v3.26.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Shares Reserved for Future Issuance
The following shares of the Company’s common stock were reserved for future issuance as of September 30, 2026 (in thousands):
Shares reserved for issuance upon conversion of convertible senior notes
17,261 
Shares underlying outstanding warrants194 
Shares underlying outstanding stock options2,512 
Shares underlying unvested RSUs4,587 
Shares authorized for issuance pursuant to awards granted under the ESPP1,393 
Shares authorized for future equity award grants1,978 
Total27,925 
Common Stock Warrants

Warrants to purchase shares of the Company’s common stock outstanding as of September 30, 2026 are equity-classified and were as follows:
Issue DateExercise Price Per ShareWarrants OutstandingExpiration Date of Warrants Outstanding
March 2017$23.50193,788 March 2027
Each warrant allows the holder to purchase one share of common stock at the per share exercise price of the warrant.
Stock-Based Compensation
The following table summarizes the allocation of stock-based compensation expense included in the condensed consolidated statements of operations for all stock-based compensation arrangements for the three and nine months ended September 30, 2026 and 2025 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Cost of sales$945 $1,440 $3,296 $4,916 
Selling, general and administrative10,865 13,917 31,729 46,836 
Research and development4,087 5,785 12,268 20,519 
Total stock-based compensation expense$15,897 $21,142 $47,293 $72,271 
The total stock-based compensation expense capitalized as part of the cost of the Company’s inventories was $0.5 million and $1.2 million as of September 30, 2026 and December 31, 2025, respectively.
Restricted Stock Units
The total number of RSUs granted and the respective weighted average grant date fair value were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
RSUs granted166,834 210,725 2,786,464 2,255,095 
Weighted average grant date fair value (per share)$15.61 $13.00 $17.79 $20.31 
Employee Stock Purchase Plan
The Company records stock-based compensation expense associated with the ESPP using the Black-Scholes option pricing model. Valuations are performed on the grant date at the beginning of the purchase period, which generally occurs in May and November of each year. The assumptions used in the Black-Scholes option pricing model for the ESPP were as follows for the nine months ended September 30, 2026 and 2025:
Nine Months Ended September 30,
20262025
Weighted average grant date fair value (per share)$6.45 $10.86 
Risk-free interest rate3.9 %4.1 %
Dividend yield0.0 %0.0 %
Expected volatility75.9 %74.9 %
Expected term (in years)1.31.3