v3.26.1
Equity Incentive Plans (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Option Activity

The following table summarizes stock option activity under the 2021 Plan during the periods presented:

 

 

 

Number of
Shares

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average
Contractual
 Term (in years)

 

 

Aggregate Intrinsic Value
(in thousands)

 

Balances as of December 31, 2025

 

 

3,063,476

 

 

$

10.88

 

 

 

5.5

 

 

$

3,114

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Forfeited/cancelled

 

 

(49,593

)

 

 

11.96

 

 

 

 

 

 

 

Exercised/released

 

 

(69,218

)

 

 

1.43

 

 

 

 

 

 

 

Balances as of March 31, 2026

 

 

2,944,665

 

 

$

11.09

 

 

 

5.5

 

 

$

954

 

Vested and exercisable as of March 31, 2026

 

 

2,800,585

 

 

$

11.23

 

 

 

5.4

 

 

$

908

 
Share-based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes RSU activity under the 2021 Plan during the periods presented:

 

 

Number of
Shares

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Outstanding, December 31, 2025

 

 

4,048,888

 

 

$

4.4

 

Granted

 

 

1,953,870

 

 

 

6.4

 

Forfeited/cancelled

 

 

(19,125

)

 

 

4.1

 

Vested

 

 

(471,069

)

 

 

9.6

 

Outstanding, March 31, 2026

 

 

5,512,564

 

 

$

4.9

 
Summary of Stock-Based Compensation Expense by Function

The following is a summary of stock-based compensation expense by function (in thousands):

 

 

Three Months Ended
March 31,

 

 

 

2026

 

 

2025

 

Cost of goods sold

 

$

121

 

 

$

115

 

Research and development

 

 

276

 

 

 

785

 

Selling, general and administrative

 

 

2,456

 

 

 

3,343

 

Total stock-based compensation expense

 

$

2,853

 

 

$

4,243

 
2021 Employee Stock Purchase Plan  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options

The grant date fair value of shares issuable under the ESPP was calculated using the Black-Scholes valuation model using the following assumptions:

 

 

 

Three Months Ended
March 31,

 

 

2026

 

2025

Expected term (in years)

 

0.49

 

0.49

Expected volatility

 

84.10%

 

72.80%

Risk-free interest rate

 

3.83%

 

4.47%

Dividend yield

 

–

 

–