Stock Compensation Plan (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock option activity under the 2011 Plan, 2018 Plan, Inducement Plan and Assumed Plans for the nine months ended September 30, 2026:


	Number of Options	Weighted Average Exercise Price Per Share	Weighted Average Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Outstanding - December 31, 2025	5,309,859	$5.54	2.78	$16,253
Granted	2,573,953	$7.29
Exercised	(739,515)	$2.78
Forfeited	(24,324)	$7.36
Expired	(194,680)	$7.58
Outstanding - September 30, 2026	6,925,293	$6.42	4.92	$24,078
Exercisable - September 30, 2026	4,375,664	$5.92	2.33	$18,289

SARs activity under the 2018 Plan for the nine months ended September 30, 2026 was as follows:


	Number of SARs	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding - December 31, 2025	2,650,000	$	3.36	0.98	$	11,752
Granted	—	$	—
Exercised	(500,000)	$	2.43
Outstanding - September 30, 2026	2,150,000	$	3.63	0.35	$	12,718
Vested and exercisable at September 30, 2026	—	$	—

SARs fair value for the nine months ended September 30, 2026 (in thousands):


	Fair Value
Balance at December 31, 2025	$	6,313
Change in fair value of SARs	7,120
Payment of SARs	(2,825)
Balance at September 30, 2026	$	10,608

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

Stock options value assumptions:


			Nine Months Ended September 30,
			2026
Expected term (in years)			6.5
Risk-free interest rate			4.0%
Expected stock price volatility			81.8%
Expected dividend yield			—%

Schedule of Nonvested Restricted Stock Units Activity

A summary of outstanding RSU awards and the activity for the nine months ended September 30, 2026:


	Number of Units	Weighted Average Grant Date Fair Value Per Share
Unvested balance - December 31, 2025	13,511,338	$	2.93
Granted	3,577,887	$	7.24
Vested	(6,753,139)	$	2.49
Forfeited	(1,090,272)	$	3.96
Unvested balance - September 30, 2026	9,245,814	$	4.80

Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions

SARs value assumptions:


			Nine Months Ended September 30,
			2026
Expected term (in years)			0.35
Risk-free interest rate			4.3%
Expected stock price volatility			47.7%
Expected dividend yield			—%

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs, SARs, and the ESPP (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025

Research and development	$	561	$	421	$	1,703	$	1,189
Selling, general and administrative	$	10,241	$	7,222	$	24,305	$	15,905
Total stock-based compensation expense	$	10,802	$	7,643	$	26,008	$	17,094