Stockholders’ Equity and Stock-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Stockholders’ Equity and Stock-Based Compensation [Abstract] |
|
| Schedule of Net Proceeds |
The table below details the net proceeds of the January 2026 Offering.
|
|
|
|
|
(dollars in thousands) |
|
|
|
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 |
|
|
(42,590,440 |
) |
|
$ |
0.15 |
|
|
|
|
Canceled |
|
|
- |
|
|
$ |
- |
|
|
|
|
Balance as of September 30, 2026 |
|
|
196,256,760 |
|
|
$ |
24.91 |
|
|
|
6.18 |
|
Vested and Exercisable as of September 30, 2026 |
|
|
196,230,207 |
|
|
$ |
24.91 |
|
|
|
6.18 |
|
|
| Schedule of Assumptions Used in the Black-Scholes Model |
The assumptions used in the Black-Scholes Model are set forth in the table below.
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
|
|
2026 |
|
2025 |
Risk-free interest rate |
|
3.69-5.02% |
|
3.77-4.65% |
Volatility |
|
65.98-88.45% |
|
59.05-88.69% |
Expected life in years |
|
5.17-5.88 |
|
5.00-6.27 |
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 |
|
|
19,705,437 |
|
|
$ |
9.39 |
|
|
|
|
Exercised |
|
|
(2,727,528 |
) |
|
$ |
2.27 |
|
|
|
|
Forfeited |
|
|
(1,545,789 |
) |
|
$ |
5.05 |
|
|
|
|
Canceled |
|
|
(165,191 |
) |
|
$ |
6.70 |
|
|
|
|
Balance as of September 30, 2026 |
|
|
35,281,310 |
|
|
$ |
6.93 |
|
|
|
8.88 |
|
Vested and Exercisable as of September 30, 2026 |
|
|
5,644,597 |
|
|
$ |
3.12 |
|
|
|
7.47 |
|
|
| Schedule of Stock-Based Compensation Expense for Stock Options |
Total stock-based compensation expense for stock options for the three and nine months ended September 30, 2026 and 2025 is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
(dollars in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
General and administrative |
|
$ |
6,887 |
|
|
$ |
3,685 |
|
|
$ |
15,687 |
|
|
$ |
5,349 |
|
Sales and marketing |
|
|
1,500 |
|
|
|
175 |
|
|
|
3,586 |
|
|
|
309 |
|
Research and development |
|
|
3,129 |
|
|
|
198 |
|
|
|
7,230 |
|
|
|
404 |
|
Cost of goods sold |
|
|
1,301 |
|
|
|
175 |
|
|
|
2,583 |
|
|
|
369 |
|
Total stock-based compensation related to options |
|
$ |
12,817 |
|
|
$ |
4,233 |
|
|
$ |
29,086 |
|
|
$ |
6,431 |
|
Total stock-based compensation expense for RSUs for the three and nine months ended September 30, 2026 and 2025 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
(dollars in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
General and administrative |
|
$ |
38,917 |
|
|
$ |
1,076 |
|
|
$ |
106,103 |
|
|
$ |
2,000 |
|
Sales and marketing |
|
|
3,373 |
|
|
|
48 |
|
|
|
5,198 |
|
|
|
259 |
|
Research and development |
|
|
4,005 |
|
|
|
45 |
|
|
|
6,156 |
|
|
|
149 |
|
Cost of goods sold |
|
|
734 |
|
|
|
58 |
|
|
|
2,056 |
|
|
|
191 |
|
Total stock-based compensation related to restricted stock units |
|
$ |
47,029 |
|
|
$ |
1,227 |
|
|
$ |
119,513 |
|
|
$ |
2,599 |
|
|
| 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 |
|
|
40,766,630 |
|
|
$ |
9.98 |
|
|
|
|
Vested |
|
|
(8,384,237 |
) |
|
$ |
7.32 |
|
|
|
|
Canceled |
|
|
(389,433 |
) |
|
$ |
8.30 |
|
|
|
|
Unvested balance at September 30, 2026 |
|
|
41,103,736 |
|
|
$ |
9.58 |
|
|
|
2.35 |
|
|