Stock Plans (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Stock-Based Compensation Expense |
For the three and six months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Cost of product revenue |
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$ |
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45 |
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$ |
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7 |
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$ |
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59 |
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$ |
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15 |
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Cost of service and other revenue |
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58 |
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12 |
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80 |
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25 |
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Research and development |
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838 |
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262 |
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1,230 |
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491 |
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Selling, general and administrative |
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2,339 |
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399 |
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3,378 |
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768 |
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Total stock-based compensation expense |
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$ |
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3,280 |
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$ |
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680 |
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$ |
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4,747 |
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$ |
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1,299 |
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| Summary of Stock Option Activity |
Stock option activity for the six months ended June 30, 2026 was as follows:
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Aggregate |
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Exercise |
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Remaining |
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intrinsic |
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Options |
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price per |
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contractual |
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value |
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outstanding |
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share |
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life (in years) |
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(in thousands) |
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Balance outstanding, December 31, 2025 |
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5,842,551 |
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$ |
3.18 |
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8.27 |
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$ |
25,767 |
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Options granted |
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3,484,251 |
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$ |
13.16 |
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Options exercised |
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(1,081,384 |
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$ |
2.80 |
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Options cancelled/forfeited/expired |
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(50,625 |
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$ |
4.56 |
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Balance outstanding, June 30, 2026 |
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8,194,793 |
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$ |
7.47 |
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8.60 |
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$ |
160,821 |
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Vested and expected to vest at June 30, 2026 |
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8,506,615 |
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$ |
7.31 |
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8.60 |
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$ |
168,229 |
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Exercisable at June 30, 2026 |
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3,274,669 |
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$ |
3.09 |
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7.40 |
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$ |
78,600 |
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| Summary of Estimated Fair Value of Stock Options Granted Under Weighted-Average Assumptions |
The Company estimated the fair value of stock options granted during the three and six months ended June 30, 2026 and 2025, using the Black-Scholes option pricing model with the following weighted-average assumptions:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
Expected dividend yield |
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0.0 |
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% |
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0.0 |
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% |
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0.0 |
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% |
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0.0 |
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% |
Risk-free interest rate |
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4.0 |
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% |
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4.0 |
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% |
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4.0 |
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% |
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4.4 |
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% |
Expected volatility |
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67.8 |
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% |
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69.7 |
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% |
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68.0 |
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% |
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81.9 |
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% |
Expected term (in years) |
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6.1 |
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5.9 |
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6.1 |
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6.0 |
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| Summary of RSU Activity/Stock Activity for Grants of Restricted Stock Awards |
The RSU activity during the six months ended June 30, 2026 was as follows:
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Weighted- average |
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RSU |
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grant date |
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outstanding |
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fair value |
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Balance outstanding, December 31, 2025 |
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— |
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$ |
— |
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RSUs granted |
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528,477 |
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$ |
22.69 |
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RSUs vested |
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— |
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$ |
— |
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Balance outstanding, June 30, 2026 |
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528,477 |
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$ |
22.69 |
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Stock activity during the six months ended June 30, 2026 for grants of restricted stock awards (“RSAs”) to employees outside of the Stock Plans was as follows:
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Weighted- average |
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RSAs |
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grant date |
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outstanding |
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fair value |
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Balance outstanding, December 31, 2025 |
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34,877 |
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$ |
4.18 |
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RSAs vested |
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(10,752 |
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Balance outstanding, June 30, 2026 |
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24,125 |
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$ |
4.18 |
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