Stock-based compensation (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Schedule of Stock Option Activity |
The following is a summary of stock option activity: | | | | | | | | | | | | | | Weighted | | | | | | Number | | Average | | Aggregate | | | of | | Exercise | | Intrinsic | | | Options | | Price | | Value | | | | | | | | (in thousands) | Balance as of December 31, 2025 | | 5,834,448 | | $ | 11.96 | | $ | | 2,459 | Granted | | 1,055,100 | | | 8.16 | | | | | Cancelled / Forfeited | | (53,549) | | | 15.29 | | | | | Exercised | | (36,500) | | | 0.89 | | | | | Balance as of March 31, 2026 | | 6,799,499 | | $ | 11.41 | | $ | | 8,256 | Options exercisable as of March 31, 2026 | | 4,002,540 | | $ | 11.54 | | $ | | 5,787 |
|
| Schedule of RSU Activity |
| | | | | | | | | | | | | | Weighted | | | | | | Number | | Average | | Aggregate | | | of | | Grant Date | | Intrinsic | | | RSUs | | Fair Value | | Value | | | | | | | | (in thousands) | Unvested Balance as of December 31, 2025 | | 383,268 | | $ | 12.11 | | $ | | 2,721 | Granted | | 622,555 | | | 8.16 | | | | | Vested | | (80,660) | | | 12.96 | | | | | Cancelled / Forfeited | | (2,865) | | | 10.45 | | | | | Unvested Balance as of March 31, 2026 | | 922,298 | | $ | 9.37 | | $ | | 8,725 |
|
| Schedule of PSU Activity |
| | | | | | | | | | | | | | Weighted | | | | | | Number | | Average | | Aggregate | | | of | | Grant Date | | Intrinsic | | | PSUs | | Fair Value | | Value | | | | | | | | (in thousands) | Unvested Balance as of December 31, 2025 | | — | | $ | — | | $ | | — | Granted | | 602,000 | | | 8.16 | | | | | Vested | | — | | | — | | | | | Cancelled / Forfeited | | — | | | — | | | | | Unvested Balance as of March 31, 2026 | | 602,000 | | $ | 8.16 | | $ | | 5,695 |
|
| Recognized Stock-Based Compensation Expense |
The following table presents the components and classification of stock-based compensation expense for the periods indicated: | | | | | | | | | Three months ended | | | March 31, | (in thousands) | | 2026 | | 2025 | Options | | $ | 2,231 | | $ | 2,214 | RSUs | | | 395 | | | 92 | PSUs | | | 192 | | | — | Employee Stock Purchase Plan | | | 98 | | | 149 | Total stock-based compensation expense | | $ | 2,916 | | $ | 2,455 | | | | | | | | Selling, general & administrative | | $ | 2,576 | | $ | 2,255 | Research & development | | | 308 | | | 165 | Cost of goods sold | | | 32 | | | 35 | | | $ | 2,916 | | $ | 2,455 |
|
| ESPP |
|
| Schedule of Assumptions Used to Determine the Grant-Date Fair Value |
The following table provides the weighted average fair value of ESPP purchase rights and the related assumptions used in the Black-Scholes option pricing model for the three months ended March 31, 2026 and 2025: | | | | | | | | | | | March 31, | | | | | 2026 | | | | 2025 | | Weighted average fair value per ESPP purchase right | | $ | — | | | $ | — | | Expected term (in years) | | | 0.5 | | | | 0.5 | | Expected volatility | | | 61.1 | % | | | 112.3 | % | Expected dividend yield | | | — | % | | | — | % | Risk-free interest rate | | | 3.58 | % | | | 4.25 | % |
|
| Employee Stock Option |
|
| Schedule of Assumptions Used to Determine the Grant-Date Fair Value |
The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes option pricing model for the three months ended March 31, 2026 and 2025: | | | | | | | | | | | March 31, | | | | | 2026 | | | | 2025 | | Weighted average fair value of options granted | | $ | 6.50 | | | $ | 10.44 | | Expected term (in years) — non-officer employees | | | 6.1 | | | | 5.5 to 6.1 | | Expected term (in years) — officer employees | | | 6.1 | | | | 6.1 | | Expected volatility | | | 98.5% to 99.1 | % | | | 95.0% to 96.5 | % | Expected dividend yield | | | — | % | | | — | % | Risk-free interest rate | | | 3.72% to 4.11 | % | | | 4.09% to 4.47 | % |
|