v3.26.1
Equity Incentive Plans (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Options
The activity related to stock options during the six months ended June 30, 2026 consisted of the following:
June 30, 2026
Number of shares (in thousands)
Weighted-Average Exercise Price
Outstanding at December 31, 2025
8,992 $9.95 
Granted3,099 14.62 
Exercised/released
(4,591)9.90 
Cancelled/forfeited
(1,656)11.01 
Outstanding at June 30, 20265,844 $12.16 
Schedule of Estimated Fair Value of Stock Option
The following weighted-average assumptions were used to estimate the fair value of the options granted during the six months ended June 30, 2026 and 2025:
Six Months Ended June 30,
20262025
Expected volatility69 %78 %
Risk-free interest rate3.84 %4.00 %
Expected term (in years)5.05.0
Expected dividend yield0.0 %0.0%
Fair value per common share option$8.75$4.98
Schedule of Performance Awards and Restricted Stock Units Activity
The activity related to PSUs and RSUs for the six months ended June 30, 2026 consisted of the following:
June 30, 2026
Number of shares (in thousands)
Weighted-average fair value $
Unvested balance, December 31, 2025
4,021 $7.27 
Granted4,417 9.10 
Vested(1,659)7.97 
Cancelled/forfeited
(2,081)7.96 
Unvested balance, June 30, 20264,698 $8.44 
Schedule of Share-based Compensation Expense
The classification of share-based compensation expense consisted of the following (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026202520262025
Research and development$1,310 $335 $1,421 $428 
Selling, general and administrative1,234 4,877 31 1,364 
Capitalized in inventory, net
295 228 521 239 
Share-based compensation expense$2,839 $5,440 $1,973 $2,031