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Stockholders' Equity
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity Stockholders' Equity
Stock Options
The following table summarizes the stock option activity:

Number of OptionsWeighted Average Exercise Price
Outstanding at December 31, 2025
4,252,490 $5.45 
Granted— $— 
Exercised(1,527,406)$5.17 
Forfeited/Cancelled(95,917)$5.71 
Outstanding at September 30, 2026
2,629,167 $5.60 

2021 Equity Incentive Plan

In April 2021, the Company’s board of directors adopted the Company’s 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan provides for grants of incentive stock options (“ISOs”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s employees and its subsidiary corporations’ employees, and for the grant of nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”) awards, performance awards and other forms of awards to the Company’s employees, directors and consultants and any of its affiliates’ employees and consultants. Initially, the maximum number of shares of the Company’s common stock that may be issued under its 2021 Plan will not exceed 25,025,580 shares of the Company’s common stock. In addition, the number of shares of the Company’s common stock reserved for issuance under its 2021 Plan will automatically increase on January 1 of each year for a period of ten years, beginning on January 1, 2022 and continuing through January 1, 2031, in an amount equal to (1) 4% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year, or (2) a lesser number of shares determined by the Company’s board of directors prior to the date of the increase. On January 1, 2026, 4,498,671 additional shares were reserved for issuance pursuant to this provision. The maximum number of shares of the Company’s common stock that may be issued on the exercise of ISOs under its 2021 Plan is 75,100,000 shares.

Performance Stock Units

On August 20, 2026, the Company granted performance stock units (“PSUs”) to the Chief Executive Officer under the 2021 Plan. The PSUs vest over a four-year performance period based on the Company's achievement of specified stock price performance hurdles and the Chief Executive Officer's continued service over such period. The number of shares that can be earned ranges from 0% to 200% of the 362,068 target PSUs granted, or a maximum of 724,136 shares. The grant date fair value of the PSUs was approximately $3.1 million and is recognized as stock-based compensation expense over the requisite service period, regardless of whether the stock price performance hurdles are achieved.

2023 Inducement Plan
In March 2023, the Company's Compensation Committee adopted the 2023 Inducement Plan (the “2023 Inducement Plan”). The 2023 Inducement Plan reserved 4,000,000 shares of the Company’s common stock for issuance under the 2023 Inducement Plan to individuals who satisfy the standards for inducement grants under the relevant Nasdaq Stock Market rules. As of September 30, 2026, there were 738,806 shares available for future grant under the 2023 Inducement Plan.

The following table summarizes the RSU and PSU activity under the 2021 Equity Incentive Plan and the 2023 Inducement Plan:
Number of SharesWeighted Average Grant Date Fair Value Per Share
Non-Employee DirectorsDirectors, Officers and Employees Non-Employee DirectorsDirectors, Officers and Employees
Unvested at December 31, 2025
418,924 5,266,468 $4.28 $3.92 
Granted447,917 6,901,685 $3.04 $3.34 
Vested(390,133)(1,919,983)$4.38 $3.70 
Forfeited— (1,080,643)$— $3.50 
Unvested at September 30, 2026
476,708 9,167,527 $3.03 $3.58 
    
As of September 30, 2026, there was $30.7 million of unrecognized stock-based compensation expense related to unvested RSUs and PSUs, which is expected to be recognized over a weighted-average period of 2.7 years.
2021 Employee Stock Purchase Plan

In April 2021, the Company’s board of directors adopted the Company’s 2021 Employee Stock Purchase Plan (the “2021 ESPP”). The Company initially authorized the issuance of 1,175,000 shares of common stock under the 2021 ESPP. In addition, the number of shares available for issuance under the 2021 ESPP will be annually increased on January 1 of each year for a period of ten years, beginning on January 1, 2022 and continuing through January 1, 2031 by the lesser of (i) 1% of the total number of shares of common stock outstanding on December 31 of the immediately preceding year; and (ii) 3,525,000 shares, except before the date of any such increase, the Company’s board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). On January 1, 2026, 1,124,667 additional shares were reserved for issuance pursuant to this provision. Subject to any limitations contained therein, the 2021 ESPP allows eligible employees to contribute (in the form of payroll deductions or otherwise to the extent permitted by the administrator) an amount established by the administrator from time to time in its discretion to purchase common stock at a discounted price per share.

Under the 2021 ESPP, eligible employees are granted the right to purchase shares of common stock at the lower of 85% of the fair value at the time of grant or 85% of the fair value at the time of exercise. The right to purchase shares of common stock is granted in May and November of each year for an offering period of approximately six months. For the nine months ended September 30, 2026, 47,524 shares were purchased under the 2021 ESPP. As of September 30, 2026, the Company had 5,735,492 remaining authorized shares available for purchase.

The following table summarizes the key input assumptions used in the Black-Scholes option-pricing model to estimate the grant-date fair value of the 2021 ESPP:
September 30, 2026
Expected life of options (in years)0.50
Expected stock price volatility56.53%
Risk free interest rate3.77%
Expected dividend yield—%
Grant-date fair value per share $1.01

Share Repurchase Program

On February 20, 2026, the Company’s Board of Directors approved the Company’s first share repurchase program for up to $25 million of its outstanding common stock. As of August 6, 2026, the Company had completed the program. Under the program, share repurchases were made at the Company’s discretion from time to time in open market or privately negotiated transactions, or by other means, including through Rule 10b5-1 trading plans. The timing and number of shares repurchased under the new program depended on a variety of factors, including, without limitation, stock price, trading volume, and general business and market conditions. The repurchase program did not obligate the Company to purchase any shares, had no expiration date and could be modified, suspended or terminated at any time. The Company funded repurchases with a combination of existing cash and cash equivalents and cash flows from operations. The Company repurchased approximately 7.2 million shares of common stock, at a weighted average share price of $3.47 per share, for an aggregate amount equal to the $25.0 million limit, during the nine months ended September 30, 2026. Refer to Note 13, "Subsequent Events" included in these condensed consolidated financial statements for information on the announcement of a new $30.0 million share repurchase program.

Stock-Based Compensation Expense

Stock-based compensation expense related to RSU and PSU awards under the 2021 Equity Incentive Plan and the 2023 Inducement Plan, 2021 ESPP purchases and stock options, as applicable, are as follows:

For the three months ended September 30,For the nine months ended September 30,
2026202520262025
(In thousands)
Selling, general and administrative$2,998 $2,200 $8,064 $6,936 
Research and development144 199 558 590 
Total stock-based compensation expense$3,142 $2,399 $8,622 $7,526