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Stock-based Compensation | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | . Stock-based Compensation The Company has various stock-based compensation plans, which are more fully described in the Annual Report. On June 17, 2026, the Company's stockholders approved the 2026 Equity Incentive Plan (the "2026 Plan"), which permits the grant of incentive and nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, performance units and performance shares to the Company's eligible employees, directors and non-employee consultants. The maximum number of shares authorized for issuance under the 2026 Plan is 24,835,928 shares, plus up to 34,476,543 additional shares subject to awards outstanding under the Company's Amended and Restated 2011 Equity Incentive Plan that are forfeited, expire or are cancelled on or after June 17, 2026. Stock options and stock appreciation rights are granted with an exercise price of no less than the fair market value of the Company's common stock on the date of grant and have a maximum term of ten years. No awards had been granted under the 2026 Plan as of June 30, 2026. The Company's stockholders also approved an amendment to the Company's Amended and Restated 2017 Employee Stock Purchase Plan to increase the number of shares of common stock available for issuance thereunder by 1,200,000 shares. Stock-based compensation expense is reported in the Company's condensed consolidated statements of operations as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Cost of product revenue |  | $ | 319 |  |  | $ | 275 |  |  | $ | 743 |  |  | $ | 386 |
Cost of services and other revenue |  |  | 134 |  |  |  | 127 |  |  |  | 251 |  |  |  | 258 |
Research and development expense |  |  | 189 |  |  |  | 481 |  |  |  | 351 |  |  |  | 820 |
Selling, general and administrative expense |  |  | 3,408 |  |  |  | 4,489 |  |  |  | 7,706 |  |  |  | 11,957 |
Total stock-based compensation expense |  | $ | 4,050 |  |  | $ | 5,372 |  |  | $ | 9,051 |  |  | $ | 13,421 |
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 six months ended June 30, 2026 (in thousands):
|  | Stock Options |  |  | RSUs |
Outstanding at December 31, 2025 |  |  | 32,547 |  |  |  | 19,478 |
Granted |  |  | 6,111 |  |  |  | 6,736 |
Exercised or issued |  |  | (67 | ) |  |  | (5,915 | )
Forfeited |  |  | (5,442 | ) |  |  | (1,163 | )
Outstanding at June 30, 2026 |  |  | 33,149 |  |  |  | 19,136 |

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