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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount

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

Schedule of Stock Option Activity and Related Information

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

Schedule of Fair Value Assumptions

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

Schedule of RSU and PSU Activity

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

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

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Tabular disclosure of share-based payment arrangement.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of activity for outstanding award under share-based payment arrangement excluding share and unit options and nonvested award.

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Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.

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