Stock-based compensation expense recognized for all equity awards has been reported in the accompanying condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development expense	$	928	$	664	$	1,852	$	1,327
Selling, general and administrative expense(1)		11,467		4,707		17,966		9,342
Total	$	12,395	$	5,371	$	19,818	$	10,669

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(1) Stock-based compensation expense for the three and six months ended June 30, 2026 included $5.3 million resulting from the accelerated vesting of previously unvested equity awards upon the termination of a former executive officer.

Stock-based compensation expense capitalized into inventory for the three and six months ended June 30, 2026 was $0.4 million and $0.8 million, respectively. For the three and six months ended June 30, 2025, stock-based compensation expense capitalized into inventory was $0.3 million and $0.5 million, respectively.

As of June 30, 2026, the total unrecognized stock-based compensation expense related to outstanding employee options was $46.9 million, which is expected to be recognized over a remaining weighted-average period of approximately 2.5 years.

As of June 30, 2026 and December 31, 2025, there were zero and 1,382 restricted stock units outstanding, respectively.

The Company maintains the 2016, 2018 and 2022 Equity Incentive Plans and the Employee Stock Purchase Plan (“ESPP”). Shares of common stock purchased under the ESPP for the six months ended June 30, 2026 and 2025 were 97,515 shares and 111,918 shares, respectively.

As of June 30, 2026, 30,701,662 shares were authorized under the 2016 and 2020 Equity Incentive Plans, of which 8,874,000 shares were available for future grant, and 16,681,089 shares were outstanding. As of June 30, 2026, 6,634,333 shares were authorized under the 2018 Equity Incentive Plan, of which 297,345 shares were available for future grant, and 3,893,895 shares were outstanding. The Company does not intend to grant future stock options or other equity awards under the 2016 or 2018 Equity Incentive Plans.

Stock options granted under the Company’s equity incentive plans expire no later than 10 years from the date of grant and generally vest over a one- to four-year period. The Company issues new shares of common stock upon the exercise of stock options.

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


						Weighted-
	Shares			Weighted-		Average		Aggregate
	Subject to			Average		Remaining		Intrinsic
	Options			Exercise		Contractual		Value
	Outstanding			Price		Life (Years)		(in thousands)
Outstanding at December 31, 2025		16,744,639		$	7.66
Granted		4,274,040		$	11.20
Exercised		(48,042	)	$	3.83
Forfeited		(395,653	)	$	11.76
Outstanding at June 30, 2026		20,574,984		$	8.33		7.2	$	35,167
Exercisable at June 30, 2026		12,564,240		$	7.06		6.2	$	32,291

The exercisable shares subject to options outstanding at June 30, 2026 in the table above include vested and early exercisable awards. The aggregate intrinsic value in the table above is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the Company’s common stock for all options that were in-the-money at June 30, 2026. The aggregate intrinsic value of options exercised during the six months ended June 30, 2026 and 2025 was $0.3 million and $5.9 million, respectively.

The weighted-average grant date fair value per share of option grants for the six months ended June 30, 2026 and 2025 was $8.20 and $8.60, respectively. The total fair value of shares vested during the six months ended June 30, 2026 and 2025 was $16.3 million and $12.2 million, respectively.

The fair value of stock options granted was estimated using a Black-Scholes option-pricing model (“Black-Scholes”) with the following assumptions:


	Six Months Ended June 30,
	2026	2025
Expected term (in years)	5.5 – 6.1	5.5 – 6.1
Expected volatility	81.8% – 85.2%	84.3% – 87.3%
Risk-free interest rate	3.7% – 4.3%	3.9% – 4.4%
Expected dividend yield	0%	0%

The fair value of stock options was determined using the Black-Scholes assumptions below.

Fair Value of Common Stock. The fair market value of the Company’s common stock is based on its closing price as reported on the date of grant on the primary stock exchange on which the Company’s common stock is traded.

Expected Term. The expected term represents the period that the options granted are expected to be outstanding. The expected term of stock options issued is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term) as the Company has concluded that its stock option exercise history does not provide a reasonable basis upon which to estimate expected term.

Expected Volatility. Given the Company’s limited historical stock price volatility data, the Company derived the expected volatility from the average historical volatilities over a period approximately equal to the expected term of comparable publicly traded companies within its peer group that were deemed to be representative of future stock price trends as the Company has limited trading history for its common stock. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available.

Risk-free Interest Rate. The risk-free interest rate is based on the U.S. Treasury rate, with maturities similar to the expected term of the stock options.

Expected Dividend Yield. The Company has never paid dividends on its common stock and does not anticipate paying any dividends in the foreseeable future. Therefore, the Company uses an expected dividend yield of zero.