In July 2025, the Company's board of directors adopted, and the Company's stockholders approved, the 2025 Equity Incentive Plan (the "2025 Plan"). The 2025 Plan became effective on July 29, 2025, the date the final prospectus was filed in connection with the Company's IPO. The 2025 Plan came into existence upon its adoption by the Company's board of directors. No further awards will be granted under the 2010 Equity Incentive Plan (the "2010 Plan") or 2020 Equity Incentive Plan (the "2020 Plan," and collectively, along with the 2025 Plan and 2010 Plan, the "Plans").

The following table summarizes the effects of stock-based compensation on cost of sales, research and development and selling, general and administrative expenses granted under the Plans for the three and six months ended June 30, 2026 and 2025:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(in thousands)
Cost of sales	$	218	$	40	$	405	$	100
Research and development		1,731		330		3,249		719
Selling, general and administrative		1,608		395		3,265		797
Total	$	3,557	$	765	$	6,919	$	1,616

The total unrecognized stock-based compensation expense related to unvested restricted stock units ("RSUs") and subject to recognition in future periods was approximately $51.0 million at June 30, 2026. The Company anticipates this expense to be recognized over a weighted-average period of approximately 3.5 years.

The total unrecognized stock-based compensation expense related to unvested stock options and subject to recognition in future periods was approximately $1.5 million at June 30, 2026. The Company anticipates this expense to be recognized over a weighted-average period of approximately 1.9 years.

During the three months ended June 30, 2026 and 2025, the Company received $5.0 million and less than $0.1 million from the exercise of stock options granted under the Plans, respectively. During the six months ended June 30, 2026 and 2025, the Company received $6.1 million and $0.2 million from the exercise of stock options granted under the Plans, respectively.