Stock-based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

8. Stock-based Compensation

The Company has various stock-based compensation plans, which are more fully described in the Annual Report. Under these plans, the Company has the ability to grant several forms of incentive awards to the Company's eligible employees, directors, and non-employee consultants.

Stock-based compensation expense is reported in the Company's condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of product revenue	$	424	$	111
Cost of services and other revenue		117		131
Research and development expense		162		339
Selling, general and administrative expense		4,298		7,468
Total stock-based compensation expense	$	5,001	$	8,049

Stock-based compensation will fluctuate based on the grant-date fair value of awards, the number of awards, the requisite service period of the awards, employee forfeitures and the timing of the awards. Expense related to each stock option and restricted stock unit (“RSU”) award is recognized on a straight-line basis over the requisite service period of the entire award.

The following table summarizes our award activity for stock options and RSUs for the three months ended March 31, 2026 (in thousands):


	Stock Options			RSUs
Balance at December 31, 2025		32,547			19,478
Granted		4,968			5,564
Exercised or issued		(67	)		(3,752	)
Forfeited		(1,040	)		(1,052	)
Balance at March 31, 2026		36,408			20,238