On July 24, 2019, we adopted the 2019 Equity Incentive Plan (the “2019 Plan”). The 2019 Plan provides for automatic annual increases to the number of shares authorized for issuance, equal to 5% of our common shares outstanding as of the immediately preceding year end, through January 1, 2029. Under this provision, effective January 1, 2026, an additional 1,484,315 shares became available under the 2019 Plan. As of June 30, 2026, 1,443,825 shares remained available for grant under the 2019 Plan.

On December 22, 2022, our board of directors approved the 2022 Inducement Plan (the “Inducement Plan”). The Inducement Plan provides for the granting of awards as inducement material to the grantee’s entering into employment with us to the extent such grantee was not previously an employee of ours or is entering into employment following a bona fide period of non-employment with us. As of June 30, 2026, there were 574,512 shares available for grant under the amended Inducement Plan.

Stock option activity under our stock plans for the six months ended June 30, 2026 is set forth below:


		Weighted-Average
	Stock Options Outstanding	Exercise Price		Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2025	2,784,432	$	36.53

Granted	—	$	—
Exercised	(61,484)	$	6.79
Forfeited/Cancelled	(38,245)	$	46.61
Balance as of June 30, 2026	2,684,703	$	37.06	4.1	$	8,172
Exercisable as of June 30, 2026	2,684,037	$	37.07	4.1	$	8,172


	Restricted Stock Units Outstanding	Weighted-Average Grant Date Fair Value
Balance as of December 31, 2025	3,395,762	$	22.42
Granted	1,725,974	$	25.67
Vested(1)	(847,046)	$	21.25
Forfeited/Cancelled	(126,917)	$	24.30
Balance as of June 30, 2026	4,147,773	$	23.95

(1)The aggregate number of shares withheld upon vesting for employee tax obligations was 240,690 for the six months ended June 30, 2026.


	Performance-Based Restricted Stock Units Outstanding	Weighted-Average Grant Date Fair Value
Balance as of December 31, 2025	350,144	$	21.72
Granted	172,397	$	27.57
Vested(1)	(88,757)	$	21.23
Forfeited/Cancelled	—	$	—
Balance as of June 30, 2026	433,784	$	24.15

(1)The aggregate number of shares withheld upon vesting for employee tax obligations was 28,797 for the six months ended June 30, 2026.

The ESPP provides for certain automatic increases in the number of shares of common stock reserved for issuance, which resulted in an additional 296,863 shares becoming available under the ESPP effective January 1, 2026. During the six months ended June 30, 2026, we issued 94,420 shares of common stock pursuant to scheduled purchases under the ESPP. As of June 30, 2026, 1,373,056 shares remained available for issuance under the ESPP.

The following table sets forth assumptions used to determine the fair value of the purchase rights issued under the ESPP:


	Six Months Ended June 30,
	2026	2025
Average expected term (years)	1.2	1.2
Expected stock price volatility	54.54% - 58.00%	56.55% - 85.21%
Risk-free interest rate	3.41% - 3.61%	3.88% - 4.22%
Dividend yield	—%	—%

We use the closing price of our common stock on the date of grant to determine the fair value of RSUs and PSUs.

There were no stock options granted for the six months ended June 30, 2026 and 2025. For the six months ended June 30, 2026 and 2025, the weighted-average grant date fair value of the purchase rights granted under the ESPP was $11.27 and $9.43 per share, respectively.

Stock-based compensation expense is included in the condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of sales (exclusive of amortization of acquired intangible assets)	$	1,420	$	1,422	$	2,677	$	2,878
Research and development	1,678		1,962		3,121		3,857
Selling, general and administrative	8,491		7,824		15,567		15,652
Total stock-based compensation expense	$	11,589	$	11,208	$	21,365	$	22,387

Included in total stock-based compensation expense is $0.8 million and $0.2 million for the three months ended June 30, 2026 and 2025, respectively, and $1.0 million and $0.5 million for the six months ended June 30, 2026 and 2025, respectively, from the accelerated recognition of expense for modifications of awards falling in scope of the Retirement Policy.