The Company’s 2016 Stock Incentive Plan, as amended (the “2016 Plan”), previously provided for the grant of stock options and restricted stock awards to employees, officers, directors and consultants. Following the adoption of the 2025 Equity Incentive Plan in connection with the Company’s IPO in January 2025, no further awards are granted under the 2016 Plan. Outstanding awards previously granted under the 2016 Plan continue to be governed by their original terms.

The Company maintains the 2025 Equity Incentive Plan (the “2025 Plan”), which became effective in January 2025. The 2025 Plan provides for the grant of incentive stock options, restricted stock units and other equity-based awards to employees, directors and

consultants. The 2025 Plan replaced the 2016 Plan, and no further awards are granted under the 2016 Plan. A total of 12,016,744 shares of common stock were initially reserved for issuance under the 2025 Plan. As of June 30, 2026, 14,234,787 shares of common stock were reserved for issuance under the 2025 Plan.

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted:


	Six Months Ended June 30,
	2026			2025
Weighted average grant date fair value per share	$	8.00		$	13.99
Risk-free interest rate		3.65	%		4.26	%
Expected term (in years)		5.84			5.97
Expected volatility		70.55	%		96.84	%
Expected dividend yield		0	%		0	%

The following table summarizes stock option activity for the six months ended June 30, 2026:


						Weighted-
				Weighted- Average		Average Remaining		Aggregate
	Number of Options			Exercise Price		Contractual Term		Intrinsic Value
						(in years)		(in thousands)
Outstanding at December 31, 2025		6,453,036		$	9.87		7.4	$	141,925
Granted		817,846		$	12.37
Exercised		(224,900	)	$	5.55
Forfeited or cancelled		(132,455	)	$	14.06
Expired		—		$	—
Outstanding at June 30, 2026		6,913,527		$	10.23		7.2	$	40,962
Vested and expected to vest at June 30, 2026		6,913,527		$	10.23		7.2	$	40,962
Options exercisable at June 30, 2026		4,212,144		$	8.72		6.4	$	30,532

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The total intrinsic value of options exercised during the six months ended June 30, 2026 and 2025 was $1.9 million and $0.2 million, respectively.

The weighted-average grant-date fair value of stock options granted during the six months ended June 30, 2026 and 2025 was $8.00 per share and $13.99 per share, respectively. The total fair value of stock options vested during the six months ended June 30, 2026 and 2025 was $4.8 million and $4.3 million, respectively.

The following table summarizes the non-vested stock options that were outstanding as of June 30, 2026 and December 31, 2025:


			Weighted- Average
	Number of Options		Exercise Price

Non-vested options, June 30, 2026		2,701,383	$	12.56
Non-vested options, December 31, 2025		2,840,777	$	12.21

The following table summarizes RSU activity under the Company's incentive plans for the six months ended June 30, 2026:


				Weighted- Average
	Number of Shares			Grant Date Fair Value

RSUs outstanding, December 31, 2025		753,885		$	15.12
Granted		2,103,481		$	12.71
Vested		(303,628	)	$	13.92
Cancelled		(129,577	)	$	13.84
RSUs outstanding, June 30, 2026		2,424,161		$	13.24

Stock-based compensation expense by type and financial statement line is included in the Company’s statements of operations and comprehensive loss as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Options	$	3,328	$	3,122	$	6,519	$	5,605
RSUs		3,175		1,677		5,170		1,998
Employee stock purchase plan		513		—		733		—
Total stock-based compensation expense	$	7,016	$	4,799	$	12,422	$	7,603


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Cost of sales	$	206	$	153	$	370	$	259
Research and development		1,636		924		2,774		1,426
Sales and marketing		2,239		1,314		3,854		2,115
General and administrative		2,935		2,408		5,424		3,803
Total stock-based compensation expense	$	7,016	$	4,799	$	12,422	$	7,603

As of June 30, 2026, total unrecognized stock-based compensation expense related to the unvested options was $24.5 million, which is expected to be recognized over a weighted-average period of 2.3 years. As of June 30, 2026, total unrecognized stock-based compensation expense related to the unvested RSUs was $30.6 million, which is expected to be recognized over a weighted-average period of 2.4 years.

The Company’s Employee Stock Purchase Plan (“ESPP”) was approved by the Board in January 2025. The ESPP enables eligible employees to purchase shares of the Company’s common stock using their after-tax payroll deductions, subject to certain conditions. The ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Code. Eligible employees may contribute, through payroll deductions, up to 15% of their earnings for the purchase of common stock under the ESPP. The purchase price of common stock under the ESPP is the lesser of: (a) 85% of the fair market value of a share of the Company’s common stock on the first date of an offering or (b) 85% of the fair market value of a share of the Company’s common stock on the date of purchase, limited to the maximum number of shares they may purchase on any single purchase date. Each offering under the ESPP has a six-month duration, beginning on January 1 and July 1 of each year, with purchases occurring on June 30 and December 31, respectively. The initial offering period under the ESPP commenced on January 1, 2026, and the first purchase under the ESPP occurred on June 30, 2026. A total of 410,000 shares of common stock were initially reserved for issuance under the ESPP. As of June 30, 2026, 853,608 shares of common stock were reserved for issuance under the ESPP, including shares added pursuant to the annual evergreen provision.