v3.26.1
Stockholders’ Equity and Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Warrant Activity

A summary of the Company’s warrant activity during the six months ended June 30, 2026 was as follows:

 

 

Shares of
Stock under
Warrants

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

 

Aggregate Intrinsic Value (in thousands)

 

Outstanding at January 1, 2026

 

 

12,080,500

 

 

$

13.22

 

 

 

2.87

 

 

$

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Canceled

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

12,080,500

 

 

$

13.22

 

 

 

2.40

 

 

$

 

Schedule of Stock Option Activity

A summary of the Company’s stock option activity during the six months ended June 30, 2026 was as follows:

 

 

Shares of
Stock under
Stock Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

 

Aggregate Intrinsic Value (in thousands)

 

Outstanding at January 1, 2026

 

 

190,000

 

 

$

237.26

 

 

 

8.71

 

 

$

 

Granted

 

 

493,000

 

 

 

1.26

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Canceled

 

 

(67,000

)

 

 

10.02

 

 

 

 

 

 

 

Outstanding and expected to vest at June 30, 2026

 

 

616,000

 

 

 

71.66

 

 

 

7.82

 

 

 

12.00

 

Vested and exercisable at June 30, 2026

 

 

186,000

 

 

$

228.01

 

 

 

5.63

 

 

$

 

Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes RSU activity during the six months ended June 30, 2026:

 

 

Stock Units

 

 

Weighted- Average
Grant Date Fair
Value per Share

 

Outstanding at January 1, 2026

 

 

3,490

 

 

$

290.34

 

Granted

 

 

 

 

 

 

Released

 

 

(1,490

)

 

 

356.64

 

Forfeited

 

 

(260

)

 

 

63.31

 

Outstanding at June 30, 2026

 

 

1,740

 

 

$

265.28

 

Schedule of Recognized Stock-Based Compensation Expense

The Company recognized stock-based compensation expense for the periods presented as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Cost of product revenue

 

$

27

 

 

$

40

 

 

$

58

 

 

$

77

 

Cost of service and other revenue

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

71

 

 

 

160

 

 

 

149

 

 

 

410

 

General and administrative

 

 

872

 

 

 

880

 

 

 

1,433

 

 

 

2,180

 

Total stock-based compensation expense

 

$

970

 

 

$

1,080

 

 

$

1,640

 

 

$

2,667

 

 

Schedule of Weighted-Average Assumptions in Black -Scholes Option Pricing Model

The weighted-average assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of the employee stock option grants during the periods presented were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Risk-free interest rate

 

 

4.1

%

 

 

4.0

%

 

 

3.9

%

 

 

4.1

%

Expected volatility

 

 

94.2

%

 

 

119.3

%

 

 

108.1

%

 

 

135.0

%

Expected term (in years)

 

 

5.3

 

 

 

5.5

 

 

 

5.7

 

 

 

5.6

 

Expected dividend yield

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%