Stockholders’ Equity and Stock-Based Compensation (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Stockholders’ Equity and Stock-Based Compensation [Abstract] |
|
| Schedule of Net Proceeds |
The table below details the
net proceeds of the January 2026 Offering.
| Gross proceeds |
|
$ |
999,996 |
|
| Offering costs: |
|
|
|
|
| Underwriting discounts and commissions |
|
|
(40,000 |
) |
| Other offering costs |
|
|
(892 |
) |
| Net proceeds |
|
$ |
959,104 |
|
|
| Schedule of Warrants Activity |
A summary of our Warrants
activity and related information is as follows:
| |
| Number of
Shares
Under
Warrant |
|
| Weighted
Average
Exercise
Price |
|
| Weighted
Average
Remaining
Contractual
Life |
|
| Balance as of January 1, 2026 |
| |
75,476,378 |
|
| $ |
19.74 |
|
| |
6.74 |
|
| Granted |
| |
163,370,822 |
|
| $ |
20.84 |
|
| |
|
|
| Exercised |
| |
(42,527,395 |
) |
| $ |
0.14 |
|
| |
|
|
| Canceled |
| |
- |
|
| $ |
- |
|
| |
|
|
| Balance as of March 31, 2026 |
| |
196,319,805 |
|
| $ |
24.90 |
|
| |
6.68 |
|
| Vested and Exercisable as of March 31, 2026 |
| |
196,293,252 |
|
| $ |
24.90 |
|
| |
6.68 |
|
|
| Schedule of Assumptions Used in the Black-Scholes Model |
The assumptions used in the
Black-Scholes Model are set forth in the table below.
| |
|
|
Three
Months Ended
March 31, |
|
| |
|
|
2026 |
|
|
|
2025 |
|
| Stock price |
|
$ |
9.44-12.27 |
|
|
$ |
2.11-2.69 |
|
| Risk-free interest rate |
|
|
3.69-4.17 |
% |
|
|
4.42-4.65 |
% |
| Volatility |
|
|
65.98-77.49 |
% |
|
|
59.05-88.69 |
% |
| Expected life in years |
|
|
5.17-5.88 |
|
|
|
5.00-5.77 |
|
| Dividend yield |
|
|
- |
% |
|
|
- |
% |
|
| Schedule of Option Activity |
A summary of our Option activity
and related information is as follows:
| |
| Number of
Shares
Under
Option |
|
| Weighted
Average
Exercise
Price |
|
| Weighted
Average
Remaining
Contractual
Life |
|
| Balance as of January 1, 2026 |
| |
20,014,381 |
|
| $ |
3.72 |
|
| |
8.16 |
|
| Granted |
| |
7,412,700 |
|
| $ |
10.29 |
|
| |
|
|
| Exercised |
| |
(1,620,088 |
) |
| $ |
2.60 |
|
| |
|
|
| Forfeited |
| |
(458,338 |
) |
| $ |
5.42 |
|
| |
|
|
| Canceled |
| |
(983 |
) |
| $ |
0.86 |
|
| |
|
|
| Balance as of March 31, 2026 |
| |
25,347,672 |
|
| $ |
5.68 |
|
| |
8.06 |
|
| Vested and Exercisable as of March 31, 2026 |
| |
4,496,344 |
|
| $ |
3.51 |
|
| |
6.78 |
|
|
| Schedule of Stock-Based Compensation Expense for Stock Options |
Total stock-based compensation
expense for stock options for the three months ended March 31, 2026 and 2025 is as follows:
| |
|
Three Months Ended
March 31, |
|
| (dollars in thousands) |
|
2026 |
|
|
2025 |
|
| General and administrative |
|
$ |
3,945 |
|
|
$ |
788 |
|
| Sales and marketing |
|
|
836 |
|
|
|
(1 |
) |
| Research and development |
|
|
1,740 |
|
|
|
69 |
|
| Cost of goods sold |
|
|
575 |
|
|
|
69 |
|
| Total stock-based compensation related to options |
|
$ |
7,096 |
|
|
$ |
925 |
|
Total stock-based compensation
expense for RSUs for the three months ended March 31, 2026 and 2025 is as follows:
| |
|
Three Months Ended
March 31, |
|
| (dollars in thousands) |
|
2026 |
|
|
2025 |
|
| General and administrative |
|
$ |
10,577 |
|
|
$ |
286 |
|
| Sales and marketing |
|
|
727 |
|
|
|
155 |
|
| Research and development |
|
|
795 |
|
|
|
51 |
|
| Cost of goods sold |
|
|
463 |
|
|
|
65 |
|
| Total stock-based compensation related to restricted stock units |
|
$ |
12,562 |
|
|
$ |
557 |
|
|
| Schedule of Restricted Stock Unit (RSUs) Activity |
A summary of our RSUs activity
and related information is as follows:
| |
| RSUs |
|
| Weighted
Average
Grant Date
Fair Value |
|
| Weighted
Average
Vesting
Period
(Years) |
|
| Unvested balance at January 1, 2026 |
| |
9,110,776 |
|
| $ |
5.64 |
|
| |
2.35 |
|
| Granted |
| |
18,374,254 |
|
| $ |
9.47 |
|
| |
|
|
| Vested |
| |
(763,569 |
) |
| $ |
2.80 |
|
| |
|
|
| Canceled |
| |
(108,334 |
) |
| $ |
6.32 |
|
| |
|
|
| Unvested balance at March 31, 2026 |
| |
26,613,127 |
|
| $ |
8.42 |
|
| |
2.69 |
|
|