Stock-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Assumptions Used to Determine Grant-date Fair Value of Stock Options Granted |
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:
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Six Months Ended June 30, |
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2026 |
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2025 |
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Weighted average grant date fair value per share |
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$ |
8.00 |
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$ |
13.99 |
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Risk-free interest rate |
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3.65 |
% |
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4.26 |
% |
Expected term (in years) |
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5.84 |
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5.97 |
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Expected volatility |
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70.55 |
% |
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96.84 |
% |
Expected dividend yield |
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0 |
% |
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0 |
% |
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| Summary of Stock Options Activity |
The following table summarizes stock option activity for the six months ended June 30, 2026:
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Weighted- |
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Weighted-
Average |
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Average
Remaining |
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Aggregate |
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Number of
Options |
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Exercise
Price |
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Contractual
Term |
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Intrinsic
Value |
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(in years) |
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(in thousands) |
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Outstanding at December 31, 2025 |
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6,453,036 |
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$ |
9.87 |
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7.4 |
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$ |
141,925 |
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Granted |
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817,846 |
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$ |
12.37 |
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Exercised |
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(224,900 |
) |
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$ |
5.55 |
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Forfeited or cancelled |
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(132,455 |
) |
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$ |
14.06 |
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Expired |
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— |
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$ |
— |
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Outstanding at June 30, 2026 |
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6,913,527 |
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$ |
10.23 |
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7.2 |
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$ |
40,962 |
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Vested and expected to vest at June 30, 2026 |
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6,913,527 |
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$ |
10.23 |
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7.2 |
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$ |
40,962 |
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Options exercisable at June 30, 2026 |
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4,212,144 |
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$ |
8.72 |
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6.4 |
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$ |
30,532 |
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| Summary of Non-Vested Stock Options |
The following table summarizes the non-vested stock options that were outstanding as of June 30, 2026 and December 31, 2025:
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Weighted-
Average |
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Number of
Options |
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Exercise
Price |
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Non-vested options, June 30, 2026 |
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2,701,383 |
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$ |
12.56 |
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Non-vested options, December 31, 2025 |
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2,840,777 |
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$ |
12.21 |
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| Summary of RSU Activity |
The following table summarizes RSU activity under the Company's incentive plans for the six months ended June 30, 2026:
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Weighted-
Average |
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Number of Shares |
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Grant Date Fair Value |
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RSUs outstanding, December 31, 2025 |
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753,885 |
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$ |
15.12 |
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Granted |
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2,103,481 |
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$ |
12.71 |
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Vested |
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(303,628 |
) |
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$ |
13.92 |
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Cancelled |
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(129,577 |
) |
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$ |
13.84 |
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RSUs outstanding, June 30, 2026 |
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2,424,161 |
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$ |
13.24 |
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| Schedule of Stock-Based Compensation Expense by Type and Financial Statement Line |
Stock-based compensation expense by type and financial statement line is included in the Company’s statements of operations and comprehensive loss as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(in thousands) |
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(in thousands) |
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Options |
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$ |
3,328 |
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$ |
3,122 |
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$ |
6,519 |
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$ |
5,605 |
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RSUs |
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3,175 |
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1,677 |
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5,170 |
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1,998 |
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Employee stock purchase plan |
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513 |
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— |
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733 |
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— |
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Total stock-based compensation expense |
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$ |
7,016 |
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$ |
4,799 |
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$ |
12,422 |
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$ |
7,603 |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(in thousands) |
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(in thousands) |
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Cost of sales |
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$ |
206 |
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$ |
153 |
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$ |
370 |
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$ |
259 |
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Research and development |
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1,636 |
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924 |
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2,774 |
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1,426 |
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Sales and marketing |
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2,239 |
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1,314 |
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3,854 |
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2,115 |
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General and administrative |
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2,935 |
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2,408 |
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5,424 |
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3,803 |
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Total stock-based compensation expense |
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$ |
7,016 |
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$ |
4,799 |
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$ |
12,422 |
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$ |
7,603 |
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