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Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Stock-Based Compensation Plans [Abstract]


	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	2,552,686	$	18.51
Options exercised	(617,134)	$	5.33
Options forfeited	(469,508)	$	7.97
Balance at December 31, 2025	10,003,254	$	8.05	7.83	$	211,109
Vested and exercisable, December 31, 2025	4,371,128	$	5.33	6.72	$	104,102
Vested and expected to vest, December 31, 2025	10,003,254	$	8.05	7.83	$	211,109

Summary of RSU Activity


	Number of Restricted Stock Units		Awards Weighted-Average Grant Date Fair Value
Unvested balance at December 31, 2024		—	$	—
Awards granted		987,025	$	20.22
Awards vested		(47,018)	$	19.00
Awards canceled		(32,304)	$	19.00
Unvested balance at December 31, 2025		907,703	$	20.33

Summary of Estimated Fair Value of Stock Options

The Company estimated the fair value of stock options using the Black-Scholes option-pricing model based on the following assumptions:


	Year Ended December 31,
	2025		2024		2023
Expected life (in years)		6.00		6.00		6.00
Expected volatility		55.0%-57.9%		53.7%-55.0%		54.7%-55.7%
Risk-free interest rate		3.7%-4.2%		3.5%-4.5%		4.2%
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:


		Year Ended December 31, 2025
Expected life (in years)		0.6
Expected volatility		58.1%
Risk-free interest rate		4.1%
Dividend yield		—%

Schedule of Stock-Based Compensation Expense


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	413	$	307	$	440
Research and development⁽¹⁾		3,434		2,151		3,339
Selling, general and administrative		10,118		7,755		8,722
Total stock-based compensation	$	13,965	$	10,213	$	12,501

(1)Includes stock-based compensation expense of $627,000 during the year ended December 31, 2023 related to a repurchase of common shares from one employee, as described below.