Quarterly report [Sections 13 or 15(d)]

Stock-Based Compensation (Tables)

v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
The Company recognizes stock-based compensation in the consolidated statements of operations, based on the department to which the related employee reports, as follows:
Three Months Ended March 31,
2026 2025
(in thousands)
Cost of net revenue $ 150  $ 282 
Research and development 9,675  14,656 
Selling, general and administrative 10,202  7,973 
$ 20,027  $ 22,911 
Schedule of Restricted Stock Unit Activity
A summary of the Company’s restricted stock unit activity for all equity plans is as follows:
Number of Shares
(in thousands)		 Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2025 7,649  $ 19.89 
  Granted1
3,950  18.55 
  Vested2
(3,201) 21.30 
  Canceled3
(199) 19.23 
Outstanding at March 31, 2026 8,199  $ 18.71 
____________
(1) Includes approximately 148 thousand shares granted under the Inducement Plan at a weighted-average grant-date fair value per share of $18.47.
(2) Includes approximately 5 thousand shares vested under the Inducement Plan at a weighted-average grant-date fair value per share of $14.50.
(3) Includes approximately 24 thousand shares canceled under the Inducement Plan at a weighted-average grant-date fair value per share of $15.30.
Schedule of Performance-Based Restricted Stock Unit Activity
A summary of the Company’s performance-based restricted stock unit activity is as follows:
Number of Shares
(in thousands)		 Weighted-Average Grant-Date Fair Value per Share
Outstanding at December 31, 2025 3,333  $ 19.58 
  Granted 623  18.47 
  Released (83) 15.19 
  Canceled1
(995) 25.66 
Outstanding at March 31, 2026 2,878  $ 17.36 
________________
(1) Includes shares canceled due to achievement below threshold amounts from shares granted which were previously reserved at the maximum achievable (250%). No shares were eligible to vest for the 2025 performance period under the 2023 and 2024 performance-based restricted stock unit grants due to achievement below the 25th percentile.
Schedule of Employee Stock Purchase Plan, Valuation Assumptions
The fair values of employee stock purchase rights were estimated using the Black-Scholes option pricing model at their respective grant date using the following assumptions:
Three Months Ended March 31,
2026 2025
Weighted-average grant date fair value per share
$4.22
$6.00
Risk-free interest rate
3.81%
4.44%
Dividend yield —  % —  %
Expected life (in years)
0.49
 0.50
Volatility
59.07%
95.74%
Schedule of Stock Option Activity
A summary of the Company’s stock options activity is as follows:
Number of Options
(in thousands)		 Weighted-Average Exercise Price Weighted-Average Contractual Term (in years) Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025 2,718  $ 19.39 
Canceled (142) $ 18.76 
Outstanding at March 31, 2026 2,576  $ 19.43  7.0 $ — 
Vested and expected to vest at March 31, 2026 2,518  $ 19.43  7.0 $ — 
Exercisable at March 31, 2026 1,050  $ 19.18  5.7 $ —