Stock Option Plan and Stock-Based Compensation (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2026 |
Dec. 31, 2025 |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
| Summary of Effects of Stock-Based Compensation |
The following table summarizes the effects of stock-based compensation on cost of sales, research and development, and sales, general and administrative expenses granted under the Plans (in thousands) for the three months ended March 31, 2026 and 2025:
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| |
|
Three months
ended March 31, |
|
| |
|
|
|
|
|
|
Cost of sales |
|
$ |
187 |
|
|
$ |
60 |
|
Research and development |
|
$ |
1,518 |
|
|
|
389 |
|
Sales, general and administrative |
|
$ |
1,657 |
|
|
|
402 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
3,362 |
|
|
$ |
851 |
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Shares Available for Issuance |
The following table summarizes the activity in total shares of common stock available for issuance under the 2025 Plan:
|
|
|
|
|
| |
|
Shares
Available
for Grant |
|
Balance, January 1, 2026 |
|
|
391,507 |
|
Shares added |
|
|
915,846 |
|
Granted |
|
|
(640,736 |
) |
Forfeited |
|
|
41,380 |
|
|
|
|
|
|
Balance, March 31, 2026 |
|
|
707,997 |
|
|
|
|
|
|
|
|
| Schedule of Fair Values of Options Granted Using Black-Scholes Valuation Model Assumptions |
|
The fair value for the Company’s options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:
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| |
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| |
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|
|
|
|
|
Risk-free interest rate |
|
|
4.16 |
% |
|
|
4.16 |
% |
Expected life of the options |
|
|
6.07 years |
|
|
|
5.47 years |
|
Dividend rate |
|
|
0 |
% |
|
|
0 |
% |
Volatility |
|
|
64.16 |
% |
|
|
54.51 |
% |
Fair value per share of common stock |
|
$ |
16.80 |
|
|
$ |
12.60 |
|
|
| Summary of Outstanding Options Vesting, Expected to Vest, or Exercisable |
|
Additional information regarding outstanding options that are vesting, expected to vest, or exercisable as of December 31, 2025, is as follows:
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| |
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|
Weighted-
Average
Price
Per Share |
|
|
Weighted-
Average
Exercise Price |
|
|
Weighted-
Average
Remaining
Contractual
Life (Years) |
|
Options outstanding at December 31, 2023 |
|
|
1,760,984 |
|
|
$ |
7.28 |
|
|
$ |
14.84 |
|
|
|
6.03 |
|
Options granted |
|
|
1,377,527 |
|
|
$ |
10.58 |
|
|
$ |
12.58 |
|
|
|
— |
|
Options exercised |
|
|
(78,374 |
) |
|
$ |
8.57 |
|
|
$ |
10.90 |
|
|
|
— |
|
Options forfeited |
|
|
(831,282 |
) |
|
$ |
0.47 |
|
|
$ |
22.95 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at December 31, 2024 |
|
|
2,228,855 |
|
|
$ |
7.83 |
|
|
$ |
10.65 |
|
|
|
6.23 |
|
Options granted |
|
|
165,349 |
|
|
$ |
10.47 |
|
|
|
17 |
|
|
|
|
|
Options exercised |
|
|
(117,955 |
) |
|
$ |
5.14 |
|
|
|
7 |
|
|
|
|
|
Options forfeited |
|
|
(34,639 |
) |
|
$ |
12.69 |
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at December 31, 2025 |
|
|
2,241,610 |
|
|
$ |
8.10 |
|
|
$ |
11.27 |
|
|
|
5.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested and expected to vest |
|
|
2,241,610 |
|
|
$ |
8.10 |
|
|
$ |
11.27 |
|
|
|
5.72 |
|
Exercisable |
|
|
1,935,280 |
|
|
$ |
7.97 |
|
|
$ |
10.81 |
|
|
|
5.24 |
|
|
| Summary of Restricted Stock Units ("RSU") Activity |
A summary of restricted stock units (“RSU”) activity under the 2020 Plan and 2025 Plan are as follows:
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|
|
|
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|
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| |
|
|
|
|
Weighted-
Average
Grant Date
Fair Value
Per Share |
|
| |
|
|
|
|
|
|
RSUs outstanding at December 31, 2025 |
|
|
185,243 |
|
|
|
1,312,093 |
|
|
$ |
27.77 |
|
RSUs granted |
|
|
— |
|
|
|
640,736 |
|
|
$ |
28.65 |
|
RSUs exercised/released |
|
|
(76,427 |
) |
|
|
— |
|
|
$ |
16.67 |
|
RSUs cancelled and forfeited |
|
|
(13,393 |
) |
|
|
(41,380 |
) |
|
$ |
25.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RSUs outstanding at March 31, 2026 |
|
|
95,423 |
|
|
|
1,911,449 |
|
|
$ |
28.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
A summary of RSU activity under the 2020 and 2025 Plans are as follows:
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|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Weighted-
Average
Grant Date Fair
Value
Per Share |
|
| |
|
|
|
|
|
|
RSUs outstanding at December 31, 2024 |
|
|
113,816 |
|
|
|
— |
|
|
$ |
15.36 |
|
RSUs granted |
|
|
71,427 |
|
|
|
1,364,422 |
|
|
$ |
28.82 |
|
RSUs cancelled and forfeited |
|
|
— |
|
|
|
(52,329 |
) |
|
$ |
29.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RSUs outstanding at December 31, 2025 |
|
|
185,243 |
|
|
|
1,312,093 |
|
|
$ |
27.77 |
|
|
| 2010 and 2020 Plans |
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
| Summary of Shares Available for Issuance |
|
The following table summarizes the activity in total shares of common stock available for issuance under the 2010 and 2020 Plans, reflecting the impact of the Stock Split:
|
|
|
|
|
| |
|
Shares
Available
for Grant |
|
Balance, January 1, 2024 |
|
|
421,280 |
|
Shares added |
|
|
625,571 |
|
Granted |
|
|
(680,690 |
) |
Forfeited |
|
|
31,493 |
|
|
|
|
|
|
Balance, December 31, 2024 |
|
|
397,654 |
|
|
|
|
|
|
Shares added |
|
|
— |
|
Granted |
|
|
(236,785 |
) |
Forfeited |
|
|
32,793 |
|
Cancelled |
|
|
(193,662 |
) |
|
|
|
|
|
Balance, December 31, 2025 |
|
|
— |
|
|
|
|
|
|
|
| 2025 Equity Incentive Plan |
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
| Summary of Shares Available for Issuance |
|
The following table summarizes the activity in total shares available for issuance under the 2025 Plan:
|
|
|
|
|
| |
|
Shares
Available
for Grant |
|
Balance, January 1, 2024 |
|
|
— |
|
Shares added |
|
|
— |
|
Granted |
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
|
|
|
Balance, December 31, 2024 |
|
|
— |
|
|
|
|
|
|
Shares added |
|
|
1,703,600 |
|
Granted |
|
|
(1,364,422 |
) |
Forfeited |
|
|
52,329 |
|
|
|
|
|
|
Balance, December 31, 2025 |
|
|
391,507 |
|
|
|
|
|
|
|