v3.26.3
Equity Incentive Plans (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of stock option activity

The following table summarizes stock option activity under the 2021 Plan during the periods presented:

 

 

 

Number of
Shares

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average
Contractual
 Term (in years)

 

 

Aggregate Intrinsic Value
(in thousands)

 

Balances as of December 31, 2025

 

 

3,063,476

 

 

$

10.88

 

 

 

5.5

 

 

$

3,315

 

Forfeited/cancelled

 

 

(61,700

)

 

 

10.88

 

 

 

 

 

 

 

Exercised/released

 

 

(131,512

)

 

 

1.69

 

 

 

 

 

 

 

Balances as of September 30, 2026

 

 

2,870,264

 

 

$

11.30

 

 

 

4.7

 

 

$

3,124

 

Vested and exercisable as of September 30, 2026

 

 

2,809,717

 

 

$

11.38

 

 

 

4.6

 

 

$

3,008

 
Schedule of share-based payment arrangement, restricted stock unit, activity

The following table summarizes RSU activity under the 2021 Plan during the periods presented:

 

 

Number of
Shares

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Outstanding, December 31, 2025

 

 

4,048,888

 

 

$

4.4

 

Granted

 

 

2,540,849

 

 

 

6.5

 

Forfeited/cancelled

 

 

(489,856

)

 

 

4.9

 

Vested

 

 

(1,478,876

)

 

 

5.4

 

Outstanding, September 30, 2026

 

 

4,621,005

 

 

$

5.2

 
Schedule of stock-based compensation expense by function

The following is a summary of stock-based compensation expense by function (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Cost of goods sold

 

$

125

 

 

$

39

 

 

$

368

 

 

$

260

 

Research and development

 

 

277

 

 

 

151

 

 

 

830

 

 

 

1,638

 

Selling, general and administrative

 

 

2,533

 

 

 

2,231

 

 

 

7,552

 

 

 

8,607

 

Total stock-based compensation expense

 

$

2,935

 

 

$

2,421

 

 

$

8,750

 

 

$

10,505

 
2021 Employee Stock Purchase Plan  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of weighted average valuation assumptions used to estimate fair value of employee stock options

The grant date fair value of shares issuable under the ESPP was calculated using the Black-Scholes valuation model using the following assumptions:

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

2026

 

2025

 

2026

 

2025

Expected term (in years)

 

0.50

 

0.49 – 0.50

 

0.49 – 0.50

 

0.49 – 0.50

Expected volatility

 

81.38%

 

71.55% – 72.80%

 

81.38% – 84.10%

 

71.55% – 72.80%

Risk-free interest rate

 

3.74%

 

4.27% – 4.47%

 

3.74% – 3.83%

 

4.27% – 4.47%

Dividend yield

 

–

 

–

 

–

 

–