v3.26.3
Equity Incentive Plans (Tables)
9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Options
The activity related to stock options during the nine months ended September 30, 2026 consisted of the following:
September 30, 2026
Number of shares (in thousands)
Weighted-Average Exercise Price
Outstanding at December 31, 2025
8,992 $9.94 
Granted3,181 14.67 
Exercised(5,276)9.54 
Forfeited(1,874)11.50 
Outstanding at September 30, 20265,023 $12.78 
Schedule of Estimated Fair Value of Stock Option
The following weighted-average assumptions were used to estimate the fair value of the options granted during the nine months ended September 30, 2026 and 2025:
Nine Months Ended September 30,
20262025
Expected volatility68 %78 %
Risk-free interest rate3.85 %3.99 %
Expected term (in years)5.05.0
Expected dividend yield0.0 %0.0%
Fair value per common share option$8.77$5.03
Schedule of Performance Awards and Restricted Stock Units Activity
The activity related to PSUs and RSUs for the nine months ended September 30, 2026 consisted of the following:
September 30, 2026
Number of shares (in thousands)
Weighted-average fair value $
Unvested balance, December 31, 2025
4,021 $7.27 
Granted4,548 9.92 
Vested(2,061)7.75 
Forfeited(2,232)8.08 
Unvested balance, September 30, 20264,276 $9.42 
Schedule of Share-based Compensation Expense
The classification of share-based compensation expense consisted of the following (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026202520262025
Research and development$2,470 $327 $3,891 $755 
Selling, general and administrative3,380 5,387 3,411 6,751 
Capitalized in inventory274 205 795 444 
Share-based compensation expense$6,124 $5,919 $8,097 $7,950