Stock-Based Compensation Expense (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 Common stock reserved for future issuance |
Each share of common stock is entitled to one vote. Total shares of common stock reserved for future issuance consisted of the following:
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June 30, |
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December 31, |
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2026 |
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2025 |
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Shares subject to stock options issued and outstanding under the 2021 Plan |
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6,541,928 |
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6,556,728 |
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Shares available for future issuance under the 2021 Plan |
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346,566 |
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613,210 |
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Restricted stock units issued under the 2021 Plan |
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2,503,703 |
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813,199 |
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Shares available for future issuance under 2021 ESPP |
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292,112 |
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394,868 |
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Total shares of common stock reserved |
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9,684,309 |
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8,378,005 |
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| Schedule of Stock-Based Compensation Expense |
Stock-based compensation expense related to awards issued under the Company's incentive compensation plans was classified in the accompanying condensed consolidated statements of operations and comprehensive (loss) as follows (in thousands):
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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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Research and development |
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$ |
2,044 |
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$ |
2,155 |
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$ |
3,978 |
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$ |
3,963 |
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Selling, general and administrative |
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4,740 |
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5,722 |
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10,081 |
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10,435 |
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Cost of sales |
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681 |
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670 |
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1,351 |
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1,289 |
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Total |
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$ |
7,465 |
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$ |
8,547 |
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$ |
15,410 |
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$ |
15,687 |
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| Summary of Stock Option Activities |
A summary of the stock option activities for the six months ended June 30, 2026 is presented below:
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Number of Options |
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Weighted Average Exercise Price |
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Weighted Average
Remaining
Contractual Life
(Years) |
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Options outstanding as of December 31, 2025 |
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6,556,728 |
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$ |
23.60 |
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6.80 |
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Granted |
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410,370 |
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11.87 |
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Exercised |
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(46,499 |
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4.20 |
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Forfeited |
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(102,962 |
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29.33 |
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Expired |
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(275,709 |
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16.84 |
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Options outstanding as of June 30, 2026 |
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6,541,928 |
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22.97 |
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6.52 |
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Exercisable as of June 30, 2026 |
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4,432,307 |
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$ |
21.25 |
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5.58 |
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As of June 30, 2026 and December 31, 2025, there were 2,109,621 and 2,307,812 unvested options, respectively. As of June 30, 2026 and December 31, 2025, total unrecognized expense related to unvested stock options was approximately $29.4 million and $43.5 million, respectively. Both amounts are expected to be recognized over a weighted average period of approximately 2.4 and 2.5 years, respectively.
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| Summary of Non-Vested Restricted stock unit Activities |
A summary of RSU and PSU activities for the six months ended June 30, 2026 is as follows:
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Number of RSUs |
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Number of PSUs |
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Total |
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Weighted Average
Grant Date Fair Value |
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RSUs and PSUs outstanding as of December 31, 2025 |
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812,227 |
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— |
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812,227 |
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25.82 |
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Granted |
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1,374,737 |
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662,847 |
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2,037,584 |
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6.26 |
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Vested |
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(256,329 |
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— |
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(256,329 |
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20.66 |
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Forfeited |
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(84,779 |
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(5,000 |
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(89,779 |
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22.26 |
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RSUs and PSUs outstanding as of June 30, 2026 |
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1,845,856 |
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657,847 |
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2,503,703 |
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10.56 |
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| Schedule of Range and Weighted-average Assumptions Used in Black-Scholes Option Pricing Model to Determine the Fair Value of Stock Options |
The following table presents the range and weighted-average assumptions, used in the Black-Scholes option pricing model to determine the fair value of stock options:
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Six Months Ended June 30, |
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2026 |
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2025 |
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Range |
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Weighted Average |
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Range |
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Weighted Average |
Expected volatility |
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72.0% to 73.0% |
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72.8% |
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52.0% to 70.0% |
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65.8% |
Risk-free interest rate |
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3.6% to 4.1% |
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3.7% |
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3.7% to 4.8% |
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4.1% |
Expected life (in years) |
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6.0 to 6.1 years |
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6.1 years |
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5.5 to 6.1 years |
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6.0 years |
Expected dividend yield |
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0.0% |
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0.0% |
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0.0% |
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0.0% |
Grant date fair value |
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$3.90 to $6.77 |
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$6.31 |
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$13.23 to $33.87 |
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$28.12 |
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| Schedule of the grant-date fair value of PSU awards with a market condition |
The following table presents the assumptions used in the Monte Carlo simulation model to determine the grant-date fair value of the 2026 PSU awards with a market condition:
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Six Months Ended June 30, |
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2026 |
Expected volatility |
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69.2% |
Risk-free interest rate |
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3.3% |
Grant date fair value |
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$12.14 |
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