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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 12. Stock-Based Compensation 2016 Stock Incentive Plan The Company’s 2016 Stock Incentive Plan, as amended (the “2016 Plan”), provides for the Company to grant stock options and restricted stock awards to employees, officers, directors and consultants of the Company. The 2016 Plan is administered by the Board or, at the discretion of the Board, by a committee of the Board. The exercise prices, vesting and other restrictions are determined at the discretion of the Board, or its committee if so delegated. The Company grants equity classified stock options for the purchase of common stock. Stock options granted under the 2016 Plan with service-based vesting conditions typically vest over four years based on continuous service and expire after ten years. The total number of shares of common stock that may be issued under the 2016 Plan was 5,061,058 shares as of September 30, 2025. Shares that are expired, terminated, surrendered or canceled without having been fully exercised will be available for future grant under the 2016 Plan. The exercise price for stock options granted may not be less than the fair value of common stock as determined by the Board as of the date of grant. The Board values the Company’s common stock taking into consideration the most recent sales of the Company’s preferred stock, results obtained from contemporaneous third-party valuations and additional factors the Company deems relevant and which may have changed since the date of the most recent valuation through the date of grant. 2025 Equity Incentive Plan On January 21, 2025, the Company’s board of directors adopted and the Company’s stockholders approved the 2025 Equity Incentive Plan (the “2025 Plan”), which became effective on the date immediately preceding the date on which the Company’s registration statement was declared effective by the U.S. Securities and Exchange Commission (“SEC”). The 2025 Plan replaced the 2016 plan, as the Company’s board of directors has determined to not make additional grants under the 2016 Plan following the closing of the IPO. However, the 2016 Plan will continue to govern outstanding equity awards granted under the 2016 Plan. The 2025 Plan allows the Company to grant incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards (“RSUs”), performance awards and other awards. The number of shares initially available for issuance under awards granted pursuant to the 2025 Plan is 12,016,744. Stock Options The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted:
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
Fair value of common stock |  | $ | 14.38 |  |  | $ | 10.95 |
Risk-free interest rate |  |  | 4.25 | % |  |  | 4.08 | %
Expected term (in years) |  |  | 5.97 |  |  |  | 6.02 |
Expected volatility |  |  | 100.01 | % |  |  | 86.57 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
The following table summarizes stock option activity for the nine months ended September 30, 2025:
|  |  |  |  |  |  |  | Weighted- |  |  |  |
|  |  |  |  | Weighted- Average |  |  | Average Remaining |  |  | Aggregate |
|  | Number of Options |  |  | Exercise Price |  |  | Contractual Term |  |  | Intrinsic Value |
|  |  |  |  |  |  |  | (in years) |  |  | (in thousands) |
Outstanding at December 31, 2024 |  |  | 5,667,555 |  |  | $ | 6.98 |  |  |  | 7.6 |  |  | $ | 22,929 |
Granted |  |  | 1,731,539 |  |  | $ | 17.85 |  |  |  |  |  |  |
Exercised |  |  | (462,107 | ) |  | $ | 6.04 |  |  |  |  |  |  |
Forfeited or cancelled |  |  | (156,340 | ) |  | $ | 9.95 |  |  |  |  |  |  |
Expired |  |  | (15,396 | ) |  | $ | 7.09 |  |  |  |  |  |  |
Outstanding at September 30, 2025 |  |  | 6,765,251 |  |  | $ | 9.76 |  |  |  | 7.5 |  |  | $ | 68,553 |
Vested and expected to vest at September 30, 2025 |  |  | 6,765,251 |  |  | $ | 9.76 |  |  |  | 7.5 |  |  | $ | 68,553 |
Options exercisable at September 30, 2025 |  |  | 3,536,423 |  |  | $ | 7.74 |  |  |  | 6.6 |  |  | $ | 42,854 |
The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The total intrinsic value of options exercised during the nine months ended September 30, 2025 and 2024 were $6.3 million and no t significant, respectively. The weighted-average grant-date fair value of stock options granted during the nine months ended September 30, 2025 and 2024 was $6.99 per share and $6.84 per share, respectively. The total fair value of shares vested during the nine months ended September 30, 2025 and 2024 was $4.1 million and $1.8 million, respectively. The following table summarizes the non-vested stock options that were outstanding as of September 30, 2025 and December 31, 2024:
|  |  |  |  | Weighted- Average |
|  | Number of Options |  |  | Exercise Price |
Non-vested options, September 30, 2025 |  |  | 3,228,828 |  |  | $ | 11.97 |
Non-vested options, December 31, 2024 |  |  | 2,797,887 |  |  | $ | 6.86 |
Restricted Stock Units The following table summarizes RSU activity under the Company's incentive plans for the nine months ended September 30, 2025:
|  |  |  |  | Weighted- Average |
|  | Number of Shares |  |  | Grant Date Fair Value |
RSUs outstanding, December 31, 2024 |  |  | — |  |  | $ | — |
Granted |  |  | 1,056,299 |  |  | $ | 14.69 |
Vested |  |  | (190,222 | ) |  | $ | 14.59 |
Cancelled |  |  | (41,306 | ) |  | $ | 14.52 |
RSUs outstanding, September 30, 2025 |  |  | 824,771 |  |  | $ | 14.72 |
Stock-Based Compensation Expense Stock-based compensation expense by type and financial statement line is included in the Company’s statements of operations and comprehensive loss as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (in thousands) |  |  | (in thousands) |
Options |  | $ | 3,116 |  |  | $ | 1,976 |  |  | $ | 8,721 |  |  | $ | 4,832 |
RSUs |  |  | 1,362 |  |  |  | — |  |  |  | 3,360 |  |  |  | — |
Total stock-based compensation expense |  | $ | 4,478 |  |  | $ | 1,976 |  |  | $ | 12,081 |  |  | $ | 4,832 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (in thousands) |  |  | (in thousands) |
Cost of sales |  | $ | 140 |  |  | $ | 69 |  |  | $ | 399 |  |  | $ | 201 |
Research and development |  |  | 893 |  |  |  | 294 |  |  |  | 2,319 |  |  |  | 844 |
Sales and marketing |  |  | 1,273 |  |  |  | 472 |  |  |  | 3,388 |  |  |  | 1,150 |
General and administrative |  |  | 2,172 |  |  |  | 1,141 |  |  |  | 5,975 |  |  |  | 2,637 |
Total stock-based compensation expense |  | $ | 4,478 |  |  | $ | 1,976 |  |  | $ | 12,081 |  |  | $ | 4,832 |
As of September 30, 2025, total unrecognized stock-based compensation expense related t o the unvested options was $29.0 million, which is expected to be recognized over a weighted-average period of 2.7 years. As of September 30, 2025, total unrecognized stock-based compensation expense related t o the unvested RSUs was $11.6 million, which is expected to be recognized over a weighted-average period of 2.4 years. Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan (“ESPP”) was approved by the Board in January 2025. The ESPP enables eligible employees to purchase shares of the Company’s common stock using their after-tax payroll deductions, subject to certain conditions. The ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Code. Eligible employees may contribute, through payroll deductions, up to 15% of their earnings for the purchase of common stock under the ESPP. The purchase price of common stock under the ESPP is the lesser of: (a) 85% of the fair market value of a share of the Company’s common stock on the first date of an offering or (b) 85% of the fair market value of a share of the Company’s common stock on the date of purchase, limited to the maximum number of shares they may purchase on any single purchase date. Each offering under the ESPP has a six-month duration, beginning on January 1 and July 1 of each year, with purchases occurring on June 30 and December 31, respectively. The Company has not conducted any offerings under the ESPP as of September 30, 2025.

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