Stock-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Assumptions Used to Determine Grant-date Fair Value of Stock Options Granted |
The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted:
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Nine Months Ended September 30, |
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2026 |
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2025 |
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Weighted average grant date fair value per share |
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$ |
8.22 |
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$ |
14.38 |
|
Risk-free interest rate |
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3.69 |
% |
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4.25 |
% |
Expected term (in years) |
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5.86 |
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|
5.97 |
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Expected volatility |
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70.58 |
% |
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100.01 |
% |
Expected dividend yield |
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0 |
% |
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0 |
% |
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| Summary of Stock Options Activity |
The following table summarizes stock option activity for the nine months ended September 30, 2026:
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Weighted- |
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Weighted-
Average |
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Average
Remaining |
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Aggregate |
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Number of
Options |
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Exercise
Price |
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Contractual
Term |
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Intrinsic
Value |
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(in years) |
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(in thousands) |
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Outstanding at December 31, 2025 |
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6,453,036 |
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$ |
9.87 |
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7.4 |
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$ |
141,925 |
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Granted |
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872,846 |
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$ |
12.67 |
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Exercised |
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(439,418 |
) |
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$ |
6.81 |
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Forfeited or cancelled |
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(153,263 |
) |
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$ |
13.64 |
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Expired |
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(2,485 |
) |
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$ |
10.93 |
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Outstanding at September 30, 2026 |
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6,730,716 |
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$ |
10.34 |
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7.1 |
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$ |
58,497 |
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Vested and expected to vest at September 30, 2026 |
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6,730,716 |
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$ |
10.34 |
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7.1 |
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$ |
58,497 |
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Options exercisable at September 30, 2026 |
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4,383,804 |
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$ |
8.93 |
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6.4 |
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$ |
44,233 |
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| Summary of Non-Vested Stock Options |
The following table summarizes the non-vested stock options that were outstanding as of September 30, 2026 and December 31, 2025:
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Weighted-
Average |
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Number of
Options |
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Exercise
Price |
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Non-vested options, September 30, 2026 |
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2,346,912 |
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$ |
12.98 |
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Non-vested options, December 31, 2025 |
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2,840,777 |
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$ |
12.21 |
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| Summary of RSU Activity |
The following table summarizes RSU activity under the Company's incentive plans for the nine months ended September 30, 2026:
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Weighted-
Average |
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Number of Shares |
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Grant Date Fair Value |
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RSUs outstanding, December 31, 2025 |
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753,885 |
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$ |
15.12 |
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Granted |
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2,219,735 |
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$ |
13.00 |
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Vested |
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(513,953 |
) |
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$ |
13.71 |
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Cancelled |
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(172,142 |
) |
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$ |
13.72 |
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RSUs outstanding, September 30, 2026 |
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2,287,525 |
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$ |
13.48 |
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| Schedule of Stock-Based Compensation Expense by Type and Financial Statement Line |
Stock-based compensation expense by type and financial statement line is included in the Company’s statements of operations and comprehensive loss as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 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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(in thousands) |
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(in thousands) |
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Options |
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$ |
3,176 |
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$ |
3,116 |
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$ |
9,695 |
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$ |
8,721 |
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RSUs |
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3,330 |
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1,362 |
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8,500 |
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3,360 |
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Employee stock purchase plan |
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209 |
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— |
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942 |
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— |
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Total stock-based compensation expense |
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$ |
6,715 |
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$ |
4,478 |
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$ |
19,137 |
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$ |
12,081 |
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Three Months Ended September 30, |
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Nine Months Ended September 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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(in thousands) |
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(in thousands) |
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Cost of sales |
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$ |
187 |
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$ |
140 |
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$ |
557 |
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$ |
399 |
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Research and development |
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1,559 |
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893 |
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4,333 |
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2,319 |
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Sales and marketing |
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2,136 |
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1,273 |
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5,990 |
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3,388 |
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General and administrative |
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2,833 |
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2,172 |
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8,257 |
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5,975 |
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Total stock-based compensation expense |
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$ |
6,715 |
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$ |
4,478 |
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$ |
19,137 |
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$ |
12,081 |
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