Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

The following summarizes stock option activity for the Company for the three months ended March 31, 2026:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025		3,151,787		$	6.26		8.3	$	21,526
Granted		34,645			12.46
Exercised		(537,669	)		0.81
Forfeited		(123,112	)		8.56
Outstanding at March 31, 2026		2,525,651		$	7.39		8.6	$	9,453
Vested and Exercisable at March 31, 2026		800,234		$	3.86		7.2	$	4,329

Summary of Assumptions Used in Estimating Grant Date Fair Value of Stock Options under Option Pricing Method

The grant date fair value of the options is determined using an option pricing model. The assumptions that were used in estimating the grant date fair value of stock options under the option pricing method for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
	2026			2025
Expected stock price volatility (1)		50.4	%		43.7	%
Risk-free interest rate (2)		3.63	%		4.41	%
Expected annual dividend yield (3)		0.0	%		0.0	%
Expected term (years) (4)		5.50			5.99

(1)

Based on the median stock price volatility for peer public companies over a historic timeframe similar to the expected term, with adjustments for differences in size and capital structure.

(2)

Based on the U.S. Treasury yield curve in effect as of the valuation date.

(3)

The Company has not paid and does not currently anticipate paying a cash dividend on its common stock.

(4)

The expected term of stock options granted to employees represents the weighted average period the stock options are expected to be outstanding. The Company uses the simplified method for estimating the expected term, which calculates the expected term as the average time-to-vesting and the contractual life of the options for stock options issued to employees and non-employees.

Summary of RSU activity

The following summarizes the RSU activity for the Company for the three months ended March 31, 2026:


	Number of RSUs			Weighted Average Grant Date Fair Value
Non-vested - December 31, 2025		69,332		$	15.00
Granted		836,105		$	12.82
Forfeited		(19,040	)	$	12.84
Non-vested - March 31, 2026		886,397		$	12.99

Summary of Fair Value Assumptions


TSR-Based PSUs Granted January 2026 - Monte Carlo Simulation Model
Stock price - on grant date	$	12.84
Risk-free rate		3.65	%
Expetected term	2.9 years
Equity volatility rate		55	%

Summary of PSU activity

The following summarizes the PSU activity for the Company for the three months ended March 31, 2026:


	Number of PSUs (1)		Weighted Average Grant Date Fair Value
Non-vested - December 31, 2025		112,478	$	3.14
Granted		554,250	$	11.57
Non-vested - March 31, 2026		666,728	$	10.15

(1)

PSUs are presented at the maximum 200% of target. Actual shares issued for PSUs may range from 0% to 200% of target based on achievement of applicable performance and market conditions.

Summary of Compensation Cost Included in Condensed Statements of Operations and Comprehensive Loss

The compensation cost that has been included in the Company’s condensed statements of operations and comprehensive loss for all stock-based compensation arrangements is detailed as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
General and administrative	$	744	$	72
Research and development		508		57
Sales and marketing		360		46
Cost of sales		17		—
Total	$	1,629	$	175