Total stock-based compensation expense recognized in the condensed consolidated statements of operations is included in the following categories (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Cost of goods sold	$	250	$	155	$	796	$	363
Cost of revenue – collaborations and services		854		1,027		2,690		2,901
Research and development		908		319		2,530		1,970
Selling, general and administrative		4,432		2,817		17,109		11,989
Total	$	6,444	$	4,318	$	23,125	$	17,223

Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
RSUs and options	$	6,069	$	4,165	$	22,188	$	16,735
Employee stock purchase plan		375		153		937		488
Total	$	6,444	$	4,318	$	23,125	$	17,223

The following table summarizes information pertaining to RSUs:


	Number of Shares			Weighted Average Grant Date Fair Value per Share
Outstanding as of January 1, 2026		16,485,829		$	5.82
Granted		3,651,256			4.79
Vested		(2,963,504	)		5.86
Forfeited		(1,238,089	)		5.92
Outstanding as of September 30, 2026		15,935,492			5.56

As of September 30, 2026, there was $44.3 million of unrecognized stock-based compensation expense related to RSUs, Market RSUs and Performance RSUs, which is expected to be recognized over a weighted average period of approximately 1.8 years.

The following table summarizes information pertaining to options:


	Number of Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value ($000)
Outstanding as of January 1, 2026		5,370,220		$	1.66		2.36	$	21,522
Granted		7,778,380			2.44
Exercised		(440,281	)		1.72
Forfeited		(674,711	)		2.44
Expired		(156,948	)		3.65
Outstanding as of September 30, 2026		11,876,660		$	2.10		6.34	$	21,406
Exercisable as of September 30, 2026		4,767,991		$	1.59		1.75	$	11,027

The following table summarizes the key assumptions used by the Company to value the stock option awards granted during the nine months ended September 30, 2026. The Company did not grant options during the nine months ended September 30, 2025.


	Nine Months Ended September 30, 2026
Fair value of common stock	$	2.44
Expected term (years)		6.50
Volatility		58.51	%
Interest rate		3.88	%

As of September 30, 2026, there was $8.9 million of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over a weighted average period of approximately 3.4 years.

The Company provides all employees, including executive officers, the ability to purchase common stock at a discount under the ESPP. The ESPP is designed to comply with Section 423 of the Internal Revenue Code and provides all employees with the opportunity to purchase up to $25,000 worth of common stock (based on the undiscounted fair market value at the commencement of the offering period) each year at a purchase price that is the lower of 85% of the fair market value of the common stock on either the date of purchase or the commencement of the offering period. An employee may not purchase more than 5,000 shares of common stock on any purchase date. The executives’ rights under the ESPP are the same as those of all other employees.

There were approximately 1.5 million shares of common stock available for issuance under the ESPP as of September 30, 2026.