v3.26.1
Stockholders' Equity and Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity and Stock-Based Compensation Stockholders' Equity and Stock-Based Compensation
Public Offering
In February 2026, we completed an underwritten public offering in which we issued and sold 4.6 million shares of our common stock, resulting in gross proceeds of $201.3 million. The aggregate number of shares of common stock offered in the offering included 0.6 million shares of common stock sold pursuant to the full exercise of the underwriters' option to purchase additional shares. Net proceeds after the underwriting discount and offering costs were $191.3 million.

Restricted Stock Units
Restricted stock unit (RSU) activity under our equity incentive plan was as follows:
Number of Restricted Stock Units (Thousands)Weighted-Average Grant Date Fair Value
Balance, December 31, 20251,801 $14.69 
Granted173 66.88 
Vested(747)14.08 
Forfeited(40)19.65 
Balance, June 30, 20261,187 22.51 


The total fair value of RSUs vested during the six months ended June 30, 2026, was $10.5 million. RSUs vest over time subject to the employee's continuing service. During the three months ended June 30, 2026, $0.6 million of previously equity-classified awards were settled in cash. As of June 30, 2026, no liability-classified awards were outstanding.

Market-Based Performance Restricted Stock Units
During the three months ended June 30, 2026, the payout factor for our market-based performance restricted stock units ("2023 PRSUs") granted in 2023 was measured. The number of shares that a participant receives is equal to the number of PRSUs granted multiplied by a payout factor ranging from 0% to 200%. The performance criteria that determines the payout factor is our Total Shareholder Return ("TSR") for a performance period of three years beginning on April 1, 2023 relative to the TSR of companies in the Russell 2000 Index. The payout factor for our 2023 PRSUs was measured at 200%. The table below includes details regarding the measurement and vesting of our 2023 PRSUs and subsequent issuance of shares (in thousands, except payout factor):
Fiscal Year Granted
2023
2023 PRSUs outstanding at measurement date475
Performance periodApril 1, 2023 - March 31, 2026
Vesting dateMay 14, 2026
Payout factor200%
Number of shares issued950


During the six months ended June 30, 2026, no PRSU awards were granted. As of June 30, 2026, there were approximately 3.1 million PRSU awards outstanding.

Stock Options
The following table summarizes our stock option activity during the six months ended June 30, 2026:
Number of Options (Thousands)Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value (Thousands)
Outstanding, December 31, 2025611 $1.531.4$21,964
Options exercised(161)1.36
Outstanding, June 30, 2026450 1.590.930,636
Options exercisable at June 30, 2026450 1.590.930,636
Options vested as of June 30, 2026, and expected to vest after June 30, 2026450 1.590.930,636

Total intrinsic value of options exercised for the six months ended June 30, 2026 and 2025, was $8.8 million and $1.8 million, respectively. We received proceeds of $0.2 million and $0.2 million from the exercise of options for the six months ended June 30, 2026 and 2025, respectively.

Stock-Based Compensation
Total stock-based compensation expense was included in our Consolidated Statements of Operations as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of revenues$1,217 $598 $2,271 $1,168 
Research and development2,682 1,834 4,943 3,618 
Sales, general and administrative7,064 3,939 14,635 7,641 
$10,963 $6,371 $21,849 $12,427 

Unrecognized Compensation Costs
As of June 30, 2026, total unrecognized stock-based compensation was $72.9 million, which will be recognized over an average expected recognition period of 2.0 years.