v3.26.1
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Common Stock Outstanding and Reserves for Future Issuance
As of June 30, 2026 and December 31, 2025, the Company had 43,271,347 and 42,553,931 shares of common stock issued and outstanding, respectively, which excludes 312,500 of pre-funded warrants that remained exercisable at both period ends and are reserved for future issuance. Common stockholders have one vote for each share of common stock held and are entitled to receive dividends declared by the Company’s Board of Directors when legally available for distribution, then-subject to the dividend rights of the holders of preferred stock.
The Company’s total shares reserved for future issuance under its 2020 and 2016 Equity Incentive Plans and 2020 Employee Stock Purchase Plan (“ESPP”) are summarized below:
June 30, 2026December 31, 2025
Pre-funded warrants to purchase common stock312,500 312,500 
Equity award plans:
Common stock awards reserved for future issuance under the 2020 and 2016 Plans7,950,712 7,044,164 
Common stock awards reserved for future issuance under the 2020 ESPP3,195,262 2,796,609 
Stock options issued and outstanding (unvested and vested) under the 2020 and 2016 Plans5,536,833 5,231,125 
Restricted stock units issued and outstanding (unvested) under the 2020 Plan1,574,015 1,756,329 
Performance stock units issued and outstanding (unvested) under the 2020 Plan706,478 724,793 
Total shares of common stock reserved19,275,800 17,865,520 
Stock-Based Compensation Expense
Stock-based compensation expense for stock options, restricted stock units, performance stock units, and the ESPP was recognized in the accompanying Condensed Statements of Operations and Comprehensive Loss as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of sales$235 $170 $431 $305 
Research and development3,001 1,920 5,993 3,425 
Selling, general and administrative10,053 6,144 18,832 11,433 
Total stock-based compensation$13,289 $8,234 $25,256 $15,163 
The fair value of granted stock options was estimated as of the date of grant using the Black-Scholes option-pricing model, based on the following inputs:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Weighted-average risk-free interest rate4.21 %4.06 %3.86 %4.14 %
Weighted-average volatility63.76 %67.64 %64.73 %68.35 %
Stock Option Activity
Stock option activity for the period presented is as follows:
Number of
Shares		Weighted-
Average
Exercise
Price/Share ($)		Weighted-
Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value ($)(1)
Outstanding — December 31, 20255,231,125 22.11 6.26312,647 
Granted491,643 74.15 
Exercised(136,942)22.40 
Forfeited(48,993)42.57 
Outstanding — June 30, 20265,536,833 26.55 6.07207,123 
Exercisable — June 30, 20264,177,581 19.05 5.25183,337 
Unvested — June 30, 20261,359,252 49.57 8.5923,786 
(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of June 30, 2026.
As of June 30, 2026, there was approximately $40.7 million of unrecognized compensation expense related to unvested stock options, which the Company expects to recognize over a weighted average period of 2.6 years.
Restricted Stock Unit Activity
Restricted stock unit activity for the period presented is as follows:
Number of
Shares		Weighted-Average
Grant Date
Fair Value ($)
Outstanding — December 31, 20251,756,329 31.83 
Granted445,078 74.85 
Vested(553,588)28.36 
Forfeited(73,804)38.77 
Outstanding — June 30, 20261,574,015 44.89 
As of June 30, 2026, there was approximately $62.4 million of unrecognized compensation expense related to unvested restricted stock units, which the Company expects to recognize over a weighted average period of 2.9 years.
Performance Stock Unit Activity
Performance stock unit activity for the period presented is as follows:
Number of
Shares		Weighted-Average
Grant Date
Fair Value ($)
Outstanding — December 31, 2025724,793 44.77 
Granted2,860 76.20 
Forfeited(21,175)41.70 
Outstanding — June 30, 2026706,478 44.99 
As of June 30, 2026, there was approximately $17.1 million of unrecognized compensation expense related to unvested performance stock units. This expense is expected to be recognized over a weighted average period of 1.5 years.
Employee Stock Purchase Plan
Stock-based compensation expense related to the ESPP was $0.3 million and $0.2 million, respectively, for the three months ended June 30, 2026 and 2025, and was $0.6 million and $0.5 million, respectively, for the six months ended June 30, 2026 and 2025.