Stock-based compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock Option Activity |
The following is a summary of stock option activity: | | | | | | | | | | | | | | | | | | | Number
of
Options | | Weighted
Average
Exercise
Price | | Aggregate
Intrinsic
Value | | | | | | (in thousands) | | Balance as of December 31, 2025 | 5,834,448 | | $ | 11.96 | | | $ | 2,459 | | | Granted | 1,217,444 | | 7.83 | | | | | Cancelled / Forfeited | (241,342) | | 13.63 | | | | | Exercised | (42,881) | | 1.58 | | | | | Balance as of June 30, 2026 | 6,767,669 | | $ | 11.23 | | | $ | 620 | | | Options exercisable as of June 30, 2026 | 4,181,115 | | $ | 11.48 | | | $ | 620 | |
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| Schedule of RSU Activity |
The following is a summary of RSU activity: | | | | | | | | | | | | | | | | | | | Number
of
RSUs | | Weighted
Average
Grant Date
Fair Value | | Aggregate
Intrinsic
Value | | | | | | (in thousands) | | Unvested Balance as of December 31, 2025 | 383,268 | | $ | 12.11 | | | $ | 2,721 | | | Granted | 743,430 | | 7.76 | | | | | Vested | (82,147) | | 12.84 | | | | | Cancelled / Forfeited | (22,020) | | 10.28 | | | | | Unvested Balance as of June 30, 2026 | 1,022,531 | | $ | 8.92 | | | $ | 5,256 | |
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| Schedule of Nonvested Performance-Based Units Activity |
The following is a summary of PSU activity: | | | | | | | | | | | | | | | | | | | Number
of
PSUs | | Weighted
Average
Grant Date
Fair Value | | Aggregate
Intrinsic
Value | | | | | | (in thousands) | | Unvested Balance as of December 31, 2025 | — | | | $ | — | | | $ | — | | | Granted | 602,000 | | | 8.16 | | | | | Vested | — | | | — | | | | | Cancelled / Forfeited | — | | | — | | | | | Unvested Balance as of June 30, 2026 | 602,000 | | | $ | 8.16 | | | $ | 3,094 | |
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| Schedule of Assumptions Used to Determine the Grant-Date Fair Value |
The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes option pricing model for the six months ended June 30, 2026 and 2025: | | | | | | | | | | | | | June 30, | | 2026 | | 2025 | | Weighted average fair value of options granted | $ | 6.28 | | | $ | 9.52 | | | Expected term (in years) — non-officer employees | 5.5 to 6.1 | | 5.5 to 6.1 | | Expected term (in years) — officer employees | 6.1 | | 6.1 | | Expected volatility | 98.2% to 99.1% | | 95.0% to 103.1% | | Expected dividend yield | — | % | | — | % | | Risk-free interest rate | 3.72% to 4.32% | | 3.93% to 4.47% |
The following table provides the weighted average fair value of ESPP purchase rights and the related assumptions used in the Black-Scholes option pricing model for the six months ended June 30, 2026 and 2025: | | | | | | | | | | | | | June 30, | | 2026 | | 2025 | | Weighted average fair value per ESPP purchase right | $ | 1.63 | | | $ | 2.83 | | | Expected term (in years) | 0.5 | | 0.5 | | Expected volatility | 61.1% | | 112.3% | | Expected dividend yield | — | % | | — | % | | Risk-free interest rate | 3.58% | | 4.25% |
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| Recognized Stock-Based Compensation Expense |
The following table presents the components and classification of stock-based compensation expense for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended
June 30, | | Six months ended
June 30, | | (in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | | Options | | $ | 2,430 | | | $ | 2,596 | | | $ | 4,662 | | | $ | 4,810 | | | RSUs | | 617 | | | 265 | | | 1,011 | | | 357 | | | PSUs | | 548 | | | — | | | 740 | | | — | | | Employee Stock Purchase Plan | | 68 | | | 55 | | | 168 | | | 204 | | | Total stock-based compensation expense | | $ | 3,663 | | | $ | 2,916 | | | $ | 6,581 | | | $ | 5,371 | | | | | | | | | | | | Selling, general & administrative | | $ | 3,273 | | | $ | 2,610 | | | $ | 5,849 | | | $ | 4,865 | | | Research & development | | 353 | | | 270 | | | 662 | | | 435 | | | Cost of goods sold | | 37 | | | 36 | | | 70 | | | 71 | | | | $ | 3,663 | | | $ | 2,916 | | | $ | 6,581 | | | $ | 5,371 | |
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