v3.26.1
Equity Incentive Plans (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Stock Option Activity

The following table summarizes stock option activity under the 2021 Plan during the periods presented:

 

 

 

Number of
Shares

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average
Contractual
 Term (in years)

 

 

Aggregate Intrinsic Value
(in thousands)

 

Balances as of December 31, 2025

 

 

3,063,476

 

 

$

10.88

 

 

 

5.5

 

 

$

3,315

 

Forfeited/cancelled

 

 

(52,593

)

 

 

11.67

 

 

 

 

 

 

 

Exercised/released

 

 

(69,218

)

 

 

1.43

 

 

 

 

 

 

 

Balances as of June 30, 2026

 

 

2,941,665

 

 

$

11.09

 

 

 

5.2

 

 

$

1,677

 

Vested and exercisable as of June 30, 2026

 

 

2,835,302

 

 

$

11.21

 

 

 

5.2

 

 

$

1,599

 
Share-based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes RSU activity under the 2021 Plan during the periods presented:

 

 

Number of
Shares

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Outstanding, December 31, 2025

 

 

4,048,888

 

 

$

4.4

 

Granted

 

 

2,187,658

 

 

 

6.3

 

Forfeited/cancelled

 

 

(123,036

)

 

 

5.0

 

Vested

 

 

(1,038,205

)

 

 

5.8

 

Outstanding, June 30, 2026

 

 

5,075,305

 

 

$

4.9

 
Summary of Stock-Based Compensation Expense by Function

The following is a summary of stock-based compensation expense by function (in thousands):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Cost of goods sold

 

$

122

 

 

$

106

 

 

$

243

 

 

$

222

 

Research and development

 

 

277

 

 

 

702

 

 

 

553

 

 

 

1,487

 

Selling, general and administrative

 

 

2,564

 

 

 

3,033

 

 

 

5,020

 

 

 

6,376

 

Total stock-based compensation expense

 

$

2,963

 

 

$

3,841

 

 

$

5,816

 

 

$

8,085

 
2021 Employee Stock Purchase Plan  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options

The grant date fair value of shares issuable under the ESPP was calculated using the Black-Scholes valuation model using the following assumptions:

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2026

 

2025

 

2026

 

2025

Expected term (in years)

 

0.49 – 0.50

 

0.49 – 0.50

 

0.49 – 0.50

 

0.49 – 0.50

Expected volatility

 

81.38% – 84.10%

 

71.55% – 72.80%

 

81.38% – 84.10%

 

71.55% – 72.80%

Risk-free interest rate

 

3.74% – 3.83%

 

4.27% – 4.47%

 

3.74% – 3.83%

 

4.27% – 4.47%

Dividend yield

 

–

 

–

 

–

 

–