v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Shares Reserved for Future Issuance
The following shares of the Company’s common stock were reserved for future issuance as of June 30, 2026 (in thousands):
Shares reserved for issuance upon conversion of convertible senior notes
17,262 
Shares underlying outstanding warrants194 
Shares underlying outstanding stock options2,584 
Shares underlying unvested RSUs4,843 
Shares authorized for issuance pursuant to awards granted under the ESPP1,393 
Shares authorized for future equity award grants1,930 
Total28,206 
Common Stock Warrants

Warrants to purchase shares of the Company’s common stock outstanding as of June 30, 2026 are equity-classified and were as follows:
Issue DateExercise Price Per ShareWarrants OutstandingExpiration Date of Warrants Outstanding
March 2017$23.50193,788 March 2027
Each warrant allows the holder to purchase one share of common stock at the per share exercise price of the warrant.
Stock-Based Compensation
The following table summarizes the allocation of stock-based compensation expense included in the condensed consolidated statements of operations for all stock-based compensation arrangements for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of sales$974 $1,751 $2,357 $3,476 
Selling, general and administrative10,786 16,544 20,862 32,919 
Research and development3,981 7,347 8,181 14,735 
Total stock-based compensation expense$15,741 $25,642 $31,400 $51,130 
The total stock-based compensation expense capitalized as part of the cost of the Company’s inventories was $0.6 million and $1.2 million as of June 30, 2026 and December 31, 2025, respectively.
Restricted Stock Units
The total number of RSUs granted and the respective weighted average grant date fair value were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
RSUs granted2,457,098 1,953,827 2,619,630 2,044,370 
Weighted average grant date fair value (per share)$17.09 $20.77 $17.33 $21.06 
Employee Stock Purchase Plan
The Company records stock-based compensation expense associated with the ESPP using the Black-Scholes option pricing model. Valuations are performed on the grant date at the beginning of the purchase period, which generally occurs in May and November of each year. The assumptions used in the Black-Scholes option pricing model for the ESPP were as follows for the six months ended June 30, 2026 and 2025:
Six Months Ended June 30,
20262025
Weighted average grant date fair value (per share)$6.45 $10.86 
Risk-free interest rate3.9 %4.1 %
Dividend yield0.0 %0.0 %
Expected volatility75.9 %74.9 %
Expected term (in years)1.31.3