v3.26.1
Stock Plan (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense

For the three months ended March 31, 2026 and 2025, the Company recorded stock-based compensation expense as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Cost of product revenue

 

$

 

14

 

 

$

 

8

 

Cost of service and other revenue

 

 

 

22

 

 

 

 

13

 

Research and development

 

 

 

392

 

 

 

 

229

 

Selling, general and administrative

 

 

 

1,039

 

 

 

 

369

 

Total stock-based compensation expense

 

$

 

1,467

 

 

$

 

619

 

 
Summary of Stock Option Activity

Stock option activity for the three months ended March 31, 2026 was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate

 

 

 

 

 

 

Exercise

 

 

Remaining

 

 

intrinsic

 

 

 

Options

 

 

price per

 

 

contractual

 

 

value

 

 

 

outstanding

 

 

share

 

 

life (in years)

 

 

(in thousands)

 

Balance outstanding, December 31, 2025

 

 

5,842,551

 

 

$

3.18

 

 

 

8.27

 

 

$

25,767

 

Options granted

 

 

1,433,765

 

 

$

7.59

 

 

 

 

 

 

 

Options exercised

 

 

(824,237

)

 

$

2.85

 

 

 

 

 

 

 

Options cancelled/forfeited/expired

 

 

(14,832

)

 

$

3.78

 

 

 

 

 

 

 

Balance outstanding, March 31, 2026

 

 

6,437,247

 

 

$

4.21

 

 

 

8.37

 

 

$

56,256

 

Vested and expected to vest at March 31, 2026

 

 

6,785,106

 

 

$

4.16

 

 

 

8.39

 

 

$

59,223

 

Exercisable at March 31, 2026

 

 

3,318,094

 

 

$

2.97

 

 

 

7.60

 

 

$

29,512

 
Summary of Estimated Fair Value of Stock Options Granted Under Weighted-Average Assumptions

The Company estimated the fair value of stock options granted during the three months ended March 31, 2026 and 2025, using the Black-Scholes option pricing model with the following weighted-average assumptions:

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

2025

 

Expected dividend yield

 

 

0.0

 

%

 

 

0.0

 

%

 

Risk-free interest rate

 

 

3.87

 

%

 

 

4.45

 

%

 

Expected volatility

 

 

68.3

 

%

 

 

83.1

 

%

 

Expected term (in years)

 

 

6.0

 

 

 

 

6.0

 

 

 
Summary of Stock Activity for Grants of Restricted Stock Awards

Stock activity during the three months ended March 31, 2026 for grants of restricted stock awards (“RSAs”) to employees outside of the Stock Plan was as follows:

 

 

 

 

 

 

Weighted-

 

 

 

RSAs

 

 

average

 

 

 

outstanding

 

 

grant date FV

 

Balance outstanding, December 31, 2025

 

 

34,877

 

 

$

4.18

 

RSAs vested

 

 

(5,583

)

 

 

 

Balance outstanding, March 31, 2026

 

 

29,294

 

 

$

4.18