Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

During the six months ended June 30, 2026, the Company granted 2,492,497 restricted stock units (“RSUs”), which had a weighted-average grant-date fair value of $20.74 per share. Additionally, during the six months ended June 30, 2026, the Company granted 2,935,511 performance-based restricted stock units (“PSUs”) under the Company’s 2025 Omnibus Incentive Plan, which had a weighted-average grant-date fair value of $20.72 per share. The PSU grant consists of four distinct tranches that align with quarterly performance objectives. Upon vesting, each RSU and PSU is equivalent to one share of the Company’s Class A common stock. The Company determines the fair value of PSUs using the per-share market price of the Class A common stock on the grant date. The ultimate number of PSUs that vest is contingent on performance against the Company’s quarterly pre-set objectives and will be adjusted based on the probability and timing of performance achievement. Final compensation expense recognized is based on the number of PSUs that ultimately vest. The PSUs vest within a two-year period. In April 2026, the Company’s Compensation Committee certified achievement of the first quarterly 2026 PSU performance objective, resulting in the vesting of 630,349 PSUs.

There was $12,038 and $44,730 of unrecognized compensation expense related to unvested PSUs and unvested restricted stock granted during the six months ended June 30, 2026, which is expected to be recognized over a weighted-average period of 0.9 and 3.5 years, respectively.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of product revenues	$	24	$	7	$	31	$	30
Cost of service revenues	334		44		451		81
Research and development	6,028		1,868		13,676		3,826
General and administrative	8,288		2,388		23,932		7,677
	$	14,674	$	4,307	$	38,090	$	11,614

During the three and six months ended June 30, 2025, the Company approved modifications to certain incentive stock option awards in connection with the termination of service of an employee. These modifications resulted in an extension of the post-termination exercise period for vested awards and a change of vesting conditions for unvested awards. As a result of these modifications, the Company recorded additional stock-based compensation of $3,799.