Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes 2023 Omnibus Incentive Plan activity for the six months ended June 30, 2026:


		Number of Shares Underlying Outstanding Options				Weighted-Average Exercise Price				Weighted-Average Remaining Contractual Term (Years)
Outstanding — December 31, 2025			19,483,378			$	3.27				5.9
Options granted			620,000				6.44				9.8
Options exercised			(269,229	)			0.77				—
Options forfeited and cancelled			(286,824	)			9.89
Outstanding — June 30, 2026			19,547,325			$	3.14				5.8
Exercisable — June 30, 2026			17,471,542			$	2.48				5.5

The following table summarizes Cullgen stock option activity for the six months ended June 30, 2026 on a post conversion basis:


		Number of Shares Underlying Outstanding Options				Weighted-Average Exercise Price				Weighted-Average Remaining Contractual Term (Years)
Outstanding — December 31, 2025			4,096,892			$	2.02				5.0
Options granted			71,295				8.09				9.7
Options exercised			(7,228	)			3.12
Options forfeited and cancelled			(23,340	)			5.06				—
Outstanding — June 30, 2026			4,137,619			$	2.11				4.6
Exercisable — June 30, 2026			3,695,361			$	1.65				4.1

Summary of Weighted-Average Grant Date Fair Value of Options and The Assumptions Used to Estimate Those Fair Value for Time-Based and Performance-Based Awards

The following table shows the weighted-average grant date fair value of options and the assumptions used to estimate the fair value for time-based awards, and for performance-based awards during the three and six months ended June 30, 2026 and 2025:


		Three Months Ended June 30,								Six Months Ended June 30,
Time-based and performance-based awards		2026				2025				2026				2025
Weighted-average grant-date fair value		$	4.27			$	7.01			$	4.58			$	7.32
Risk-free interest rate (%)		4.24% - 4.31%				3.92% - 4.09%				4.10% - 4.31%				3.92% - 4.40%
Expected option life (in years)		5.27 - 6.08				5.27 - 6.08				5.27 - 6.08				5.27 - 6.41
Expected dividend yield (%)			—	%			—	%			—	%			—	%
Volatility (%)		80.6% - 85.1%				81.5% - 84.3%				79.3% - 85.1%				81.5% - 84.3%

The following table shows the weighted-average grant date fair value of options and the assumptions used to estimate the fair value for time-based awards, and for performance-based awards during the three and six months ended June 30, 2026.


		Three Months Ended June 30,						Six Months Ended June 30,
Time-based awards		2026				2025		2026				2025
Weighted-average grant-date fair value		$	7.22			n/a		$	7.22			n/a
Risk-free interest rate (%)			3.58	%		n/a			3.58	%		n/a
Expected option life (in years)			7.0			n/a			7.0			n/a
Expected dividend yield (%)			—	%		n/a			—	%		n/a
Volatility (%)			130.3	%		n/a			130.3	%		n/a

Summary of Stock-Based Compensation Expense Recognized

Total stock-based compensation expense recognized was as follows (in thousands):


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025 (As Recast)				2026				2025 (As Recast)
Cost of revenues		$	122			$	47			$	300			$	47
Selling and marketing			661				29				1,646				29
Research and development			79				62				194				143
General and administrative			971				982				2,518				1,724
Total stock-based compensation expense		$	1,833			$	1,120			$	4,658			$	1,943