In 2015, the Company adopted a stock incentive plan (the Plan) under which it may grant stock options, stock appreciation rights, stock awards, restricted stock units, performance awards or other stock-based awards.

Share-based compensation expense is recognized on a straight-line basis, over the applicable vesting period. Total share-based compensation expense for the three months ended March 31, 2026 and March 31, 2025 was $2.3 million and $0.8 million, respectively. This is recognized in the consolidated statement of operations as follows: $0.4 million in direct cost of sales, $0.9 million in research and development, and $1.0 million in selling, general and administrative expenses for the three months ended March 31, 2026 and $0.1 million in direct cost of sales, $0.4 million in research and development, and $0.3 million in selling, general and administrative expenses for the three months ended March 31, 2025.


	Number of Options	Weighted-Average Exercise Price
Outstanding at January 1, 20261	12,868,649	$	2.78
Granted	2,032,227	11.42
Exercised	1,144,992	2.07
Forfeited	331,362	4.48
Expired	14,650	3.05
Outstanding at March 31, 2026	13,409,872	$	4.11

(1)The January 1, 2026 balance has been adjusted from previously reported amounts to reflect an immaterial reduction of 377,671 options. This adjustment did not have a material impact on the Company's previously issued consolidated financial statements or share-based compensation expense.


	Number of Options	Weighted-Average Exercise Price
Outstanding at January 1, 2026	1,428,951	$	2.65
Granted	—	—
Exercised	106,563	3.08
Forfeited	—	—
Expired	—	—
Outstanding at March 31, 2026	1,322,388	$	2.61

As of March 31, 2026, there was $22.5 million of unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Plan, expected to be recognized over a weighted average remaining period of 2.9 years.

In September 2025, the Board awarded and issued 182,786 RSUs at a grant date value of $4.65 per share, and in the first quarter of 2026 the Board awarded and issued an additional 1,120,052 RSUs at a grant date value of $17.66 per share . These RSUs contain a four-year ratable vesting from the grant date and are contingent based upon either an initial public offering or a change of control occurring within the next five years from the grant date. As the RSUs vest based upon an initial public offering or change of control event, no amounts were expensed for the three months ended March 31, 2026 (refer to Note 1 - Nature of Business and Basis of Presentation). There were no forfeitures or expired units related to these awards during the three months ended March 31, 2026. The total unrecognized compensation related to these RSUs was $13.6 million as of March 31, 2026.