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| Stockholders' Equity | Note 10. Stockholders’ Equity Public Offerings At-the-Market Offerings In March 2022, the Company entered into a sales agreement (the “March 2022 Sales Agreement”) with Leerink Partners LLC (“Leerink”) and filed a prospectus supplement. The March 2022 Sales Agreement supersedes the sales agreement, dated December 5, 2019, by and between the Company and Leerink. The Company exhausted sales of shares of our common stock under our sales agreement, dated December 5, 2019. Under the March 2022 Sales Agreement, for the three months ended June 30, 2026, the Company received approximately $13.5 million in gross proceeds through the sale of 54,644 shares, of which net proceeds were approximately $13.3 million. For the six months ended June 30, 2026, the Company received approximately $19.8 million in gross proceeds through the sale of 90,446 shares, of which net proceeds were approximately $19.5 million under the March 2022 Sales Agreement. Blackstone Securities Purchase Agreement In May 2025, the Company entered into a securities purchase agreement with Blackstone, and its affiliates, for the private placement (the “Private Placement”) of an aggregate of 140,000 shares of the Company’s common stock, at a purchase price of $107.14 per share. Gross proceeds from the Private Placement were approximately $15.0 million. The closing of the Private Placement occurred contemporaneously with the closing of the Blackstone Loan Agreement. Shelf Registration Statement On November 3, 2025, the Company filed an automatic shelf registration statement (File No. 333-291228) (the “2025 Shelf Registration Statement”) with the SEC for the issuance of common stock, preferred stock, warrants, rights, debt securities and units. It became effective upon filing with the SEC and is currently the Company’s only active shelf registration. Under SEC rules, the 2025 Shelf Registration Statement allows for the potential future offer and sale by the Company, from time to time, in one or more public offerings of an unlimited amount of the Company’s common stock, preferred stock, debt securities, and units at indeterminate prices. At the time any of the securities covered by the 2025 Shelf Registration Statement are offered for sale, a prospectus supplement will be prepared and filed with the SEC containing specific information about the terms of any such offering. Equity Incentive Plan In October 2015, the Board adopted the 2015 Omnibus Incentive Compensation Plan, as amended from time to time (the “2015 Plan”) and the Company’s stockholders approved the 2015 Plan in November 2015. In April 2025, the Board adopted the Company’s 2025 Long-Term Incentive Plan (“2025 Plan”) and the Company’s stockholders approved the 2025 Plan in June 2025. The Company will make all future equity awards from the 2025 Plan and the Company does not intend to grant any future equity awards from the 2015 Plan. As of June 30, 2026, there were 1,993,655 shares available for future grant under the 2025 Plan. Stock Options The following table sets forth stock option activity as of June 30, 2026:
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model. The expected term of the Company’s stock options has been determined utilizing the “simplified” method as described in the SEC’s Staff Accounting Bulletin No. 107 relating to stock-based compensation. The simplified method was chosen because the Company has limited option exercise history due to its short operating history. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for a period approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. In prior years, expected volatility was based on historical volatilities of similar entities within the Company’s industry which were commensurate with the Company’s expected term assumption. Currently, expected volatility is based on historical volatility information of the Company’s common stock since the Company’s initial public offering in 2015. As of June 30, 2026, there was $68.3 million of total unrecognized compensation cost related to unvested stock options which is expected to be recognized over a weighted average period of 1.6 years. Restricted Stock Units The fair value of the RSUs is recognized as an expense ratably over the vesting period of four years. As of June 30, 2026, total compensation cost not yet recognized related to nonvested RSUs was $157.0 million, which is expected to be recognized over a weighted-average period of 3.0 years. The intrinsic value of RSUs lapsed during the six months ended June 30, 2026 was $34.1 million. The following table sets forth the RSU activity for the six months ended June 30, 2026:
Performance Stock Units In February 2025, the Company granted PSUs to the executive officers. Vesting of these PSUs is subject to achievement of specified performance goals, which include achieving revenue, clinical, and regulatory targets over a three-year performance period. In April 2026, the Company granted an additional award of PSUs to its executive officers. Vesting of these PSUs is subject to achievement of specified performance goals, which include achieving revenue and commercialization targets over a three-year performance period. For both awards, the actual number of common shares that would ultimately be issued is calculated by multiplying the number of PSUs granted by a payout multiplier ranging from 0 to 2. Achievement of the performance goals will ultimately be determined by the Compensation Committee or the Board at the end of the vesting term, which is approximately 3 years from the grant date. As of June 30, 2026, total compensation cost not yet recognized related to nonvested PSUs was $9.5 million, which is expected to be recognized over a weighted-average period of 2.2 years. The following table sets forth the PSU activity for the six months ended June 30, 2026:
Employee Stock Purchase Plan The ESPP allows eligible employees to purchase shares of the Company’s common stock. The purchase price is equal to 85% of the lower of the closing price of the Company’s common stock on (1) the first day of the offering period or (2) the last day of the offering period. The ESPP has consecutive offering periods that begin on or about June 1st of each year with a duration of 12 months. The Company commenced the third offering period pursuant to the ESPP on June 1, 2025, and such offering ended on May 31, 2026. During the six months ended June 30, 2026, 68,643 common shares have been purchased and issued pursuant to the ESPP, and $0.6 million and $1.2 million of expenses were recorded for the three and six months ended June 30, 2026. During the six months ended June 30, 2025, 59,607 common shares have been purchased and issued pursuant to the ESPP, and $0.5 million and $0.8 million of expenses were recorded for the three and six months ended June 30, 2025. Stock-based Compensation Expense Stock-based compensation expense recognized was as follows:
Stock-based compensation expense capitalized into inventory totaled $0.4 million and $0.9 million for the three and six months ended June 30, 2026, respectively, and $0.3 million and $0.7 million for the three and six months ended June 30, 2025, respectively. Capitalized stock-based compensation is recognized as an expense in cost of product sales when the related product is sold or in selling, general and administrative expense when the related product is dispensed as a physician sample. |
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