Stock-Benefit Plans and Equity Transactions (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Based Compensation

The Company has stock-based compensation plans under which it grants stock options, restricted stock units ("RSUs"), and performance restricted stock units ("PRSUs") to officers, directors and third parties. Total stock-based compensation for the periods presented is as follows (in thousands):


		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
Cost of sales		$	559			$	553			$	1,529			$	3,596
Research and development			3,605				4,159				7,606				7,803
Sales, general and administrative			13,983				10,912				32,671				26,543
Total		$	18,147			$	15,624			$	41,806			$	37,942

Schedule of Assumptions used to Estimate Fair Value of Stock Options Granted and Stock Purchase Rights under ESPP

The Company estimates the fair value of shares issued to employees under the ESPP using the Black-Scholes option-pricing model. The assumptions used to estimate the fair value of stock options granted and stock purchase rights under the ESPP are as follows:


		Three and Six Months Ended
		June 30,
		2026				2025
Risk-free interest rate		3.77% - 3.81%				4.30% - 4.44%
Expected dividend yield			—				—
Expected term (years)			0.50				0.50
Volatility		55.85% - 84.62%				54.74% - 91.91%

Summary of All Outstanding Warrants for Common Stock

A summary of all outstanding warrants for common stock as of June 30, 2026, is as follows (in thousands, except for strike price data):


		Number of Warrants				Strike Price			Expiration
2018 Squadron Medical Warrants			845			$	3.15		May 2027
2019 Squadron Medical Warrants			4,839			$	2.17		May 2027
2020 Squadron Medical Warrants			1,076			$	4.88		May 2027
Executive Warrants			1,327			$	5.00		December 2026
Other(1)			90			$	12.15		Various through December 2030
Total			8,177

(1)

Weighted-average strike price.