v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity
9.
Stockholders’ Equity

Stock Option and Incentive Plans

Under the Company’s current 2018 Stock Option and Incentive Plan (the “2018 Plan”), the number of shares of the Company’s common stock that were reserved and available for issuance was 2,778,000, plus the number of shares of common stock that were available for issuance under the Company’s previous equity plans. The shares of common stock underlying any awards under the 2018 Plan and previous equity plans (together, the “Plans”) that are forfeited, canceled or otherwise terminated (other than by exercise) shall be added back to the shares of stock available for issuance under the 2018 Plan. At June 30, 2026, there were 932,792 shares available for future grants under the 2018 Plan.

Stock Issued for Earnout Payments

In April 2025, the Company issued 52,935 shares of its common stock to former securityholders of Avitide to satisfy the final contingent consideration obligation established under the Agreement and Plan of Merger and Reorganization (the “Avitide Agreement”) which the Company entered into as part of the acquisition of Avitide in September 2021.

In April 2025, the Company issued 5,517 shares of its common stock to former securityholders of FlexBiosys, Inc. (“FlexBiosys”) to satisfy the final contingent consideration obligation established under the Equity Purchase Agreement (the “FlexBiosys Agreement”), which the Company entered into as part of the acquisition of FlexBiosys in April 2023.

Stock-Based Compensation

The following table presents stock-based compensation expense in the Company’s condensed consolidated statements of comprehensive income or loss:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(Amounts in thousands)

 

Cost of goods sold

 

$

377

 

 

$

612

 

 

$

981

 

 

$

1,166

 

Research and development

 

 

1,008

 

 

 

1,440

 

 

 

2,315

 

 

 

2,510

 

Selling, general and administrative

 

 

6,628

 

 

 

6,323

 

 

 

13,039

 

 

 

11,972

 

Total stock-based compensation

 

$

8,013

 

 

$

8,375

 

 

$

16,335

 

 

$

15,648

 

 

Stock Options

Information regarding option activity for the six months ended June 30, 2026 under the Plans is summarized below:

 

 

Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(in Years)

 

 

Aggregate
Intrinsic
Value
(in Thousands)

 

Options outstanding at December 31, 2025

 

 

563,273

 

 

$

108.18

 

 

 

5.17

 

 

$

34,877

 

Granted

 

 

73,781

 

 

 

119.57

 

 

 

 

 

 

 

Exercised

 

 

(2,434

)

 

 

38.76

 

 

 

 

 

$

212

 

Forfeited/expired/cancelled

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Options outstanding at June 30, 2026

 

 

634,620

 

 

$

109.77

 

 

 

5.24

 

 

$

26,317

 

Options exercisable at June 30, 2026

 

 

440,643

 

 

$

104.56

 

 

 

4.17

 

 

$

21,661

 

Vested and expected to vest at June 30, 2026 (1)

 

 

628,121

 

 

$

109.47

 

 

 

5.20

 

 

$

26,272

 

(1) Represents the number of vested options as of June 30, 2026 plus the number of unvested options expected to vest as of June 30, 2026 based on the unvested outstanding options at June 30, 2026 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their options on June 30, 2026. The aggregate intrinsic value of stock options exercised was $0.2 million and $2.6 million during the six months ended June 30, 2026, and 2025, respectively.

The weighted average grant date fair value of options granted during the six months ended June 30, 2026 and 2025 was $62.76 and $73.61, respectively.

Stock Units

The fair value of stock units is calculated using the closing price of the Company’s common stock on the date of grant. The Company recognizes expense on awards with service-based vesting over the employee’s requisite service period on a straight-line basis. The Company recognizes expense on performance-based awards subject to market conditions over the employee’s requisite service period on a straight-line basis, while performance-based awards subject to financial performance conditions are recognized over the vesting period based on the probability that the performance metrics will be achieved. Information regarding stock unit activity, which includes activity for restricted stock units and performance stock units, for the six months ended June 30, 2026 under the Plans is summarized below:

 

 

Shares

 

 

Weighted Average
Grant Date
Fair Value

 

 

Unvested at December 31, 2025

 

 

555,047

 

 

$

152.80

 

 

Awarded

 

 

257,470

 

 

 

127.37

 

 

Vested

 

 

(151,006

)

 

 

151.83

 

 

Forfeited/cancelled

 

 

(69,802

)

 

 

153.13

 

 

Unvested at June 30, 2026

 

 

591,709

 

 

$

141.32

 

 

Vested and expected to vest at June 30, 2026 (1)

 

 

547,266

 

 

$

141.74

 

 

(1) Represents the number of vested stock units as of June 30, 2026 plus the number of unvested stock units expected to vest as of June 30, 2026 based on the unvested outstanding stock units at June 30, 2026 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees.

The aggregate intrinsic value of stock units vested during the six months ended June 30, 2026 and 2025 was $19.0 million and $18.7 million, respectively.

The weighted average grant date fair value of stock units granted during the six months ended June 30, 2026 and 2025 was $127.37 and $146.93, respectively.

As of June 30, 2026, there was $76.9 million of total unrecognized compensation cost, inclusive of stock options and stock units, related to unvested share-based awards. This cost is expected to be recognized over a weighted average remaining requisite service period of 2.79 years.