v3.26.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Total Stock-Based Compensation Recognized, Before Taxes
Total stock-based compensation recognized, before taxes, are as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Cost of sales$3,087 $2,380 $8,679 $6,796 
Research and development3,605 3,033 10,124 8,559 
Selling, general and administrative10,027 10,335 28,513 24,974 
Stock-based compensation capitalized in inventory(1,639)(1,258)(4,630)(3,568)
Total stock-based compensation$15,080 $14,490 $42,686 $36,761 
Schedule of Stock Option Activity
A summary of the Company’s stock option activity and related information is as follows (options in thousands):
Nine Months Ended
September 30, 2026
Number of SharesWeighted-Average Exercise Price
Outstanding, beginning of period3,444 $17.00 
Granted616 24.28 
Exercised(120)4.21 
Forfeited(6)5.47 
Outstanding, end of period3,934 18.55 
Vested and expected to vest3,934 18.55 
Exercisable2,912 13.97 
Schedule of Fair Value Assumptions
The fair value of the options granted to employees or directors was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Expected life (years)6.06.16.06.1
Expected volatility 64 %57 %64 %57 %
Risk-free interest rate 4.5 %3.8 %4.1 %3.9 %
Expected dividend rate — %— %— %— %
Weighted-average fair value$13.77 $22.61 $14.95 $26.39 
The fair value of the options granted to employees was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:
Nine Months Ended September 30,
20262025
Expected life (years)0.70.8
Expected volatility 57 %59 %
Risk-free interest rate 3.8 %4.2 %
Expected dividend rate — %— %
Weighted-average fair value$9.67 $23.52 
Schedule of RSU and PSU Activity
A summary of the Company’s restricted stock unit, or RSU, activity and related information is as follows (RSUs in thousands):
Nine Months Ended
September 30, 2026
Number of SharesWeighted-Average Fair Value
Unvested, beginning of period2,346 $48.63 
Awarded3,709 24.38 
Forfeited(549)36.28 
Vested(770)48.46 
Unvested, end of period4,736 31.10 
A summary of the Company’s PSU activity and related information is as follows (PSUs in thousands):

Nine Months Ended
September 30, 2026
Number of SharesWeighted-Average Fair Value
Unvested, beginning of period115 $67.62 
Awarded307 25.35 
Forfeited— — 
Vested(34)82.14 
Performance change(52)66.36 
Unvested, end of period336 27.68