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STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Common Stock Outstanding and Reserves for Future Issuance
As of September 30, 2025 and December 31, 2024, the Company had 42,447,882 and 38,349,826 shares of common stock issued and outstanding, respectively, excluding 312,500 of pre-funded warrants that remained exercisable at period end and are reserved for future issuance. Common stockholders have one vote for each share of common stock held and are entitled to receive dividends declared by the Company's Board of Directors when legally available for distribution, then-subject to the dividend rights of the holders of preferred stock.
The Company's total shares reserved for future issuance under its 2020 and 2016 Equity Incentive Plans and 2020 Employee Stock Purchase Plan (“ESPP”) are summarized below:
September 30, 2025December 31, 2024
Pre-funded warrants to purchase common stock312,500 312,500 
Equity award plans:
Common stock awards reserved for future issuance under 2020 and 2016 Equity Incentive Plans7,113,093 7,204,677 
Common stock awards reserved for future issuance under the 2020 Employee Stock Purchase Plan2,832,929 2,765,942 
Stock options issued and outstanding (unvested and vested) under 2020 and 2016 Equity Incentive Plans5,249,730 5,007,908 
Restricted stock units issued and outstanding (unvested) under 2020 Equity Incentive Plan1,748,511 1,915,281 
Performance stock units issued and outstanding (unvested) under 2020 Equity Incentive Plan714,806 — 
Total shares of common stock reserved17,971,569 17,206,308 
Stock-Based Compensation Expense
Stock-based compensation expense for stock options, restricted stock units, performance stock units, and the ESPP was recognized in the accompanying Condensed Statements of Operations and Comprehensive Loss as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Cost of sales$204 $142 $509 $467 
Research and development2,958 1,709 6,383 5,040 
Selling, general and administrative9,081 5,564 20,514 14,908 
Total stock-based compensation$12,243 $7,415 $27,406 $20,415 
The fair value of granted stock options was estimated as of the date of grant using the Black-Scholes option-pricing model, based on the following inputs:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Weighted average risk-free interest rate3.94 %4.15 %4.12 %4.10 %
Weighted average volatility67.04 %70.20 %68.21 %71.10 %
Weighted-average grant-date fair value per stock option$43.01 $25.82 $44.58 $34.66 
Stock Option Activity
Stock option activity for the period presented is as follows:
Number of
Shares		Weighted-
Average
Exercise
Price/Share ($)		Weighted-
Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value ($)(1)
Outstanding — December 31, 20245,007,908 19.29 6.91180,669 
Granted556,965 44.58 
Exercised(262,316)20.06 
Forfeited(52,827)24.66 
Outstanding — September 30, 20255,249,730 21.88 6.49197,110 
Exercisable — September 30, 20253,741,369 17.52 5.70156,807 
Unvested — September 30, 20251,508,361 32.71 8.4740,303 
(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of September 30, 2025.
As of September 30, 2025, there was approximately $29.4 million of unrecognized compensation expense related to unvested stock options, which the Company expects to recognize over a weighted average period of 2.4 years.
Restricted Stock Unit Activity
Restricted stock unit activity for the period presented is as follows:
Number of
Shares		Weighted-Average
Grant Date
Fair Value ($)
Outstanding — December 31, 20241,915,281 24.41 
Granted530,319 44.73 
Vested(573,403)22.98 
Forfeited(123,686)24.15 
Outstanding — September 30, 20251,748,511 31.06 
As of September 30, 2025, there was approximately $45.6 million of unrecognized compensation expense related to unvested restricted stock units, which the Company expects to recognize over a weighted average period of 2.8 years.
Performance Stock Unit Activity
During the nine months ended September 30, 2025, the Company granted certain employees performance stock units. Performance stock unit activity for the period presented is as follows:
Number of
Shares		Weighted-Average
Grant Date
Fair Value ($)
Outstanding — December 31, 2024— — 
Granted714,806 44.38 
Outstanding — September 30, 2025714,806 44.38 
During the three months ended September 30, 2025, the Company began recognizing stock-based compensation expense related to a performance condition that was determined to be probable of achievement during the period. Based on the Company’s determination, as of September 30, 2025, there was approximately $14.9 million of unrecognized compensation expense related to unvested performance stock units. This expense is expected to be recognized over a weighted average period of 2.3 years.
Employee Stock Purchase Plan
Stock-based compensation expense related to the ESPP was $0.2 million and $0.2 million, respectively, for the three months ended September 30, 2025 and 2024, and was $0.7 million and $0.7 million, respectively, for the nine months ended September 30, 2025 and 2024.