The Company has two equity incentive compensation plans: the 2015 Plan and the 2021 Plan.

The 2015 Plan was originally adopted by the Board and approved by the Company’s stockholders in 2015. In connection with the Company’s initial public offering in July 2021, the 2015 Plan terminated immediately prior to effectiveness of the 2021 Plan with respect to the grant of future awards. However, the 2015 Plan will continue to govern the terms and conditions of the outstanding awards previously granted under the 2015 Plan.

On July 28, 2021, the 2021 Plan was adopted and approved by the Board and stockholders. The 2021 Plan provides for the grant of incentive stock options to employees and any subsidiary corporations’ employees, and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), and performance awards to employees, directors, and consultants and subsidiary corporations’ employees and consultants. The number of shares of the Company’s common stock originally available for issuance under the 2021 Plan was equal to 6,989,665 shares of common stock.

The number of common shares reserved for issuance under the 2021 Plan will be increased automatically on the first day of each fiscal year beginning with the 2022 fiscal year and ending on the ten year anniversary of the date the Board approved the 2021 Plan, by a number equal to the lesser of: (i) 7,260,406 shares of the Company's common stock; (ii) 4% of the outstanding shares of the Company's common stock on the last day of the immediately preceding fiscal year; or (iii) such other amount as the administrator may determine. The 2021 Plan is administered by the Board, or a duly authorized committee thereof. On January 1, 2026 and 2025, the number of shares available under the 2021 Plan increased by 1,649,680 and 1,617,128 shares of common stock, respectively, pursuant to this feature. As of March 31, 2026, the number of shares of the Company’s common stock available for future issuance and not subject to outstanding awards under the 2021 Plan was equal to 559,369 shares of common stock.

On July 28, 2021, the Board and stockholders adopted and approved the 2021 ESPP. As of March 31, 2026, the number of shares of the Company’s common stock available for future issuance under the 2021 ESPP was equal to 394,868 shares of common stock. The initial purchase period began on November 1, 2021.

The 2021 ESPP provides eligible employees of the Company and its subsidiaries with the opportunity to purchase shares of the Company’s common stock at a purchase price equal to 85% of the common stock’s fair market value on the first trading day or last trading day of each purchase period, whichever is lower. The 2021 ESPP provides for two six-month purchase periods every twelve months: May 1 through October 31 and November 1 through April 30.

The number of common shares reserved for issuance under the 2021 ESPP will be increased automatically on the first day of each fiscal year beginning with the 2022 fiscal year, by a number equal to the lesser of: (i) 1,452,081 shares; (ii) 1% of the outstanding shares of the Company's common stock on the last day of the immediately preceding fiscal year; or (iii) such other amount as the administrator may determine. The 2021 ESPP is administered by the Board. The Board determined that no additional shares were reserved for issuance on January 1, 2026 and 2025 pursuant to this feature.

The purpose of the 2021 Plan and 2021 ESPP is to provide a means by which eligible recipients of stock awards may be given an opportunity to benefit from increases in the value of the common stock in order to retain or procure the services of the employees, members of the Board and consultants and provide them with an incentive to promote the Company’s success and accomplish corporate goals.

Stock option awards are granted with an exercise price of no less than 100% of estimated fair market value on the date of grant. Time based option awards generally vest over four years as follows, subject to the optionee’s continuing service: (i) one fourth of the total number of shares vest and become exercisable on the one-year anniversary and then 1/48th of the total number of shares subject to the option vest and become exercisable on each

A summary of the stock option activities related to the Equity Plans for the three months ended March 31, 2026 is presented below:


	Number of Options			Weighted Average Exercise Price		Weighted Avg Remaining Contractual Life (Years)
Options outstanding as of December 31, 2025		6,556,728		$	23.60		6.80
Granted		354,770			10.78
Exercised		(34,010	)		4.22
Forfeited		(23,986	)		27.79
Expired		(153,445	)		18.12
Options outstanding as of March 31, 2026		6,700,057			22.99		6.72
Exercisable as of March 31, 2026		4,367,892		$	20.58		5.69

As of March 31, 2026 and December 31, 2025 the intrinsic value of options vested was $0.2 million and $0.8 million, respectively, and of all options outstanding was $0.2 million and $1.2 million, respectively. During the three months ended March 31, 2026 and 2025, the total cash received from the exercise of stock options was $0.1 million and $0.7 million, respectively. The total fair value less strike price of these options was $0.2 million and $1.4 million, respectively.

The Company grants RSUs, under the 2021 Plan . RSUs vest either based solely on the satisfaction of time-based service conditions or on the satisfaction of time-based service conditions combined with performance criteria. RSUs are subject to forfeiture if the holder’s services to the Company terminate before vesting.

A summary of non-vested restricted stock unit activities for the three months ended March 31, 2026 is as follows:


									Weighted
									Average
									Grant Date
Restricted stock units	Time-based			Performance and Time-based		Total			Fair Value

Unvested at December 31, 2025		812,227			—		812,227		$	25.82
Granted		991,277			649,097		1,640,374			4.79
Vested		(170,313	)		—		(170,313	)		23.10
Forfeited		(51,012	)		—		(51,012	)		22.22
Unvested at March 31, 2026		1,582,179			649,097		2,231,276		$	10.65

Stock-based compensation expense was classified in the accompanying condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	1,935	$	1,807
Selling, general and administrative		5,340		4,714
Cost of sales		670		619
	$	7,945	$	7,140

As of March 31, 2026 and December 31, 2025, there were 2,332,165 and 2,307,812 unvested options, respectively. As of March 31, 2026 and December 31, 2025, total unrecognized expense related to unvested stock

options was approximately $35.7 million and $43.5 million, respectively. Both amounts are expected to be recognized over a weighted average period of approximately 2.5 and 2.5 years, respectively.

As of March 31, 2026, and December 31, 2025, total unrecognized expense related to non-vested restricted stock units was approximately $21.4 million and $17.8 million, respectively. The unrecognized compensation cost is expected to be recognized over a weighted average period of 1.8 years and 2.1 years, respectively.

The following table presents the range and weighted-average assumptions, used in the Black-Scholes option pricing model to determine the fair value of stock options:


	Three Months Ended March 31,
	2026		2025
	Range	Weighted Average	Range	Weighted Average
Expected volatility	72.0% to 73.0%	73.0%	52.0% to 66.0%	65.8%
Risk-free interest rate	3.6% to 4.0%	3.7%	4.0% to 4.8%	4.1%
Expected life (in years)	5.5 to 6.1 years	6.0 years	5.5 to 6.1 years	6.0 years
Expected dividend yield	0.0%	0.0%	0.0%	0.0%
Grant date fair value	$6.44 to $10.09	$9.74	$24.84 to $33.87	$28.18

Each share of common stock is entitled to one vote. Common stock reserved for future issuance consisted of the following:


	March 31, 2026		December 31, 2025
Stock options issued and outstanding under the Equity Plans		6,700,057		6,556,728
Shares available for future issuance under the 2021 Plan		559,369		613,210
Restricted stock units issued under the 2021 Plan		2,231,276		813,199
Shares available for future issuance under 2021 ESPP		394,868		394,868
Total shares of common stock reserved		9,885,570		8,378,005