v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Recognition of Compensation Cost in Condensed Statements of Operations and Comprehensive Loss

The recognition of compensation cost in the Company’s accompanying Condensed Statements of Operations and Comprehensive Loss for all stock-based compensation arrangements is as follows:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

General and administrative

 

$

1,003

 

 

$

95

 

 

$

1,747

 

 

$

167

 

Research and development

 

 

711

 

 

 

98

 

 

 

1,219

 

 

 

155

 

Sales and marketing

 

 

520

 

 

 

65

 

 

 

880

 

 

 

111

 

Cost of sales

 

 

37

 

 

 

—

 

 

 

54

 

 

 

—

 

Total

 

$

2,271

 

 

$

258

 

 

$

3,900

 

 

$

433

 
Summary of Stock Option Activity

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

 

 

 

Number of
Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term
(in Years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding at December 31, 2025

 

 

3,151,787

 

 

$

6.26

 

 

 

8.3

 

 

$

21,526

 

Granted

 

 

34,645

 

 

 

12.46

 

 

 

 

 

 

 

Exercised

 

 

(547,688

)

 

 

0.86

 

 

 

 

 

 

 

Forfeited

 

 

(143,495

)

 

 

8.50

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

2,495,249

 

 

$

7.40

 

 

 

8.4

 

 

$

11,430

 

Vested and Exercisable at June 30, 2026

 

 

879,088

 

 

$

4.56

 

 

 

7.7

 

 

$

5,773

 
Summary of Assumptions Used in Estimating Grant Date Fair Value of Stock Options under Option Pricing Method

The grant date fair value of the options is determined using an option pricing model. The assumptions that were used in estimating the grant date fair value of stock options under the option pricing method for the three and six months ended June 30, 2026 and 2025 were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Expected stock price volatility (1)

 

 

—

 

 

 

43.9

%

 

 

50.4

%

 

 

43.7

%

Risk-free interest rate (2)

 

 

—

 

 

 

4.15

%

 

 

3.63

%

 

 

4.39

%

Expected annual dividend yield (3)

 

 

—

 

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Expected term (years) (4)

 

 

—

 

 

 

6.02

 

 

 

5.50

 

 

 

5.99

 

 

(1)
Based on the median stock price volatility for peer public companies over a historic timeframe similar to the expected term, with adjustments for differences in size and capital structure.
(2)
Based on the U.S. Treasury yield curve in effect as of the valuation date.
(3)
The Company has not paid and does not currently anticipate paying a cash dividend on its common stock.
(4)
The expected term of stock options granted to employees represents the weighted average period the stock options are expected to be outstanding. The Company uses the simplified method for estimating the expected term, which calculates the expected term as the average time-to-vesting and the contractual life of the options for stock options issued to employees and non-employees.
Summary of RSU activity

The following summarizes the RSU activity for the Company for the six months ended June 30, 2026:

 

 

 

Number of
RSUs

 

 

Weighted Average Grant Date Fair Value

 

Non-vested - December 31, 2025

 

 

69,332

 

 

$

15.00

 

Granted

 

 

1,018,332

 

 

$

12.25

 

Forfeited

 

 

(24,981

)

 

$

12.42

 

Non-vested - June 30, 2026

 

 

1,062,683

 

 

$

12.43

 
Summary of Fair Value Assumptions

TSR-Based PSUs Granted January 2026 - Monte Carlo Simulation Model

 

 

 

Stock price - on grant date

 

$

12.84

 

Risk-free rate

 

 

3.65

%

Expected term

 

2.9 years

 

Equity volatility rate

 

 

55

%
Summary of PSU activity

The following summarizes the PSU activity for the Company for the six months ended June 30, 2026:

 

 

 

Number of
PSUs (1)

 

 

Weighted Average Grant Date Fair Value

 

Non-vested - December 31, 2025

 

 

112,478

 

 

$

3.14

 

Granted

 

 

554,250

 

 

$

11.57

 

Non-vested - June 30, 2026

 

 

666,728

 

 

$

10.15

 

 

(1)
Revenue-Based PSUs and TSR-Based PSUs are presented at the maximum 200% of target. Actual shares issued for Revenue-Based PSUs and TSR-Based PSUs may range from 0% to 200% of target based on achievement of applicable performance and market conditions. Tranche 2 Revenue-Based PSUs that have been legally awarded but contain performance measures that have not yet been established are not considered granted from an accounting perspective and therefore are excluded until such time that the performance measures are established.
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Purchase Rights Granted The following weighted‑average assumptions were used to estimate the fair value of purchase rights granted during the offering period that commenced on April 1, 2026:

 

 

Offering Period Commencing April 1, 2026

 

Expected stock price volatility

 

 

71.5

%

Risk-free interest rate

 

 

3.70

%

Expected annual dividend yield

 

 

0.0

%

Expected term (years)

 

 

0.25