021 Equity Incentive Plan, or the 2021 Plan, which became effective upon the IPO closing. The Company initially reserved 2,900,000 shares of common stock for issuance of share-based compensation awards, including incentive stock options, or ISOs, nonqualified stock options, or NSOs, stock appreciation rights, restricted stock units and other stock-based awards. ISOs may be granted only to Company employees (including officers and directors who are also employees).

Options under the 2021 Plan may be granted for periods of up to 10 years at exercise prices no less than the fair market value of the Company’s common stock on the date of grant; provided, however, that the exercise price of an ISO granted to a 10% stockholder may not be less than 110% of the fair market value of the shares on the date of grant and such option may not be exercisable after the expiration of five years from the date of grant. Vesting conditions determined by the plan administrator may apply to stock options and other stock-based awards and may

include continued service, performance and/or other conditions. Generally, options and restricted stock units vest over a three or four-year period.

In January 2026, the number of shares of common stock available for issuance under the 2021 Plan was increased by 1,342,990 shares as a result of the increase provision in the 2021 Plan.

A summary of shares available for grant under the 2021 Plan is as follows:


			Shares Available for Grant
Shares available for grant as of January 1, 2025			2,201,012
Authorized			1,507,251
Granted/Awarded			(1,260,643)
Canceled			212,222
Withheld for taxes			40,215
Shares available for grant as of December 31, 2025			2,700,057

2023 Inducement Plan

In July 2023, the Company’s Compensation Committee of the Board of Directors approved the 2023 Inducement Plan, or the Inducement Plan. The terms of the Inducement Plan are similar to the terms of the 2021 Plan with the exception that incentive stock options may not be issued under the Inducement Plan and awards under the Inducement Plan may only be issued to eligible recipients under the applicable Nasdaq rules. The Inducement Plan was adopted by the Compensation Committee without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The Company has initially reserved 380,424 shares of its common stock for issuance pursuant to awards granted under the Inducement Plan, and granted an option to purchase 380,424 shares of its common stock to its Chief Executive Officer, or CEO, as a material inducement for the CEO to join the Company.

A summary of stock option activity is set forth below:



	Number of Shares	Weighted-Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of January 1, 2025	2,368,208	$	6.01	7.27
Granted	486,422	$	11.14
Exercised	(199,638)	$	2.97
Canceled	(56,216)	$	11.27
Outstanding as of December 31, 2025	2,598,776	$	7.09	7.10	$	22,510
Vested and exercisable at December 31, 2025	1,791,602	$	5.71	6.39	$	18,027
Vested and expected to vest at December 31, 2025	2,598,776	$	7.09	7.10	$	22,510

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the fair value of the Company’s common stock for stock options that were in-the-money at period end. The total intrinsic value of stock options exercised was $2.2 million and $6.0 million during the years ended December 31, 2025 and December 31, 2024, respectively, determined at the date of each stock option exercise.

Employee Stock Purchase Plan

In April 2021, the Company adopted the 2021 Employee Stock Purchase Plan, or ESPP. The Company allows eligible employees to purchase shares of the Company's common stock through payroll deductions at a price equal to 85% of the lesser of the fair market value of the stock as of the first date or the ending date of each offering period, which is typically six months. There were 580,000 shares of common stock initially reserved for issuance

under the ESPP. In January 2026, the number of shares of common stock available for issuance under the ESPP was increased by 335,747 shares as a result of the automatic increase provision in the ESPP.

The Company issued 126,835 and 202,616 shares under the ESPP for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, 650,031 shares under the ESPP remain available for purchase. The offering period and purchase period are determined by the board of directors. A new offering period of six months has been authorized beginning December 7, 2025 through June 6, 2026.

Compensation expense is calculated using the fair value of the employees' purchase rights under the Black-Scholes model, which was estimated using the following assumptions:


	Year Ended December 31,
	2025	2024
Expected term (in years)	0.5	0.5
Expected volatility	79% - 81%	76% - 78%
Weighted average risk-free interest rate	3.69% - 4.32%	4.34% - 5.40%
Fair value of common stock	$12.93 - $16.43	$6.47 - $10.95
Dividend yield	—%	—%

Restricted Stock Units

Activity with respect to restricted stock units, or RSUs, is as follows:


	Number of Shares Underlying Outstanding RSUs	Weighted Average Grant Date Fair Value
Unvested, January 1, 2025	1,480,338	$	8.92
Granted	774,221	$	12.17
Vested	(920,717)	$	8.44
Canceled	(156,006)	$	9.02
Unvested, December 31, 2025	1,177,836	$	11.42

The fair value of RSUs is based on the Company’s closing stock price on the date of grant.

Stock-Based Compensation

The Company recognized stock-based compensation as follows:


	Year Ended December 31,
(in thousands)	2025		2024
Cost of goods sold	$	694	$	723
Sales and marketing	3,052		3,072
Research and development	3,406		3,270
General and administrative	3,937		3,217
Total stock-based compensation	$	11,089	$	10,282

The above stock-based compensation expense related to the following equity-based awards:


	Year Ended December 31,
(in thousands)	2025		2024
Stock options and RSUs	$	10,506	$	9,745
ESPP	583		537
Total stock-based compensation	$	11,089	$	10,282

As of December 31, 2025, the total unrecognized stock-based compensation expense related to unvested stock options and RSUs was $15.8 million, which will be amortized on a straight-line basis over a weighted average remaining period of 2.5 years.

As of December 31, 2025, the Company had unrecognized stock-based compensation expense relating to the ESPP awards of approximately $0.3 million, which is expected to be recognized over a weighted-average period of 0.4 years.

The total fair value of RSUs that vested during the years ended December 31, 2025 and December 31, 2024 was $8.1 million and $8.8 million, respectively. The options granted during the years ended December 31, 2025 and December 31, 2024 had a weighted average grant date fair value of $7.83 per share and $8.13 per share, respectively.

The Company estimated the fair value of stock options using the Black-Scholes option pricing model. The fair value of employee stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of employee stock options was estimated using the following assumptions for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
	2025	2024
Expected term (in years)	5.27 - 6.25	5.27 - 6.25
Expected volatility	77% - 81%	71% - 78%
Weighted average risk-free interest rate	3.96% - 4.47%	3.62% - 4.64%
Fair value of common stock	$10.04 - $17.87	$6.00 - $17.11
Dividend yield	—%	—%

The expected term of stock options represents the weighted-average period the stock options are expected to remain outstanding. The Company does not have sufficient historical exercise and post-vesting termination activity to provide accurate data for estimating the expected term of options and has opted to use the “simplified method,” whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option. The expected stock price volatility assumption was determined by a combination of the Company’s historical stock trading volatility and the historical volatilities of industry peers, as the Company does not have sufficient trading history to solely rely on the volatility of its common stock. The Company will continue to analyze the historical stock price volatility and expected term assumptions as more historical data for the Company’s common stock becomes available. The risk-free interest rate assumption is based on the U.S. Treasury instruments whose term was consistent with the expected term of the Company’s stock options. The expected dividend assumption is based on the Company’s history and expectation of not to declare and pay dividends.

The fair value of the Company’s common stock is determined based on its closing market price on the date of grant.

The Company accounts for forfeitures as they occur.