v3.26.1
Stock-Benefit Plans and Equity Transactions (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Based Compensation

The Company has stock-based compensation plans under which it grants stock options, restricted stock units ("RSUs"), and performance restricted stock units ("PRSUs") to officers, directors and third parties. Total stock-based compensation for the periods presented is as follows (in thousands):

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

Cost of sales

 

$

970

 

 

$

3,043

 

Research and development

 

 

4,001

 

 

 

3,644

 

Sales, general and administrative

 

 

18,688

 

 

 

15,631

 

Total

 

$

23,659

 

 

$

22,318

 

 

Schedule of Assumptions used to Estimate Fair Value of Stock Options Granted and Stock Purchase Rights under ESPP

The Company estimates the fair value of shares issued to employees under the ESPP using the Black-Scholes option-pricing model. The assumptions used to estimate the fair value of stock options granted and stock purchase rights under the ESPP are as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

Risk-free interest rate

 

 

3.81

%

 

4.44%

 

Expected dividend yield

 

 

 

 

 

 

Expected term (years)

 

 

0.50

 

 

 

0.50

 

Volatility

 

 

55.85

%

 

 

91.91

%

Summary of All Outstanding Warrants for Common Stock

A summary of all outstanding warrants for common stock as of March 31, 2026, is as follows (in thousands, except for strike price data):

 

 

 

Number of
Warrants

 

 

Strike Price

 

Expiration

2018 Squadron Medical Warrants

 

 

845

 

 

$

3.15

 

May 2027

2019 Squadron Medical Warrants

 

 

4,839

 

 

$

2.17

 

May 2027

2020 Squadron Medical Warrants

 

 

1,076

 

 

$

4.88

 

May 2027

Executive Warrants

 

 

1,327

 

 

$

5.00

 

December 2026

Other1

 

 

90

 

 

$

12.15

 

Various through December 2030

Total

 

 

8,177

 

 

 

 

 

(1)
Weighted-average strike price.