Stock-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock Option Plan Activity |
Activity under the 2021 EIP is set forth below:
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Options |
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Weighted-
Average
Exercise
Price |
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Weighted-
Average
Remaining
Contractual
Term
in years |
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(In thousands) |
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(Per share data) |
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(Years) |
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Outstanding as of December 31, 2024 |
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18 |
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$ |
380.70 |
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5.0 |
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Granted |
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— |
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$ |
— |
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Exercised |
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— |
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$ |
— |
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Forfeited or expired |
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(14 |
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$ |
167.96 |
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Outstanding as of September 30, 2025 |
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4 |
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$ |
1,028.92 |
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4.6 |
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Options vested and expected to vest as of September 30, 2025 |
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4 |
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$ |
1,028.92 |
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Vested and exercisable as of September 30, 2025 |
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4 |
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$ |
1,028.92 |
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Outstanding as of December 31, 2025 |
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4 |
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$ |
1,028.92 |
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4.4 |
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Granted |
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964 |
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$ |
18.40 |
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Exercised |
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— |
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$ |
— |
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Forfeited or expired |
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— |
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$ |
— |
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Outstanding as of September 30, 2026 |
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968 |
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$ |
22.57 |
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9.7 |
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Options vested and expected to vest as of September 30, 2026 |
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968 |
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$ |
22.57 |
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Vested and exercisable as of September 30, 2026 |
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4 |
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$ |
1,024.47 |
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| Schedule of Weighted Average Grant Date Fair Value |
The weighted-average grant-date fair value and significant assumptions used in the valuation were as follows:
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As of June 29, 2026 |
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Weighted-average grant date fair value |
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$ |
16.80 |
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Grant date stock price |
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$ |
18.40 |
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Exercise price |
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$ |
18.40 |
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Expected volatility |
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165.0 |
% |
Expected term |
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5.0 |
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Risk-free interest rate |
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4.1 |
% |
Expected dividend yield |
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0.0 |
% |
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| Schedule of Nonvested Restricted Stock Units Activity |
The following table summarizes outstanding balance and expected to vest RSUs as of September 30, 2026 and 2025 and their activity during the nine months ended September 30, 2026 and 2025:
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Number
of Shares |
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Weighted-
Average
Grant Date
Fair Value |
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Aggregate
Intrinsic
Value |
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(In thousands) |
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(Per share data) |
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(In thousands) |
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Balance as of December 31, 2024 |
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13 |
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$ |
714.30 |
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$ |
132 |
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Granted |
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1,237 |
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18.81 |
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— |
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Released |
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(220 |
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26.88 |
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— |
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Cancelled |
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(66 |
) |
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24.92 |
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— |
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Balance as of September 30, 2025 |
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964 |
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$ |
25.01 |
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$ |
2,961 |
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Expected to vest as of September 30, 2025 |
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964 |
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$ |
25.01 |
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$ |
2,961 |
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Balance as of December 31, 2025 |
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1,030 |
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$ |
22.42 |
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$ |
14,158 |
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Granted |
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976 |
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18.88 |
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— |
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Released |
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(286 |
) |
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23.25 |
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— |
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Cancelled |
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(532 |
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21.19 |
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— |
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Balance as of September 30, 2026 |
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1,188 |
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$ |
19.32 |
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$ |
12,933 |
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Expected to vest as of September 30, 2026 |
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1,188 |
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$ |
19.32 |
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$ |
12,933 |
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| Schedule of Stock-Based Compensation Expense |
The following sets forth the total stock-based compensation expense by type of award included in the statements of operations:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(In thousands) |
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(In thousands) |
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Restricted stock units |
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$ |
2,828 |
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$ |
1,905 |
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$ |
7,144 |
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$ |
7,330 |
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Stock options |
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3,100 |
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— |
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|
3,167 |
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5 |
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$ |
5,928 |
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$ |
1,905 |
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$ |
10,311 |
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$ |
7,335 |
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The following sets forth the total stock-based compensation expense included in cost of revenue and operating expenses on the statements of operations:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(In thousands) |
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(In thousands) |
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Cost of 3D Printer and parts |
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$ |
106 |
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$ |
441 |
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$ |
664 |
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$ |
1,054 |
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Cost of Support services |
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126 |
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154 |
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315 |
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|
348 |
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Stock-based compensation recorded in cost of revenue |
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232 |
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|
595 |
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|
979 |
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1,402 |
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Research and development |
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943 |
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|
645 |
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2,400 |
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1,427 |
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Selling and marketing |
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453 |
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323 |
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1,284 |
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653 |
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General and administrative |
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4,300 |
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342 |
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5,648 |
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3,853 |
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Stock-based compensation recorded in operating expense |
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5,696 |
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1,310 |
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9,332 |
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5,933 |
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Total stock-based compensation expense |
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$ |
5,928 |
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$ |
1,905 |
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$ |
10,311 |
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$ |
7,335 |
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