Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity under the Company’s 2009 Equity Incentive Plan and 2025 Plan is set forth below (in

thousands, except share and per share amounts):

	Number of Options	Awards Weighted- Average Exercise Price	Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Balance at December 31, 2024 .............................	8,537,210	$4.72	7.96	$68,256
Options granted .......................................................	2,317,260	$17.79
Options exercised ....................................................	(487,890)	$4.98
Options canceled .....................................................	(359,760)	$6.24
Balance at September 30, 2025 ............................	10,006,820	$7.68	8.01	$260,007
Vested and exercisable, September 30, 2025 ....	3,892,199	$5.24	6.70	$110,604
Vested and expected to vest, September 30, 2025 .......................................................................	10,006,820	$7.68	8.01	$260,007

Schedule of Restricted Stock Unit Activity

A summary of RSUs activity is set forth below:

	Number of Restricted Stock Units	Awards Weighted- Average Grant Date Fair Value
Unvested at December 31, 2024 .......................................................	—	$—
Awards granted .....................................................................................	822,386	$19.14
Awards vested ......................................................................................	—	—
Awards canceled ..................................................................................	(9,103)	$19.00
Unvested at September 30, 2025 ......................................................	813,283	$19.14

Schedule of Stock-Based Compensation

The Company estimated the fair value of stock options using the Black-Scholes option-pricing model

based on the following assumptions:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Expected life (in years) ........................	6.0	5.6	6.0	5.6
Expected volatility .................................	56.6%-57.9%	54.5%-54.6%	55.0%-57.9%	53.7%-54.6%
Risk-free interest rate ...........................	3.7%-3.9%	3.5%	3.7%-4.2%	3.5%-4.4%
Dividend yield ........................................	–%	–%	–%	–%

The Company estimated the fair value of the shares to be issued under the Company’s 2025 ESPP using

the Black-Scholes option-pricing model based on the following assumptions:

	Three Months Ended September 30,	Nine Months Ended September 30,
	2025	2025
Expected life (in years) .............................................................	0.6	0.6
Expected volatility .....................................................................	58.1%	58.1%
Risk-free interest rate ...............................................................	4.1%	4.1%
Dividend yield ............................................................................	–%	–%

Schedule of Stock-Based Compensation Expense

Total stock-based compensation expense is as follows (in thousands):

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Cost of revenue ...............................................	$127	$71	$229	$231
Research and development ..........................	959	563	1,887	1,566
Selling, general and administrative ..............	2,874	1,702	6,589	5,902
Total stock-based compensation expense .	$3,960	$2,336	$8,705	$7,699