v3.26.1
Share Based Awards
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Share Based Awards Share Based Awards
The 2019 Equity Incentive Plan (the “2019 Plan”) and the 2024 Omnibus Equity Incentive Plan (the “2024 Plan”) (collectively, the “Plans”) allow us to incentivize key employees, consultants, and directors with long-term compensation awards such as stock options, restricted stock, and restricted stock units (collectively, the “Awards”). The number of shares issuable in connection with Awards under the 2019 Plan was not to exceed 11,750,000. However, no shares are issuable
under the 2019 Plan after the 2024 Plan became effective on October 15, 2024. The number of shares issuable in connection with Awards under the 2024 Plan may not exceed 24,603,000 plus any underlying forfeited 2019 Plan awards.
A.Options
The range of assumptions used to calculate the fair value of options granted during the six months ended June 30, 2026 was:
Exercise Price
$13.06 – 15.14
Stock price on date of grant
13.06 – 14.10
Risk-free interest rate
3.81 – 4.06%
Dividend yield— 
Expected term (years)
5.87 – 6.00
Volatility
135.84 – 143.99%
A summary of options activity under the Plan is as follows:
Shares
(in thousands)		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(in years)		Aggregate
Intrinsic
Value
(in thousands)
Outstanding as of December 31, 20254,701 $4.14 8.04$18,616 
Granted1,115 13.20 
Exercised(785)1.47 
Forfeited or expired(122)4.40 
Outstanding as of June 30, 20264,909 6.62 8.1922,652 
Exercisable as of June 30, 20262,011 $3.51 6.90$14,365 
The aggregate intrinsic value of outstanding options represents the excess of the stock price at the indicated date over the exercise price of each option. As of June 30, 2026, there was $20.7 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over the weighted average periods of 1.51 years.
B.Restricted Stock
A summary of restricted stock activity under the Plan is as follows:
Shares
(in thousands)		Weighted Average Grant-Date Fair Value Per
Share
Unvested and outstanding as of December 31, 20252,124 $5.67 
Granted1,174 11.62 
Vested(1,030)3.77 
Forfeited(103)7.91 
Unvested and outstanding as of June 30, 20262,165 $9.69 
As of June 30, 2026, there was $17.2 million of unrecognized stock-based compensation expense related to unvested restricted stock units, which is expected to be recognized over the weighted average periods of 1.61 years.
C.Stock Compensation
Stock compensation expense for the six months ended June 30 by functional operating expense was (in thousands):
20262025
Research and development$1,476 $321 
Sales and marketing965 1,732 
General and administrative7,418 1,581 
Total$9,859 $3,634 
Stock compensation expense pertaining to options totaled $4.9 million for the six months ended June 30, 2026. Stock compensation expense pertaining to restricted stock totaled $4.9 million for the six months ended June 30, 2026. Stock compensation expense pertaining to options totaled $1.9 million for the six months ended June 30, 2025. Stock compensation expense pertaining to restricted stock totaled $1.7 million for the six months ended June 30, 2025.