Stock Option Plan and Stock-Based Compensation (Tables)
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9 Months Ended |
12 Months Ended |
Sep. 30, 2025 |
Dec. 31, 2024 |
| Share-Based Payment Arrangement [Abstract] |
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| Summary of Common Stock Available for Issuance |
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The following table summarizes the activity in total shares of common stock available for issuance under the 2020 Plan:
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Shares
Available for
Grant |
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Balance, December 31, 2022 |
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189,771 |
|
Shares added |
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|
220,375 |
|
Granted |
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(17,071 |
) |
Forfeited |
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|
28,205 |
|
|
|
|
|
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Balance, December 31, 2023 |
|
|
421,280 |
|
|
|
|
|
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Shares added |
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|
625,571 |
|
Granted |
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|
(680,690 |
) |
Forfeited |
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|
31,493 |
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|
|
|
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Balance, December 31, 2024 |
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|
397,654 |
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| Summary of Effects of Stock-Based Compensation |
The following table summarizes the effects of stock-based compensation on cost of sales, research and development, and sales, general and administrative expenses granted under the Plans (in thousands) for the three and nine months ended September 30, 2025 and 2024:
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Three months ended
September 30, |
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Nine months ended
September 30, |
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2025 |
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2024 |
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|
2025 |
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|
2024 |
|
Cost of sales |
|
$ |
26 |
|
|
$ |
178 |
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$ |
126 |
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|
$ |
279 |
|
Research and development |
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$ |
261 |
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|
|
873 |
|
|
|
980 |
|
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|
2,021 |
|
Sales, general and administrative |
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$ |
1,781 |
|
|
|
1,071 |
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|
|
2,578 |
|
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|
2,011 |
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Total |
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$ |
2,068 |
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$ |
2,122 |
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$ |
3,684 |
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$ |
4,311 |
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The following table summarizes the effects of stock-based compensation on cost of sales, research and development, and sales, general and administrative expenses granted under the Plans (in thousands) for the years ended December 31, 2024 and 2023, respectively:
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2024 |
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2023 |
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Cost of sales |
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$ |
356 |
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$ |
147 |
|
Research and development |
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|
2,416 |
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|
1,350 |
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Sales, general and administrative |
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|
2,402 |
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|
1,126 |
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Total |
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$ |
5,174 |
|
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$ |
2,623 |
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| Summary of Black-Scholes Option Pricing Model |
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The fair value for the Company’s options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:
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Years Ended December 31, |
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2024 |
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2023 |
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Risk-free interest rate |
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|
4.16 |
% |
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|
3.74 |
% |
Expected life of the options |
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|
5.47 years |
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|
6.01 years |
|
Dividend rate |
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|
0 |
% |
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|
0 |
% |
Volatility |
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|
54.51 |
% |
|
|
52.74 |
% |
Fair value per share of common stock |
|
$ |
12.60 |
|
|
$ |
30.52 |
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| Summary of Outstanding Options that are Vesting |
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Additional information regarding outstanding options that are vesting, expected to vest, or exercisable as of December 31, 2024, is as follows:
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Number of
Options |
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Weighted-
Average
Price Per
Share |
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Weighted-
Average
Exercise
Price |
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Weighted-
Average
Remaining
Contractual
Life (Years) |
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Options outstanding at December 31, 2022 |
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|
1,809,829 |
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$ |
7.56 |
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$ |
15.12 |
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|
7.03 |
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Options granted |
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|
8,143 |
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$ |
16.52 |
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$ |
30.52 |
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— |
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Options exercised |
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(23,101 |
) |
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$ |
5.88 |
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$ |
12.04 |
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— |
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Options forfeited |
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(33,887 |
) |
|
$ |
13.72 |
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$ |
27.16 |
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— |
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Options outstanding at December 31, 2023 |
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1,760,984 |
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$ |
7.28 |
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$ |
14.84 |
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|
6.03 |
|
Options granted |
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1,377,527 |
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$ |
10.64 |
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$ |
12.60 |
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— |
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Options exercised |
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(78,377 |
) |
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$ |
8.68 |
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$ |
10.92 |
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|
— |
|
Options forfeited |
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(831,282 |
) |
|
$ |
0.56 |
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$ |
22.96 |
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— |
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Options outstanding at December 31, 2024 |
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2,228,853 |
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$ |
7.84 |
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$ |
10.64 |
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|
6.23 |
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Vested and expected to vest |
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2,223,748 |
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$ |
7.84 |
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$ |
10.64 |
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|
6.23 |
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Exercisable |
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1,791,956 |
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$ |
7.56 |
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$ |
10.08 |
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|
5.53 |
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