v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
At-The-Market offering
On February 27, 2024, the Company entered into a Sales Agreement ("Sales Agreement"), with Stifel, Nicolaus & Company, Incorporated ("Stifel"), under which the Company may offer and sell from time to time at its sole discretion, up to an aggregate of 1,200,000 shares of its common stock, par value $0.0001 per share, through Stifel acting as its sales agent.
During the three and six months ended June 30, 2026, the Company did not sell any shares of its common stock through Stifel under the Sales Agreement.
During the three and six months ended June 30, 2025, the Company sold 150,000 shares of its common stock through Stifel under the Sales Agreement at a weighted average price of $203.94 per share resulting in net proceeds to the Company of $29.7 million, after deducting underwriting discounts and commissions of $0.6 million and offering costs of $0.3 million.
Follow-on public offering
On June 27, 2025, the Company completed a follow-on public offering, in which it issued and sold 2,012,500 shares of its common stock, resulting in net proceeds to the Company of $387.3 million after deducting underwriting discounts and commissions of $14.1 million and deferred offering costs of $1.1 million.
Equity Incentive Plans
The following table summarizes the RSU, performance based restricted stock units ("PRSU"), and multi-year performance restricted stock units ("MYPSU") activity for the three and six months ended June 30, 2026:
RSU
Number
of
Shares 		Grant Date
Fair
Value
per share		PRSU
Number
of
Shares 		Grant Date
Fair
Value
per share		MYPSU
Number
of
Shares		Grant Date
Fair
Value
per share
Unvested at December 31, 2025682,991$150.7 312,519$135.1 285,880$88.6 
Granted201,282409.9 149,725310.5 —— 
Vested(113,680)179.6 (53,090)167.8 —— 
Forfeited(10,333)189.6 —— —— 
Unvested at March 31, 2026760,260$214.4 409,154$195.0 285,880$88.6 
Granted50,244562.6 —— —— 
Vested(129,792)213.1 —— (71,470)88.6 
Forfeited(7,182)251.2 —— —— 
Unvested at June 30, 2026673,530$240.1 409,154$195.0 214,410$88.6 
The following summarizes the number and value of the shares withheld for employee taxes:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in thousands, except share data)
Shares withheld for taxes85,870 67,281 154,808 141,880 
Amount withheld for taxes$59,484 $13,806 $87,315 $27,284 
In February 2026, the Compensation Committee of the Company approved PRSUs for the fiscal year 2026 with performance goals based on the achievement of relative total stockholder return with a three year performance period (the "2026 TSR PRSU Goals"). The grant-date fair value of each PRSU was determined using Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation for the awards included expected volatility of 70.5%, risk free rate of 3.5%, no expected dividend yield and expected term of 2.9 years. The Company recognizes the expense related to the 2026 TSR PRSU Goals on a graded-vesting method over the requisite performance period. These grants are included in the PRSU awards granted in the table above.
Stock-Based Compensation
The following table presents the detail of stock-based compensation expense amounts included in the condensed consolidated statement of operations for each of the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in thousands)
Equity based awards
Cost of revenue$602 $762 $1,128 $1,394 
Research and development9,286 10,171 19,586 20,202 
Selling, general and administrative17,933 13,409 35,780 26,425 
$27,821 $24,342 $56,494 $48,021 
Liability based awards - to be settled in equity
Cost of revenue$97 $63 $161 $132 
Research and development1,215 873 2,142 1,523 
Selling, general and administrative1,860 1,048 2,995 1,696 
$3,172 $1,984 $5,298 $3,351 
Total stock-based compensation expense - equity and liability based$30,993 $26,326 $61,792 $51,372 
Stock-based compensation expense recorded to additional paid-in capital
Equity based awards$27,821 $24,342 $56,494 $48,021 
Liability based awards - settled in equity1,081 962 8,252 7,437 
Stock-based compensation expense capitalized to inventory— (176)— (180)
Total stock-based compensation expense recorded to additional paid-in capital$28,902 $25,128 $64,746 $55,278 
The following table presents the unrecognized compensation costs and related weighted average period of recognition as of June 30, 2026:
Unrecognized Compensation Costs (in millions)Weighted Average Period of Recognition (in years)
RSUs$139.6 2.0
PRSUs$49.4 1.2
Liability-based awards$9.2 0.6