v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Total Stock-Based Compensation Recognized Before Taxes
Total stock-based compensation recognized, before taxes, are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of sales$2,898 $2,229 $5,592 $4,416 
Research and development3,278 3,000 6,519 5,526 
Selling, general and administrative9,904 8,070 18,486 14,638 
Stock-based compensation capitalized in inventory(1,546)(1,136)(2,991)(2,309)
Total stock-based compensation$14,534 $12,163 $27,606 $22,271 
Schedule of Stock Option Activity
A summary of the Company’s stock option activity and related information are as follows (options in thousands):
Six Months Ended
June 30, 2026
Number of SharesWeighted-Average Exercise Price
Outstanding, beginning of period3,444 $17.00 
Granted375 25.78 
Exercised(95)4.24 
Forfeited— — 
Outstanding, end of period3,724 18.22 
Vested and expected to vest3,724 18.22 
Exercisable2,808 12.73 
Schedule of Fair Value Assumptions
The fair value of the options granted to employees or directors was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Expected life (years)5.75.86.06.0
Expected volatility 62 %56 %64 %57 %
Risk-free interest rate 3.9 %4.1 %3.8 %4.0 %
Expected dividend rate — %— %— %— %
Weighted-average fair value$16.06 $33.46 $15.70 $34.48 
The fair value of the options granted to employees was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:
Six Months Ended June 30,
20262025
Expected life (years)0.70.8
Expected volatility 57 %59 %
Risk-free interest rate 3.8 %4.2 %
Expected dividend rate — %— %
Weighted-average fair value$9.67 $23.52 
Schedule of RSU and PSU Activity
A summary of the Company’s restricted stock unit, or RSU, activity and related information are as follows (RSUs in thousands):
Six Months Ended
June 30, 2026
Number of SharesWeighted-Average Fair Value
Unvested, beginning of period2,346 $48.63 
Awarded2,485 25.61 
Forfeited(242)39.13 
Vested(603)48.65 
Unvested, end of period3,986 34.85 
A summary of the Company’s PSU activity and related information are as follows (PSUs in thousands):

Six Months Ended
June 30, 2026
Number of SharesWeighted-Average Fair Value
Unvested, beginning of period115 $67.62 
Awarded307 25.35 
Forfeited— — 
Vested(34)82.14 
Performance change(52)66.36 
Unvested, end of period336 27.68