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Stock-based compensation (Tables) | 3 Months Ended
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Mar. 31, 2026
Schedule of Stock Option Activity | The following is a summary of stock option activity:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | Weighted | ​ ​ ​ | ​ | ​
​ | ​ | Number | ​ | Average | ​ | Aggregate
​ | ​ | of | ​ | Exercise | ​ | Intrinsic
​ | ​ | Options | ​ | Price | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ |  | (in thousands)
Balance as of December 31, 2025 |  | 5,834,448 | ​ | $ | 11.96 | ​ | $ | ​ | 2,459
Granted |  | 1,055,100 | ​ |  | 8.16 |  | ​ | ​ | ​
Cancelled / Forfeited |  | (53,549) | ​ |  | 15.29 |  | ​ | ​ | ​
Exercised |  | (36,500) | ​ |  | 0.89 |  | ​ | ​ | ​
Balance as of March 31, 2026 |  | 6,799,499 | ​ | $ | 11.41 | ​ | $ | ​ | 8,256
Options exercisable as of March 31, 2026 |  | 4,002,540 | ​ | $ | 11.54 | ​ | $ | ​ | 5,787
Schedule of RSU Activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | Weighted | ​ ​ ​ | ​ | ​
​ | ​ | Number | ​ | Average | ​ | Aggregate
​ | ​ | of | ​ | Grant Date | ​ | Intrinsic
​ | ​ | RSUs | ​ | Fair Value | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ |  | (in thousands)
Unvested Balance as of December 31, 2025 |  | 383,268 | ​ | $ | 12.11 | ​ | $ | ​ | 2,721
Granted |  | 622,555 | ​ |  | 8.16 |  | ​ | ​ | ​
Vested |  | (80,660) | ​ |  | 12.96 |  | ​ | ​ | ​
Cancelled / Forfeited |  | (2,865) | ​ |  | 10.45 |  | ​ | ​ | ​
Unvested Balance as of March 31, 2026 |  | 922,298 | ​ | $ | 9.37 | ​ | $ | ​ | 8,725
Schedule of PSU Activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | Weighted | ​ ​ ​ | ​ | ​
​ | ​ | Number | ​ | Average | ​ | Aggregate
​ | ​ | of | ​ | Grant Date | ​ | Intrinsic
​ | ​ | PSUs | ​ | Fair Value | ​ | Value
​ | ​ | ​ | ​ | ​ | ​ |  | (in thousands)
Unvested Balance as of December 31, 2025 |  | — | ​ | $ | — | ​ | $ | ​ | —
Granted |  | 602,000 | ​ |  | 8.16 |  | ​ | ​ | ​
Vested |  | — | ​ |  | — |  | ​ | ​ | ​
Cancelled / Forfeited |  | — | ​ |  | — |  | ​ | ​ | ​
Unvested Balance as of March 31, 2026 |  | 602,000 | ​ | $ | 8.16 | ​ | $ | ​ | 5,695
Recognized Stock-Based Compensation Expense | The following table presents the components and classification of stock-based compensation expense for the periods indicated:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended
​ | ​ ​ ​ | March 31,
(in thousands) | ​ | 2026 | ​ | 2025
Options | ​ | $ | 2,231 | ​ | $ | 2,214
RSUs | ​ | ​ | 395 | ​ | ​ | 92
PSUs | ​ | ​ | 192 | ​ | ​ | —
Employee Stock Purchase Plan | ​ | ​ | 98 | ​ | ​ | 149
Total stock-based compensation expense | ​ | $ | 2,916 | ​ | $ | 2,455
​ | ​ | ​ | ​ | ​ | ​ | ​
Selling, general & administrative | ​ | $ | 2,576 | ​ | $ | 2,255
Research & development | ​ | ​ | 308 |  | ​ | 165
Cost of goods sold | ​ | ​ | 32 |  | ​ | 35
​ | ​ | $ | 2,916 | ​ | $ | 2,455
​
ESPP |
Schedule of Assumptions Used to Determine the Grant-Date Fair Value | The following table provides the weighted average fair value of ESPP purchase rights and the related assumptions used in the Black-Scholes option pricing model for the three months ended March 31, 2026 and 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | March 31, | ​
​ | ​ | ​ | 2026 |  | ​ | ​ | 2025 | ​
Weighted average fair value per ESPP purchase right |  | $ | — | ​ | ​ | $ | — | ​
Expected term (in years) |  | ​ | 0.5 | ​ | ​ | ​ | 0.5 | ​
Expected volatility |  | ​ | 61.1 | % | ​ | ​ | 112.3 | %
Expected dividend yield |  | ​ | — | % | ​ | ​ | — | %
Risk-free interest rate |  | ​ | 3.58 | % | ​ | ​ | 4.25 | %
Employee Stock Option |
Schedule of Assumptions Used to Determine the Grant-Date Fair Value | The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes option pricing model for the three months ended March 31, 2026 and 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | March 31, | ​
​ | ​ | ​ | 2026 |  | ​ | ​ | 2025 |
Weighted average fair value of options granted |  | $ | 6.50 | ​ | ​ | $ | 10.44 | ​
Expected term (in years) — non-officer employees |  | ​ | 6.1 | ​ | ​ | ​ | 5.5 to 6.1 | ​
Expected term (in years) — officer employees |  | ​ | 6.1 | ​ | ​ | ​ | 6.1 | ​
Expected volatility |  | ​ | 98.5% to 99.1 | % | ​ | ​ | 95.0% to 96.5 | %
Expected dividend yield |  | ​ | — | % | ​ | ​ | — | %
Risk-free interest rate |  | ​ | 3.72% to 4.11 | % | ​ | ​ | 4.09% to 4.47 | %

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