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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Total stock-based compensation recognized, before taxes, are as follows (in thousands):
| Three Months Ended March 31, |
| 2026 |  | 2025 |  |  |
Cost of sales | $ | 2,694 |  |  | $ | 2,187 |  |  |  |
Research and development | 3,241 |  |  | 2,525 |  |  |  |
Sales, general and administrative | 8,583 |  |  | 6,569 |  |  |  |
Stock-based compensation capitalized in inventory | (1,446) |  |  | (1,173) |  |  |  |
Total stock-based compensation | $ | 13,072 |  |  | $ | 10,108 |  |  |  |
Stock Options The Company had 8.0 million shares available for grant as of March 31, 2026 under the 2021 Equity Incentive Award Plan, or 2021 Plan. A summary of the Company’s stock option activity and related information are as follows (options in thousands):
| Three Months Ended |  |  |  |  |  |
| March 31, 2026 |  |  |  |
| Number of Shares |  | Weighted-Average Exercise Price |  |  |  |  |  |  |  |
Outstanding, beginning of period | 3,444 |  |  | $ | 17.00 |  |  |  |  |  |  |  |  |
Granted | 293 |  |  | 25.35 |  |  |  |  |  |  |  |  |
Exercised | (56) |  |  | 3.96 |  |  |  |  |  |  |  |  |
Forfeited | — |  |  | — |  |  |  |  |  |  |  |  |
Outstanding, end of period | 3,681 |  |  | 17.87 |  |  |  |  |  |  |  |  |
Vested and expected to vest | 3,681 |  |  | 17.87 |  |  |  |  |  |  |  |  |
Exercisable | 2,774 |  |  | 11.75 |  |  |  |  |  |  |  |  |
As of March 31, 2026 and December 31, 2025, the aggregate pre-tax intrinsic value of options outstanding and exercisable was $44.7 million and $61.0 million, respectively, and the aggregate pre-tax intrinsic value of options outstanding were $44.7 million and $61.0 million, respectively. The aggregate pre-tax intrinsic value of options exercised was $1.4 million and $8.7 million during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there was a total of $16.9 million of unrecognized stock-based compensation expense related to stock options. 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 March 31, |
| 2026 |  | 2025 |  |  |
Expected life (years) | 6.0 |  | 6.0 |  |  |
Expected volatility | 64 | % |  | 58 | % |  |  |
Risk-free interest rate | 3.8 | % |  | 4.0 | % |  |  |
Expected dividend rate | — | % |  | — | % |  |  |
Weighted-average fair value | $ | 15.60 |  |  | $ | 35.00 |  |  |  |
Restricted Stock Units A summary of the Company’s restricted stock unit, or RSU, activity and related information are as follows (RSUs in thousands):
| Three Months Ended |  |  |  |  |  |
| March 31, 2026 |  |  |  |
| Number of Shares |  | Weighted-Average Fair Value |  |  |  |  |  |  |  |
Unvested, beginning of period | 2,346 |  |  | $ | 48.63 |  |  |  |  |  |  |  |  |
Awarded | 2,195 |  |  | 25.54 |  |  |  |  |  |  |  |  |
Forfeited | (71) |  |  | 43.29 |  |  |  |  |  |  |  |  |
Vested | (484) |  |  | 47.28 |  |  |  |  |  |  |  |  |
Unvested, end of period | 3,986 |  |  | 36.18 |  |  |  |  |  |  |  |  |
As of March 31, 2026, there was a total of $130.3 million of unrecognized stock-based compensation expense related to RSUs. Performance Stock Units The 2021 Plan provides for issuance of performance stock units, or PSUs. PSUs granted are contingent upon the achievement of predetermined market, performance, and service conditions. PSUs are awarded to executives of the Company and generally time vest over a period of up to three years. Vesting is also generally contingent upon achievement of applicable performance metrics. PSU expense is recognized over the requisite service period. During the three months ended March 31, 2026, the Company awarded PSU shares with both a performance and service condition. A summary of the Company’s PSU activity and related information are as follows (PSUs in thousands):
| Three Months Ended |  |  |  |  |  |
| March 31, 2026 |  |  |  |
| Number of Shares |  | Weighted-Average Fair Value |  |  |  |  |  |  |  |
Unvested, beginning of period | 115 |  |  | $ | 67.62 |  |  |  |  |  |  |  |  |
Awarded | 285 |  |  | 25.35 |  |  |  |  |  |  |  |  |
Forfeited | — |  |  | — |  |  |  |  |  |  |  |  |
Vested | (34) |  |  | 82.14 |  |  |  |  |  |  |  |  |
Performance change | (52) |  |  | 66.36 |  |  |  |  |  |  |  |  |
Unvested, end of period | 314 |  |  | 27.85 |  |  |  |  |  |  |  |  |
As of March 31, 2026, total unrecognized stock-based compensation related to unvested PSUs was $7.6 million. Employee Stock Purchase Plan During the period ended March 31, 2026, there were no stock purchases under the Employee Stock Purchase Plan, or ESPP. As of March 31, 2026, there was approximately $2.1 million of unrecognized cost related to the Employee Stock Purchase Plan, or ESPP. This cost is expected to be recognized over a weighted average period of 0.4 years. As of March 31, 2026, a total of 2.4 million shares were available for issuance under the ESPP.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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