0001588978-26-000022 | 10-Q | XBRL Viewer

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Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 83,132	$ 69,162
Cost of sales	29,185	25,001
Gross profit	53,947	44,161
Operating expenses:
Research and development	21,465	16,402
Selling, general and administrative	65,088	55,197
Total operating expenses	86,553	71,599
Loss from operations	(32,606)	(27,438)
Interest expense	(818)	(877)
Interest and other income, net	1,743	3,531
Loss before provision for income taxes	(31,681)	(24,784)
Provision for income taxes	(43)	(47)
Net loss	$ (31,638)	$ (24,737)
Net loss per share, basic (in dollars per share)	$ (0.56)	$ (0.45)
Net loss per share, diluted (in dollars per share)	$ (0.56)	$ (0.45)
Weighted-average common shares used to compute net loss per share attributable to
Basic (in shares)	56,511	54,917
Diluted (in shares)	56,511	54,917
Other comprehensive loss:
Foreign currency translation adjustment	$ (56)	$ 109
Comprehensive loss	$ (31,694)	$ (24,628)

Balance Sheet Components - Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 46,157	$ 43,151
Less: accumulated depreciation and amortization	(14,418)	(12,752)
Total property and equipment, net	31,739	30,399
Manufacturing and computer equipment, and furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	26,275	21,842
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	4,675	3,590
Rental equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	499	385
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	13,225	13,225
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,483	$ 4,109

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount

Total stock-based compensation recognized, before taxes, are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025

Cost of sales	$	2,694	$	2,187
Research and development	3,241		2,525
Sales, general and administrative	8,583		6,569
Stock-based compensation capitalized in inventory	(1,446)		(1,173)
Total stock-based compensation	$	13,072	$	10,108

Schedule of Stock Option Activity and Related Information

A summary of the Company’s stock option activity and related information are as follows (options in thousands):


	Three Months Ended
	March 31, 2026

	Number of Shares	Weighted-Average Exercise Price
Outstanding, beginning of period	3,444	$	17.00
Granted	293	25.35
Exercised	(56)	3.96
Forfeited	—	—
Outstanding, end of period	3,681	17.87
Vested and expected to vest	3,681	17.87
Exercisable	2,774	11.75

Schedule of Fair Value Assumptions

The fair value of the options granted to employees or directors was estimated as of the grant date using the Black-Scholes model assuming the weighted-average assumptions listed in the following table:


	Three Months Ended March 31,
	2026			2025

Expected life (years)	6.0			6.0
Expected volatility	64		%	58		%
Risk-free interest rate	3.8		%	4.0		%
Expected dividend rate	—		%	—		%
Weighted-average fair value	$	15.60		$	35.00

Schedule of RSU and PSU Activity

A summary of the Company’s restricted stock unit, or RSU, activity and related information are as follows (RSUs in thousands):


	Three Months Ended
	March 31, 2026

	Number of Shares	Weighted-Average Fair Value
Unvested, beginning of period	2,346	$	48.63
Awarded	2,195	25.54
Forfeited	(71)	43.29
Vested	(484)	47.28
Unvested, end of period	3,986	36.18

A summary of the Company’s PSU activity and related information are as follows (PSUs in thousands):


	Three Months Ended
	March 31, 2026

	Number of Shares	Weighted-Average Fair Value
Unvested, beginning of period	115	$	67.62
Awarded	285	25.35
Forfeited	—	—
Vested	(34)	82.14
Performance change	(52)	66.36
Unvested, end of period	314	27.85

Stock-Based Compensation - Schedule of Fair Value Assumptions (Details) - Stock options - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangements
Expected life (years)	6 years	6 years
Expected volatility	64.00%	58.00%
Risk-free interest rate	3.80%	4.00%
Expected dividend rate	0.00%	0.00%
Weighted-average fair value (in dollars per share)	$ 15.60	$ 35.00

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):


	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash and cash equivalents:
Cash	$	12,229	$	—	$	—	$	12,229	$	11,417	$	—	$	—	$	11,417
Cash equivalents	233,412		—		—		233,412		275,086		—		—		275,086
Total cash and cash equivalents	$	245,641	$	—	$	—	$	245,641	$	286,503	$	—	$	—	$	286,503

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - Stock options	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Shares
Outstanding, beginning balance (in shares) \| shares	3,444,000
Granted (in shares) \| shares	293,000
Exercised (in shares) \| shares	(56,000)
Forfeited (in shares) \| shares	0
Outstanding, ending balance (in shares) \| shares	3,681,000
Vested and expected to vest (in shares) \| shares	3,681,000
Exercisable (in shares) \| shares	2,774,000
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 17.00
Granted (in dollars per share) \| $ / shares	25.35
Exercised (in dollars per share) \| $ / shares	3.96
Forfeited (in dollars per share) \| $ / shares	0
Outstanding, ending balance (in dollars per share) \| $ / shares	17.87
Vested and expected to vest (in dollars per share) \| $ / shares	17.87
Exercisable (in dollars per share) \| $ / shares	$ 11.75

Balance Sheet Components - Schedule of Deferred Commission Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Prepaid expenses and other current assets
Property, Plant and Equipment [Line Items]
Deferred costs	$ 469	$ 438
Other assets
Property, Plant and Equipment [Line Items]
Deferred costs	$ 1,273	$ 1,273

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Future Minimum Annual Debt Repayment

Future minimum annual debt repayments are as follows (in thousands):


Fiscal Year	Amount
2026	—
2027	52,000
Total minimum payments	52,000
Less: amount representing unamortized debt discount	(336)
Present value of future payments	$	51,664

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Loss Per Share, Basic

Net loss per share was determined as follows (in thousands, except per share amounts):


	Three Months Ended March 31,
	2026		2025

Net loss	$	(31,638)	$	(24,737)
Weighted-average common stock outstanding	56,511		54,917
Net loss per share, basic and diluted	$	(0.56)	$	(0.45)

Schedule of Loss Per Share, Diluted

Net loss per share was determined as follows (in thousands, except per share amounts):


	Three Months Ended March 31,
	2026		2025

Net loss	$	(31,638)	$	(24,737)
Weighted-average common stock outstanding	56,511		54,917
Net loss per share, basic and diluted	$	(0.56)	$	(0.45)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities outstanding have been excluded from the computations of weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares, in thousands):


	March 31,
	2026	2025


Stock options	3,681	3,744
Restricted and performance stock units	4,300	2,235
Employee stock purchase plan	336	56
Total	8,317	6,035

Organization	3 Months Ended
Organization	Mar. 31, 2026
Accounting Policies [Abstract]
Organization	Organization Description of Business PROCEPT BioRobotics Corporation, or the Company, was incorporated in the state of California in 2007 and its headquarters are located in San Jose, California. In April 2021, the Company re-incorporated in the state of Delaware. The Company received U.S. Food and Drug Administration clearance in December 2017 to market its AquaBeam® Robotic System, an automated surgical robot providing tissue removal for the treatment of benign prostatic hyperplasia, a prostate gland enlargement condition. On August 20, 2024, the Company received 510(k) clearance from the FDA for its next generation robot system, HYDROS® Robotic System.

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-based Compensation Arrangements
Options outstanding and exercisable, aggregate intrinsic value	$ 44.7		$ 61.0
Options outstanding, aggregate intrinsic value	44.7		$ 61.0
Options exercised in the period, intrinsic value	1.4	$ 8.7
Unrecognized compensation cost	16.9
Restricted Stock Units
Share-based Compensation Arrangements
Unrecognized compensation cost	130.3
Performance Shares
Share-based Compensation Arrangements
Unrecognized compensation cost	$ 7.6
2021 Equity Incentive Award Plan
Share-based Compensation Arrangements
Shares available for grant (in shares)	8,000,000.0
2021 Equity Incentive Award Plan \| Performance Shares
Share-based Compensation Arrangements
Award vesting period (in years)	3 years
Employee Stock Purchase Plan
Share-based Compensation Arrangements
Shares available for grant (in shares)	2,400,000
Unrecognized compensation cost	$ 2.1
Stock purchases made under the employee stock purchase plan (in shares)	0
Average vesting period for unrecognized compensation cost (in years)	4 months 24 days

Defined Contribution Plan	3 Months Ended
Defined Contribution Plan	Mar. 31, 2026
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan The Company has a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code. This plan allows eligible employees to defer a portion of their annual compensation on both a pre-tax and after-tax basis. Employer contributions were $1.2 million and $0.9 million for the three months ended March 31, 2026 and 2025.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees and Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any material claims or been required to defend any action related to its indemnification obligations. As of March 31, 2026 and December 31, 2025, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. Legal Contingencies From time to time, the Company may be involved in legal proceedings arising in the ordinary course of our business. The Company is not presently a party to any legal proceedings that, in the opinion of management, would have a material adverse effect on the business. Regardless of outcome, litigation can have an adverse impact on the Company due to defense and settlement costs, diversion of management resources, negative publicity and reputation harm, and other factors. A liability and related charge to earnings are recorded in the financial statements for legal contingencies when the loss is considered probable and the amount can be reasonably estimated. The assessment is re-evaluated each accounting period and is based on all available information.

Cover page - shares	3 Months Ended
Cover page - shares	Mar. 31, 2026	Apr. 24, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-40797
Entity Registrant Name	PROCEPT BioRobotics Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0199180
Entity Address, Address Line One	150 Baytech Drive
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	650
Local Phone Number	232-7200
Title of 12(b) Security	Common stock, $0.00001 par value per share
Trading Symbol	PRCT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		56,918,844
Entity Central Index Key	0001588978
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Amendment Flag	false
Document Fiscal Period Focus	Q1

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Future Minimum Lease Payments

Future minimum annual operating lease payments are as follows (in thousands):


As of March 31, 2026	Amount
2026	$	3,319
2027	4,808
2028	4,952
2029	5,101
2030	5,254
Thereafter	11,943
Total minimum payments	35,377
Less: amount representing interest/unamortized debt discount	(9,045)
Present value of future payments	26,332
Less: current portion	(2,358)
Non-current portion	$	23,974

Schedule of Contractual Maturities of Gross Lease Receivables

Contractual maturities of gross lease receivables as of March 31, 2026 are as follows (in thousands):


Fiscal Year	Amount
2026	$	1,048
2027	1,274
2028	1,274
2029	1,137
2030 and thereafter	747
Total	$	5,480

Schedule of Income From Sales-Type Leases


	March 31,		December 31,
	2026		2025

Gross receivables	$	5,480	$	5,829
Unearned interest income	(701)		(1,028)
Net investment in sales-type leases	$	4,779	$	4,801

The components of income from sales-type leases are as follows:


	Three Months Ended March 31,
	2026		2025

Sales-type lease revenue	$	—	$	—
Interest income	$	84	$	38

Leases receivable relating to sales-type lease arrangements are presented on the Company’s consolidated balance sheets as follows (in thousands):


	March 31,		December 31,
	2026		2025

Reported as:
Accounts receivable	$	1,013	$	905
Other assets	3,766		3,896
Net investment in sales-type leases	$	4,779	$	4,801

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 5.2	$ 4.0

Defined Contribution Plan (Details) - USD ($) $ in Millions	3 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Retirement Benefits [Abstract]
Employer contribution amount	$ 1.2	$ 0.9

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Waters Rule 10b5-1 Plan [Member] \| Kevin Waters [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 18, 2026, Kevin Waters, the Company’s Chief Financial Officer, adopted a pre-arranged written stock sale plan in accordance with Rule 10b5-1 (the “Waters Rule 10b5-1 Plan”) under the Exchange Act, for the sale of shares of the Company’s common stock. The Waters Rule 10b5-1 Plan was entered into in accordance with the Company’s policies regarding transactions and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Waters Rule 10b5-1 Plan provides for the potential sale of up to 59,127 shares of the Company’s common stock during various specified trading periods through June 17, 2027.
Name	Kevin Waters
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 18, 2026
Expiration Date	June 17, 2027
Arrangement Duration	456 days
Aggregate Available	59,127

Segment, Geographical, and Customer Concentration

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment, Geographical, and Customer Concentration

The Company operates as a single operating segment. The Company’s chief operating decision maker, or CODM, its Chief Executive Officer, reviews the Company’s forecast, as well as budget to actual financial information, as key inputs to making decisions on resource allocation and assessing the performance of the business. The CODM monitors budget versus actual results using income (loss) from operations, income (loss) before provision for income taxes, and net income (loss).

Significant expenses within income from operations, as well as within net income (loss), include cost of goods sold, research and development expenses, and selling, general and administrative expenses, which are each separately presented on the Company’s consolidated statements of operations. Other segment items within net income (loss) include interest expense, and interest and other income, net on an aggregate basis for the purposes of allocating resources and evaluating financial performance.

The Company’s assets are primarily based in the United States.

No customers accounted for more than 10% of revenue during the three months ended March 31, 2026 and 2025.

No customer accounted for more than 10% of accounts receivable at March 31, 2026 and December 31, 2025.

The following table presents revenue by significant geographical locations for the periods indicated:


	Three Months Ended March 31,
	2026		2025

United States	87	%	87	%
Outside the United States	13	%	13	%

No individual country outside the United States accounted for more than 10% of the Company’s revenue for the periods presented.

Segment, Geographical, and Customer Concentration

The Company’s assets are primarily based in the United States.

No customers accounted for more than 10% of revenue during the three months ended March 31, 2026 and 2025.

No customer accounted for more than 10% of accounts receivable at March 31, 2026 and December 31, 2025.

The following table presents revenue by significant geographical locations for the periods indicated:


	Three Months Ended March 31,
	2026		2025

United States	87	%	87	%
Outside the United States	13	%	13	%

No individual country outside the United States accounted for more than 10% of the Company’s revenue for the periods presented.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

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+ Details

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Segment, Geographical, and Customer Concentration (Details) - Revenue Benchmark - Geographic Concentration Risk	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
United States
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue by significant geographical locations outside the United States	87.00%	87.00%
Outside the United States
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue by significant geographical locations outside the United States	13.00%	13.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Segment, Geographical, and Customer Concentration (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Revenue by Significant Geographical Locations

The following table presents revenue disaggregated by type and geography (in thousands):


	Three Months Ended March 31,
	2026		2025

U.S.
System sales and rentals	$	23,386	$	18,687
Handpieces and other consumables	43,018		38,011
Service	5,614		3,596
Total U.S. revenue	72,018		60,294
Outside of U.S.
System sales and rentals	3,853		3,853
Handpieces and other consumables	6,372		4,477
Service	889		538
Total outside of U.S. revenue	11,114		8,868
Total revenue	$	83,132	$	69,162

The following table presents revenue by significant geographical locations for the periods indicated:


	Three Months Ended March 31,
	2026		2025

United States	87	%	87	%
Outside the United States	13	%	13	%

Stock-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 13,072	$ 10,108
Stock-based compensation capitalized in inventory	(1,446)	(1,173)
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,694	2,187
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	3,241	2,525
Sales, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 8,583	$ 6,569

Leases - Schedule of Contractual Maturities of Gross Lease Receivables (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
2026	$ 1,048
2027	1,274
2028	1,274
2029	1,137
2030 and thereafter	747
Total	$ 5,480

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

Net loss per share was determined as follows (in thousands, except per share amounts):


	Three Months Ended March 31,
	2026		2025

Net loss	$	(31,638)	$	(24,737)
Weighted-average common stock outstanding	56,511		54,917
Net loss per share, basic and diluted	$	(0.56)	$	(0.45)


	March 31,
	2026	2025


Stock options	3,681	3,744
Restricted and performance stock units	4,300	2,235
Employee stock purchase plan	336	56
Total	8,317	6,035

Long-Term Debt - Schedule of Future Minimum Annual Debt Repayment (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Debt Disclosure [Abstract]
2026	$ 0
2027	52,000
Total minimum payments	52,000
Less: amount representing unamortized debt discount	(336)
Present value of future payments	$ 51,664

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Allowance for Credit Losses

Allowance for credit losses (in thousands):


	March 31,		December 31,
	2026		2025

Beginning balance	$	1,059	$	840
Net changes during the period	195		219
Ending balance	$	1,254	$	1,059

Schedule of Inventory

Inventory (in thousands):


	March 31,		December 31,
	2026		2025

Raw materials	$	23,334	$	18,617
Work-in-process	12,832		13,447
Finished goods	41,370		38,630
Total inventory	$	77,536	$	70,694

Schedule of Property and Equipment, Net

Property and equipment, net, (in thousands):


	March 31,		December 31,
	2026		2025

Manufacturing and computer equipment, and furniture and fixtures	$	26,275	$	21,842
Laboratory equipment	4,675		3,590
Rental equipment	499		385
Leasehold improvements	13,225		13,225
Construction in progress	1,483		4,109
Total property and equipment	46,157		43,151
Less: accumulated depreciation and amortization	(14,418)		(12,752)
Total property and equipment, net	$	31,739	$	30,399

Schedule of Deferred Commission Costs

Deferred commission costs, (in thousands):


	March 31,		December 31,
	2026		2025

Reported as:
Prepaid expenses and other current assets	$	469	$	438
Other assets	$	1,273	$	1,273

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (31,638)	$ (24,737)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	1,735	1,475
Stock-based compensation expense	13,072	10,108
Non-cash lease adjustment	(159)	(127)
Provision for credit losses	195	300
Inventory write-down	274	330
Loss on foreign currency transactions	297	0
Changes in operating assets and liabilities:
Accounts receivable, net	(13,317)	3,929
Inventory	(7,027)	(6,282)
Prepaid expenses and other current assets	1,167	576
Other assets	(431)	(395)
Accounts payable	1,536	3,754
Accrued compensation	(4,688)	(6,561)
Accrued interest expense	49	25
Deferred revenue	628	235
Other liabilities	180	390
Net cash used in operating activities	(38,127)	(16,980)
Cash flows from investing activities:
Purchases of property and equipment	(2,914)	(1,836)
Net cash used in investing activities	(2,914)	(1,836)
Cash flows from financing activities:
Proceeds from issuance of common stock from the exercise of stock options	222	1,298
Net cash provided by financing activities	222	1,298
Effect of exchange rates on cash, cash equivalents and restricted cash	(42)	0
Net decrease in cash, cash equivalents and restricted cash	(40,861)	(17,518)
Beginning of the period	289,540	336,763
End of the period	248,679	319,245
Reconciliation of cash, cash equivalents and restricted cash to balance sheets:
Cash and cash equivalents	245,641	316,207
Restricted cash	3,038	3,038
Cash, cash equivalents and restricted cash in balance sheets	248,679	319,245
Supplemental cash flow information
Interest paid	801	885
Non-cash investing and financing activities
Property and equipment included in accounts payable and accrued expenses	$ 1,061	$ 1,388

Leases - Schedule of Income From Sales-Type Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Sale Leaseback Transaction [Line Items]
Net investment in sales-type leases	$ 4,779		$ 4,801
Sales-type lease revenue	0	$ 0
Interest income	84	$ 38
Gross receivables
Sale Leaseback Transaction [Line Items]
Gross receivables	5,480		5,829
Unearned interest income
Sale Leaseback Transaction [Line Items]
Unearned interest income	(701)		(1,028)
Accounts receivable
Sale Leaseback Transaction [Line Items]
Accounts receivable	1,013		905
Other assets
Sale Leaseback Transaction [Line Items]
Other assets	$ 3,766		$ 3,896

Long-Term Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Long-Term Debt

Term Loan Facility

In October 2022, the Company entered into a loan and security agreement (as amended, “the Agreement”) with Canadian Imperial Bank of Commerce, or CIBC. The Agreement provides for a senior secured term loan facility in the aggregate principal amount of $52.0 million (the "Term Loan Facility") which was borrowed in full.

The Term Loan Facility is scheduled to mature on the fifth anniversary of the closing date (the “Maturity Date”). The Company has the option to prepay the Term Loan Facility without any prepayment charge or fee.

The loan borrowed under the Term Loan Facility bears interest at an annual rate equal to the secured overnight financing rate or SOFR (calculated based on an adjustment of .10%, .15% and .25%, respectively, for one-month, three-month or six-month term SOFR as of a specified date, subject to a floor of 1.5%) plus an applicable margin of 2.25%. The weighted-average interest rate for the periods ending March 31, 2026 and 2025 were 5.9%, and 6.6%, respectively.

The obligations under the Agreement are secured by substantially all of the Company's assets, including its intellectual property and by a pledge all of the Company's equity interests in its U.S. subsidiaries and 65% of the Company's equity interests in its non-U.S. subsidiaries that are directly owned by the Company.

In August 2025, the Company entered into a second amendment to the Agreement (the “Second Amendment”), which, among other things, modified the repayment terms such that the entire principal amount outstanding is now due on the Maturity Date, replacing the prior repayment schedule of interest-only payments followed by monthly principal amortization payments. Additionally, the Second Amendment modified the Company’s minimum cash holdings requirement at CIBC as follows: (a) if the Company’s cash and cash equivalents is less than $50.0 million, then the Company is required to maintain 100% of its cash and cash equivalents at CIBC; or (b) if the Company’s cash and cash equivalents is greater than or equal to $50.0 million, then the Company is required to maintain the greater of $50.0 million or 50% of its cash and cash equivalents at CIBC, with amounts exceeding $50.0 million permitted to be held outside of CIBC in collateral accounts managed by CIBC.

Under the Loan Agreement, if the Company maintains less than $100.0 million in available cash, then the Company is required to meet either one of two financial covenants: a minimum unrestricted cash covenant or a minimum revenue and growth covenant. If the Company maintains at least $100.0 million in available cash, then it is not required to meet such financial covenants. As of March 31, 2026, the Company was in compliance with all debt covenants.

Future minimum annual debt repayments are as follows (in thousands):


Fiscal Year	Amount
2026	—
2027	52,000
Total minimum payments	52,000
Less: amount representing unamortized debt discount	(336)
Present value of future payments	$	51,664

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Net Loss Per Share - Schedule of Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net loss	$ (31,638)	$ (24,737)
Weighted-average common stock outstanding, basic (in shares)	56,511	54,917
Weighted-average common stock outstanding, diluted (in shares)	56,511	54,917
Net loss per share, basic (in dollars per share)	$ (0.56)	$ (0.45)
Net loss per share, diluted (in dollars per share)	$ (0.56)	$ (0.45)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Revenue - Schedule of Revenue Disaggregated by Type and Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 83,132	$ 69,162
U.S.
Disaggregation of Revenue [Line Items]
Total revenue	72,018	60,294
Outside of U.S.
Disaggregation of Revenue [Line Items]
Total revenue	11,114	8,868
System sales and rentals \| U.S.
Disaggregation of Revenue [Line Items]
Total revenue	23,386	18,687
System sales and rentals \| Outside of U.S.
Disaggregation of Revenue [Line Items]
Total revenue	3,853	3,853
Handpieces and other consumables \| U.S.
Disaggregation of Revenue [Line Items]
Total revenue	43,018	38,011
Handpieces and other consumables \| Outside of U.S.
Disaggregation of Revenue [Line Items]
Total revenue	6,372	4,477
Service \| U.S.
Disaggregation of Revenue [Line Items]
Total revenue	5,614	3,596
Service \| Outside of U.S.
Disaggregation of Revenue [Line Items]
Total revenue	$ 889	$ 538

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenue from External Customers by Geographic Areas

The following table presents revenue disaggregated by type and geography (in thousands):


	Three Months Ended March 31,
	2026		2025

U.S.
System sales and rentals	$	23,386	$	18,687
Handpieces and other consumables	43,018		38,011
Service	5,614		3,596
Total U.S. revenue	72,018		60,294
Outside of U.S.
System sales and rentals	3,853		3,853
Handpieces and other consumables	6,372		4,477
Service	889		538
Total outside of U.S. revenue	11,114		8,868
Total revenue	$	83,132	$	69,162

The following table presents revenue by significant geographical locations for the periods indicated:


	Three Months Ended March 31,
	2026		2025

United States	87	%	87	%
Outside the United States	13	%	13	%

Schedule of Revenue from External Customers by Products and Services

The following table presents revenue disaggregated by type and geography (in thousands):


	Three Months Ended March 31,
	2026		2025

U.S.
System sales and rentals	$	23,386	$	18,687
Handpieces and other consumables	43,018		38,011
Service	5,614		3,596
Total U.S. revenue	72,018		60,294
Outside of U.S.
System sales and rentals	3,853		3,853
Handpieces and other consumables	6,372		4,477
Service	889		538
Total outside of U.S. revenue	11,114		8,868
Total revenue	$	83,132	$	69,162

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

The following table presents revenue disaggregated by type and geography (in thousands):


	Three Months Ended March 31,
	2026		2025

U.S.
System sales and rentals	$	23,386	$	18,687
Handpieces and other consumables	43,018		38,011
Service	5,614		3,596
Total U.S. revenue	72,018		60,294
Outside of U.S.
System sales and rentals	3,853		3,853
Handpieces and other consumables	6,372		4,477
Service	889		538
Total outside of U.S. revenue	11,114		8,868
Total revenue	$	83,132	$	69,162

During the three months ended March 31, 2026, the Company recognized $5.2 million of revenue, that was included in the deferred revenue balance as of December 31, 2025. During the three months ended March 31, 2025, the Company recognized $4.0 million of revenue, that was included in the deferred revenue balance as of December 31, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	56,897,000	56,323,000
Common stock, shares outstanding (in shares)	56,897,000	56,323,000

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Allowance for credit losses (in thousands):


	March 31,		December 31,
	2026		2025

Beginning balance	$	1,059	$	840
Net changes during the period	195		219
Ending balance	$	1,254	$	1,059

Inventory (in thousands):


	March 31,		December 31,
	2026		2025

Raw materials	$	23,334	$	18,617
Work-in-process	12,832		13,447
Finished goods	41,370		38,630
Total inventory	$	77,536	$	70,694

Property and equipment, net, (in thousands):


	March 31,		December 31,
	2026		2025

Manufacturing and computer equipment, and furniture and fixtures	$	26,275	$	21,842
Laboratory equipment	4,675		3,590
Rental equipment	499		385
Leasehold improvements	13,225		13,225
Construction in progress	1,483		4,109
Total property and equipment	46,157		43,151
Less: accumulated depreciation and amortization	(14,418)		(12,752)
Total property and equipment, net	$	31,739	$	30,399

Deferred commission costs, (in thousands):


	March 31,		December 31,
	2026		2025

Reported as:
Prepaid expenses and other current assets	$	469	$	438
Other assets	$	1,273	$	1,273

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	$ 12,229	$ 11,417
Cash equivalents	233,412	275,086
Total cash and cash equivalents	245,641	286,503
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	12,229	11,417
Cash equivalents	233,412	275,086
Total cash and cash equivalents	245,641	286,503
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	0	0
Cash equivalents	0	0
Total cash and cash equivalents	0	0
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Cash	0	0
Cash equivalents	0	0
Total cash and cash equivalents	$ 0	$ 0

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		54,718
Beginning balance at Dec. 31, 2024	$ 402,220	$ 0	$ 948,091	$ 114	$ (545,985)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		560
Issuance of common stock under stock plans	1,298		1,298
Stock-based compensation expense	10,267		10,267
Foreign currency translation adjustment	109			109
Net loss	(24,737)				(24,737)
Ending balance (in shares) at Mar. 31, 2025		55,278
Ending balance at Mar. 31, 2025	$ 389,157	$ 0	959,656	223	(570,722)
Beginning balance (in shares) at Dec. 31, 2025	56,323	56,323
Beginning balance at Dec. 31, 2025	$ 365,870	$ 0	1,007,390	37	(641,557)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plans (in shares)		574
Issuance of common stock under stock plans	222		222
Stock-based compensation expense	13,269		13,269
Foreign currency translation adjustment	(56)			(56)
Net loss	$ (31,638)				(31,638)
Ending balance (in shares) at Mar. 31, 2026	56,897	56,897
Ending balance at Mar. 31, 2026	$ 347,667	$ 0	$ 1,020,881	$ (19)	$ (673,195)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Stock-Based Compensation - Schedule of RSU and PSU Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted Stock Units
Number of Shares
Unvested, beginning of period (in shares) \| shares	2,346
Awarded (in shares) \| shares	2,195
Forfeited (in shares) \| shares	(71)
Vested (in shares) \| shares	(484)
Unvested, end of period (in shares) \| shares	3,986
Weighted-Average Fair Value
Unvested, beginning of period (in dollars per share) \| $ / shares	$ 48.63
Awarded (in dollars per share) \| $ / shares	25.54
Forfeited (in dollars per shares) \| $ / shares	43.29
Vested (in dollars per shares) \| $ / shares	47.28
Unvested, end of period (in dollars per share) \| $ / shares	$ 36.18
Performance Shares
Number of Shares
Unvested, beginning of period (in shares) \| shares	115
Awarded (in shares) \| shares	285
Forfeited (in shares) \| shares	0
Vested (in shares) \| shares	(34)
Performance change (in shares) \| shares	(52)
Unvested, end of period (in shares) \| shares	314
Weighted-Average Fair Value
Unvested, beginning of period (in dollars per share) \| $ / shares	$ 67.62
Awarded (in dollars per share) \| $ / shares	25.35
Forfeited (in dollars per shares) \| $ / shares	0
Vested (in dollars per shares) \| $ / shares	82.14
Performance change (in dollars per shares) \| $ / shares	66.36
Unvested, end of period (in dollars per share) \| $ / shares	$ 27.85

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Preparation The condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, and pursuant to the rules and regulations of the United States Securities and Exchange Commission or SEC. These condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Unaudited Interim Financial Statements The accompanying balance sheet as of March 31, 2026, the statements of operations and comprehensive loss and cash flows for the three months ended March 31, 2026 and 2025, and the statements of stockholders’ equity as of March 31, 2026 and 2025, are unaudited. The financial data and other information disclosed in these notes to the financial statements related to March 31, 2026, and the three months ended March 31, 2026 and 2025, are also unaudited. The accompanying balance sheet as of December 31, 2025 has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K (“Annual Report”) filed with the Securities and Exchange Commission. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to a fair statement of the Company’s financial position as of March 31, 2026, and the results of its operations and cash flows for the three months ended March 31, 2026 and 2025. The results for the three months ended March 31, 2026, are not necessarily indicative of results to be expected for the year ending December 31, 2026, or for any other interim period or for any future year and should be read in conjunction with the annual consolidated financial statements included in the Company’s Annual Report. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the condensed consolidated financial statements. Management uses significant judgment when making estimates related to its allowance for credit losses, excess and obsolete inventory reserves, stock-based compensation expense, right-of-use lease asset, lease liability, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 provides a practical expedient and, if applicable, an accounting policy election to simplify the measurement of credit losses for certain receivables and contract assets. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued or made available for issuance. The Company adopted this ASU effective January 1, 2026. The ASU did not have a material impact to the Company’s financial statements. Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ASUs require public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact this ASU will have on its financial statement disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU removes all references to prescriptive and sequential software development stages (referred to as “project stages”) and requires companies to start capitalizing software costs when both of the following occur: (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to complete recognition threshold”). ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact to the Company’s financial statements.

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
2026	$ 3,319
2027	4,808
2028	4,952
2029	5,101
2030	5,254
Thereafter	11,943
Total minimum payments	35,377
Less: amount representing interest/unamortized debt discount	(9,045)
Present value of future payments	26,332
Less: current portion	(2,358)	$ (2,214)
Non-current portion	$ 23,974	$ 24,654

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):


	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash and cash equivalents:
Cash	$	12,229	$	—	$	—	$	12,229	$	11,417	$	—	$	—	$	11,417
Cash equivalents	233,412		—		—		233,412		275,086		—		—		275,086
Total cash and cash equivalents	$	245,641	$	—	$	—	$	245,641	$	286,503	$	—	$	—	$	286,503

Cash equivalents consist primarily of money market deposit funds.

The carrying value of the Company’s long-term debt approximates fair value as the debt bears interest at variable SOFR rates at March 31, 2026 and December 31, 2025, which is observable at commonly quoted intervals for the full term of the loan, and therefore, is considered a Level 2 item in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 245,641	$ 286,503
Accounts receivable, net	96,388	83,533
Inventory	77,536	70,694
Prepaid expenses and other current assets	8,469	9,648
Total current assets	428,034	450,378
Restricted cash, non-current	3,038	3,038
Property and equipment, net	31,739	30,399
Operating lease right-of-use assets, net	17,162	17,538
Intangible assets, net	640	709
Other assets	6,449	6,019
Total assets	487,062	508,081
Current liabilities:
Accounts payable	18,851	17,285
Accrued compensation	18,476	23,175
Deferred revenue	13,702	13,048
Operating lease, current	2,358	2,214
Other current liabilities	10,249	10,073
Total current liabilities	63,636	65,795
Long-term debt	51,664	51,615
Operating lease, non-current	23,974	24,654
Other non-current liabilities	121	147
Total liabilities	139,395	142,211
Commitments and contingencies (see Note 11)
Stockholders’ equity:
Preferred stock, $0.00001 par value; Authorized shares: 10,000 at March 31, 2026 and December 31, 2025 Issued and outstanding shares: none at March 31, 2026 and December 31, 2025	0	0
Common stock, $0.00001 par value; Authorized shares: 300,000 at March 31, 2026 and December 31, 2025 Issued and outstanding shares: 56,323 and 56,323 at March 31, 2026 and December 31, 2025, respectively	0	0
Additional paid-in capital	1,020,881	1,007,390
Accumulated other comprehensive gain (loss)	(19)	37
Accumulated deficit	(673,195)	(641,557)
Total stockholders’ equity	347,667	365,870
Total liabilities and stockholders’ equity	$ 487,062	$ 508,081

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Total stock-based compensation recognized, before taxes, are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025

Cost of sales	$	2,694	$	2,187
Research and development	3,241		2,525
Sales, general and administrative	8,583		6,569
Stock-based compensation capitalized in inventory	(1,446)		(1,173)
Total stock-based compensation	$	13,072	$	10,108

Stock Options

The Company had 8.0 million shares available for grant as of March 31, 2026 under the 2021 Equity Incentive Award Plan, or 2021 Plan.

A summary of the Company’s stock option activity and related information are as follows (options in thousands):


	Three Months Ended
	March 31, 2026

	Number of Shares	Weighted-Average Exercise Price
Outstanding, beginning of period	3,444	$	17.00
Granted	293	25.35
Exercised	(56)	3.96
Forfeited	—	—
Outstanding, end of period	3,681	17.87
Vested and expected to vest	3,681	17.87
Exercisable	2,774	11.75

As of March 31, 2026 and December 31, 2025, the aggregate pre-tax intrinsic value of options outstanding and exercisable was $44.7 million and $61.0 million, respectively, and the aggregate pre-tax intrinsic value of options outstanding were $44.7 million and $61.0 million, respectively. The aggregate pre-tax intrinsic value of options exercised was $1.4 million and $8.7 million during the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, there was a total of $16.9 million of unrecognized stock-based compensation expense related to stock options.


	Three Months Ended March 31,
	2026			2025

Expected life (years)	6.0			6.0
Expected volatility	64		%	58		%
Risk-free interest rate	3.8		%	4.0		%
Expected dividend rate	—		%	—		%
Weighted-average fair value	$	15.60		$	35.00

Restricted Stock Units

A summary of the Company’s restricted stock unit, or RSU, activity and related information are as follows (RSUs in thousands):


	Three Months Ended
	March 31, 2026

	Number of Shares	Weighted-Average Fair Value
Unvested, beginning of period	2,346	$	48.63
Awarded	2,195	25.54
Forfeited	(71)	43.29
Vested	(484)	47.28
Unvested, end of period	3,986	36.18

As of March 31, 2026, there was a total of $130.3 million of unrecognized stock-based compensation expense related to RSUs.

Performance Stock Units

The 2021 Plan provides for issuance of performance stock units, or PSUs. PSUs granted are contingent upon the achievement of predetermined market, performance, and service conditions. PSUs are awarded to executives of the Company and generally time vest over a period of up to three years. Vesting is also generally contingent upon achievement of applicable performance metrics. PSU expense is recognized over the requisite service period.

During the three months ended March 31, 2026, the Company awarded PSU shares with both a performance and service condition.

A summary of the Company’s PSU activity and related information are as follows (PSUs in thousands):


	Three Months Ended
	March 31, 2026

	Number of Shares	Weighted-Average Fair Value
Unvested, beginning of period	115	$	67.62
Awarded	285	25.35
Forfeited	—	—
Vested	(34)	82.14
Performance change	(52)	66.36
Unvested, end of period	314	27.85

As of March 31, 2026, total unrecognized stock-based compensation related to unvested PSUs was $7.6 million.

Employee Stock Purchase Plan

During the period ended March 31, 2026, there were no stock purchases under the Employee Stock Purchase Plan, or ESPP. As of March 31, 2026, there was approximately $2.1 million of unrecognized cost related to the Employee Stock Purchase Plan, or ESPP. This cost is expected to be recognized over a weighted average period of 0.4 years. As of March 31, 2026, a total of 2.4 million shares were available for issuance under the ESPP.

Long-Term Debt - Narrative (Details) - USD ($)	1 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Oct. 31, 2022	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Line of Credit Facility [Line Items]
Cash and cash equivalents		$ 245,641,000	$ 286,503,000	$ 316,207,000
Canadian Imperial Bank of Commerce \| Senior Loans
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 52,000,000.0
Debt, weighted average interest rate		5.90%		6.60%
Debt instrument, available in cash		$ 50,000,000.0
Canadian Imperial Bank of Commerce \| Senior Loans \| Maximum
Line of Credit Facility [Line Items]
Cash and cash equivalents		$ 50,000,000.0
Debt instrument, debt default, percentage		100.00%
Debt instrument, covenant compliance, available cash		$ 100,000,000.0
Canadian Imperial Bank of Commerce \| Senior Loans \| Minimum
Line of Credit Facility [Line Items]
Cash and cash equivalents		$ 50,000,000.0
Debt instrument, debt default, percentage		50.00%
Debt instrument, covenant compliance, available cash		$ 100,000,000.0
Canadian Imperial Bank of Commerce \| Senior Loans \| Non-US
Line of Credit Facility [Line Items]
Pledged subsidiary equity interests in Non -US subsidiaries, percent	65.00%
Canadian Imperial Bank of Commerce \| Senior Loans \| Secured Overnight Financing Rate One Month Term
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	0.10%
Canadian Imperial Bank of Commerce \| Senior Loans \| Secured Overnight Financing Rate Three Month Term
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	0.15%
Canadian Imperial Bank of Commerce \| Senior Loans \| Secured Overnight Financing Rate Six Month Term
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	0.25%
Canadian Imperial Bank of Commerce \| Senior Loans \| Secured Overnight Financing Rate Floor Rate
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	1.50%
Canadian Imperial Bank of Commerce \| Senior Loans \| Secured Overnight Financing Rate Margin Rate
Line of Credit Facility [Line Items]
Facility interest, spread on base rate	2.25%

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Preparation The condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, and pursuant to the rules and regulations of the United States Securities and Exchange Commission or SEC. These condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the condensed consolidated financial statements. Management uses significant judgment when making estimates related to its allowance for credit losses, excess and obsolete inventory reserves, stock-based compensation expense, right-of-use lease asset, lease liability, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 provides a practical expedient and, if applicable, an accounting policy election to simplify the measurement of credit losses for certain receivables and contract assets. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued or made available for issuance. The Company adopted this ASU effective January 1, 2026. The ASU did not have a material impact to the Company’s financial statements. Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The ASUs require public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact this ASU will have on its financial statement disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU removes all references to prescriptive and sequential software development stages (referred to as “project stages”) and requires companies to start capitalizing software costs when both of the following occur: (1) management has authorized and committed to funding the software project, and (2) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to complete recognition threshold”). ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact to the Company’s financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Balance Sheet Components - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,059	$ 840
Net changes during the period	195	219
Ending balance	$ 1,254	$ 1,059

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Facility Lease

In December 2021, the Company entered into a lease for two existing buildings, comprising approximately 158,221 square feet of space, located in San Jose, California. The lease commenced in July 2022, and will continue for 122 months following thereafter, with two five year options to extend the term of the lease.

Rent expense recognized under the lease, including additional rent charges for utilities, parking, maintenance, and real estate taxes, was $1.4 million and $1.6 million for the three months ended March 31, 2026 and 2025.

Future minimum annual operating lease payments are as follows (in thousands):


As of March 31, 2026	Amount
2026	$	3,319
2027	4,808
2028	4,952
2029	5,101
2030	5,254
Thereafter	11,943
Total minimum payments	35,377
Less: amount representing interest/unamortized debt discount	(9,045)
Present value of future payments	26,332
Less: current portion	(2,358)
Non-current portion	$	23,974

As of March 31, 2026 and December 31, 2025, the Company’s security deposit is in the form of, and recorded as, restricted cash.

Lessor Information for Robotic Systems

Contractual maturities of gross lease receivables as of March 31, 2026 are as follows (in thousands):


Fiscal Year	Amount
2026	$	1,048
2027	1,274
2028	1,274
2029	1,137
2030 and thereafter	747
Total	$	5,480


	March 31,		December 31,
	2026		2025

Gross receivables	$	5,480	$	5,829
Unearned interest income	(701)		(1,028)
Net investment in sales-type leases	$	4,779	$	4,801

The components of income from sales-type leases are as follows:


	Three Months Ended March 31,
	2026		2025

Sales-type lease revenue	$	—	$	—
Interest income	$	84	$	38

Leases receivable relating to sales-type lease arrangements are presented on the Company’s consolidated balance sheets as follows (in thousands):


	March 31,		December 31,
	2026		2025

Reported as:
Accounts receivable	$	1,013	$	905
Other assets	3,766		3,896
Net investment in sales-type leases	$	4,779	$	4,801

Leases

Facility Lease

Future minimum annual operating lease payments are as follows (in thousands):


As of March 31, 2026	Amount
2026	$	3,319
2027	4,808
2028	4,952
2029	5,101
2030	5,254
Thereafter	11,943
Total minimum payments	35,377
Less: amount representing interest/unamortized debt discount	(9,045)
Present value of future payments	26,332
Less: current portion	(2,358)
Non-current portion	$	23,974

As of March 31, 2026 and December 31, 2025, the Company’s security deposit is in the form of, and recorded as, restricted cash.

Lessor Information for Robotic Systems

Contractual maturities of gross lease receivables as of March 31, 2026 are as follows (in thousands):


Fiscal Year	Amount
2026	$	1,048
2027	1,274
2028	1,274
2029	1,137
2030 and thereafter	747
Total	$	5,480


	March 31,		December 31,
	2026		2025

Gross receivables	$	5,480	$	5,829
Unearned interest income	(701)		(1,028)
Net investment in sales-type leases	$	4,779	$	4,801

The components of income from sales-type leases are as follows:


	Three Months Ended March 31,
	2026		2025

Sales-type lease revenue	$	—	$	—
Interest income	$	84	$	38

Leases receivable relating to sales-type lease arrangements are presented on the Company’s consolidated balance sheets as follows (in thousands):


	March 31,		December 31,
	2026		2025

Reported as:
Accounts receivable	$	1,013	$	905
Other assets	3,766		3,896
Net investment in sales-type leases	$	4,779	$	4,801

Leases- Narrative (Details) $ in Millions		3 Months Ended
Leases- Narrative (Details) $ in Millions	Dec. 31, 2021 ft² building renewalOption	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Number of renewal options \| renewalOption	2
Operating lease renewal term (in years)	5 years
Rent expense \| $		$ 1.4	$ 1.6
Building
Lessee, Lease, Description [Line Items]
Number of buildings \| building	2
Number of square feet of space \| ft²	158,221
Operating lease term (in years)	122 months

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 23,334	$ 18,617
Work-in-process	12,832	13,447
Finished goods	41,370	38,630
Total inventory	$ 77,536	$ 70,694

Segment, Geographical, and Customer Concentration (Details)	3 Months Ended
	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1

Net Loss Per Share - Schedule of Potentially Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	8,317	6,035
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	3,681	3,744
Restricted and performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	4,300	2,235
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	336	56