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Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Public and Private Placements
June 2024 Shelf Registration Statement
On June 28, 2024, the Company filed a universal shelf registration statement on Form S-3 (the “June 2024 Shelf Registration Statement”) with the SEC, pursuant to which the Company may offer, issue and sell any combination of shares of the Company’s common stock, par value $0.01 per share, shares of the Company’s preferred stock, par value $0.01 per share, debt securities, warrants to purchase common stock, preferred stock and/or debt securities, in one or more series, and units consisting of any combination of the other types of securities registered under such June 2024 Shelf Registration Statement in an aggregate amount of up to $150 million, in each case, to the public in one or more registered offerings. The June 2024 Shelf Registration Statement was declared effective on August 5, 2024.
Authorized Shares
The Company is authorized to issue 80 million shares of common stock, $0.01 par value, and 10 million shares of preferred stock, $0.01 par value. As of December 31, 2025, the Company has designated the following preferred stock:
Designated Preferred SharesDecember 31, 2025
Series A4,200 
Series B2,360 
Series C590 
Series D10,000 
Series E40,000 
Series E-112,960 
Series F-124,900 
Series F-224,900 
Series F-334,860 
Series F-424,900 
Total179,670 
Preferred Stock
As of December 31, 2025, there were an aggregate of 10,957 shares of Series E and Series E-1, 1,085 Series F-2, and 2,150 Series F-4 Convertible Preferred Stock outstanding, respectively.
Subject to limitations set forth in the Beneficial Ownership Limitation, the shares of Series E and E-1 Preferred Stock are convertible into common stock at the option of the holder at the conversion price of $10.00 per share.
Subject to limitations set forth in the Certificate of Designation, the shares of Series F-2 and F-4 Preferred Stock are convertible into common stock at the option of the holder at the conversion price of $3.30 per share and $6.00 per share, respectively, rounded down to the nearest whole share, and in each case subject to the terms and limitations contained in the Certificate of Designation.
Share Repurchase Program
On November 19, 2025 the Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to $25 million of its outstanding shares of common stock, from time to time, through open market transactions, privately negotiated transactions or in such other manners approved by the Board of Directors, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Exchange Act. The Company may enter into a pre-arranged stock trading plan in accordance with the guidelines specified under Rule 10b5-1 to effectuate all or a portion of the share repurchase program. The repurchase program does not obligate the Company to purchase any shares and does not have an expiration date. The timing and method of any repurchases, which will depend on a variety of factors, including market conditions, are subject to our results of operations, financial condition, liquidity and other factors.
As of December 31, 2025, there have been 628,572 shares of common stock repurchased and retired under the repurchase program at an average price paid per share of $9.5254 for a total aggregate purchase price of approximately $6.0 million. The Company had approximately $19.0 million remaining under the stock repurchase authorization at December 31, 2025.
Omnibus Equity Incentive Plan
On September 30, 2020, the Company’s 2020 Omnibus Equity Incentive Plan (the “2020 Plan”) was adopted by the Company’s Board of Directors. On November 23, 2020, the Company’s stockholders approved the 2020 Plan. The 2020 Plan will continue in effect until the tenth anniversary of the date of its adoption by the Board or until earlier terminated by the Board. The 2020 Plan is administered by the Board of Directors or a committee designated by the Board of Directors. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, as well as other stock-based awards or cash awards that are deemed to be consistent with the purposes of the plan to Company employees, directors and consultants. As of December 31, 2025, there have been 9,325,000 shares of common stock reserved under the 2020 Plan, which includes an additional 2,200,000 shares approved by shareholders on May 15, 2025, of which 2,470,507 remained available to be issued as of December 31, 2025 under the 2020 Plan.
In addition to options granted from the 2020 Plan, the Company also grants employment inducement awards pursuant to Listing Rule 5635(c)(4) of the corporate governance rules of the Nasdaq Stock Market. The inducement grants are intended to provide incentive to certain individuals to enter into employment with the Company. Prior to December 5, 2023, the inducement awards were granted outside of the 2020 Plan, however they are governed in all respects as if they were issued under the 2020 Plan. These grants do not reduce the number of options available for issuance under the 2020 Plan.
Inducement Plan
On December 5, 2023, the Company’s 2023 Inducement Plan (the “2023 Plan”) was adopted by the Company’s Board of Directors. The 2023 Plan is administered by a Compensation Committee of two or more Independent Directors appointed by the Board of Directors and is intended to provide for the grant of non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, as well as other
stock-based awards or cash awards that are deemed appropriate to incentivize employment with the Company. Awards from the 2023 Plan can only be granted to individuals who have not previously worked for the Company or have not worked for the Company for a bona fide period of time. As of December 31, 2025, there have been 1,100,000 shares of common stock reserved under the 2023 Plan, of which 174,586 remain available to be granted.
Stock Options
The following table sets forth information as of December 31, 2025 with respect to compensation plans (including individual compensation arrangements) under which shares of common stock of the Company are authorized for issuance.
Plan category
Number of
securities to be
issued upon
exercise of
outstanding options,
warrants and rights
(a)
Weighted-average
exercise price of
outstanding
options, warrants
and rights
(b)
Number of securities
remaining available for
future issuance under
equity compensation plans
(excluding securities
reflected in column (a))
(c)
Equity compensation plans approved by security holders6,051,897$9.97 2,470,507
Equity compensation plans not approved by security holders (1)
1,733,252$10.36 174,586
Total7,785,149$10.05 2,645,093
(1)Includes (a) stock options for an aggregate of 142 shares of common stock issued under the Company’s 2019 Equity Incentive Plan, which allows for grants in the form of incentive stock options, non-qualified stock options, stock units, stock awards, stock appreciation rights, and other stock-based awards to the Company’s officers, directors, employees, consultants, and advisors, including options to purchase shares of common stock at exercise prices not less than 100% of fair value on the dates of grant. As of November 2, 2020, no additional grants may be made under this plan, which has been superseded by the Company’s 2020 Omnibus Equity Incentive Plan; however, outstanding awards granted under this plan will remain outstanding and continue to be administered in accordance with the terms of this plan and the applicable award agreements; (b) pursuant to an employment agreement dated as of August 31, 2020 between the Company and Gerard Michel, the Company’s Chief Executive Officer, on October 1, 2020, a non-qualified and non-plan stock option “inducement award” to purchase 498,000 shares of the Company’s common stock in reliance on Nasdaq Rule 5635(c)(4) pursuant to the terms of a stock option award agreement between the Company and Mr. Michel; and (c) new hire inducement awards to purchase 1,235,110 shares of the Company’s common stock in reliance on Nasdaq Rule 5635(c)(4) pursuant to the terms of a stock option award agreement between the Company and 57 employees hired between 2022 and 2025.
The following tables include information for all options granted, including inducement grants that are granted outside of the 2020 Plan.
The Company values stock options using the Black-Scholes option pricing model and used the following assumption ranges for new grants during the reporting periods:
 Years Ended December 31
 20252024
Expected terms (years)
5.2 - 5.9
5.2 - 5.9
Expected volatility
75.6% -90.1%
98.3.% - 128.6%
Risk-free interest rate
3.8% - 4.4%
3.7% - 4.7%
Expected dividends0.00%0.00%

The following is a summary of stock option activity for the year ended December 31, 2025:
Number of Options
Weighted Average
Exercise Price Per Share
Weighted Average
Remaining
Contractual Term
(in years)
Aggregate Intrinsic
Value
 (in thousands)
Outstanding at January 1, 20255,766,927$7.23 7.5$28,796 
Granted2,772,66315.49 9.1
Exercised(585,095)7.54 
Expired(65,761)12.97 $1 
Cancelled/Forfeited(103,585)10.63 $461 
Outstanding at December 31, 20257,785,149$10.05 7.8$17,391 
Exercisable at December 31, 20254,856,441$8.77 7.1$13,051 
Unvested at December 31, 20252,928,708$12.19 8.8$4,339 
The weighted average grant-date fair value of the stock options granted during the years ended December 31, 2025 and 2024 was approximately $11.60 and $4.29 per share, respectively. The aggregate intrinsic value of stock options exercised was $3.0 million and $1.0 million for the years ended December 31, 2025 and December 31, 2024, respectively. Total cash received as a result of stock option exercises was $4.4 million and $1.7 million for the years ended December 31, 2025 and December 31, 2024, respectively. Upon exercise, new shares are issued from authorized and unissued shares.
The following is a summary of share-based compensation expense in the statement of operations for the twelve months ended December 31, 2025 and December 31, 2024:
 Year Ended December 31,
(In thousands)20252024
Selling, general and administrative$15,556 $6,690 
Research and development6,281 2,286 
Cost of goods sold2,395 791 
Total$24,232 $9,767 
At December 31, 2025, there was approximately $12.0 million of aggregate unrecognized compensation expense related to employee and board stock option grants. The cost is expected to be recognized over a weighted average period of 0.9 years.
Employee Stock Purchase Plan
In August 2021, the Company’s Board of Directors, with shareholder approval in May 2022, adopted the Employee Stock Purchase Plan (the “ESPP”). The ESPP provides for a maximum of 560,295 shares of common stock to be purchased by participating employees, which includes an additional 300,000 shares approved by shareholders on May 15, 2025, of which 171,364 have been issued as of December 31, 2025 since the inception of the benefit in 2021. Employees who elect to participate in the ESPP will be able to purchase common stock at the lower of 85% of the fair market value of common stock on the first or last day of the applicable six-month offering period.
Common Stock Warrants
The following is a summary of common stock warrant activity for the year ended December 31, 2025:
 WarrantsWeighted Average
Exercise Price
Outstanding at January 1, 20253,193,275$5.80 
Warrants issued— — 
Warrants exercised(1,615,775)10.00 
Warrants cancelled(236,125)10.00 
Outstanding and exercisable at December 31, 20251,341,375$0.01 
The following table presents information related to common stock warrants at December 31, 2025:
Warrants Exercisable
Range of Exercise PricesOutstanding Number
of Warrants		Weighted Average
Remaining Warrant
Term (in years)
$0.01 (1)
1,341,375n/a
(1) Pre-funded warrants with a $0.01 exercise price do not expire until exercised.