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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | STOCK-BASED COMPENSATION Common Stock Outstanding and Reserves for Future Issuance As of March 31, 2024, the Company had 37,749,468 shares of common stock issued and outstanding, which excludes 312,500 of pre-funded warrants that remain exercisable at period end and are reserved for future issuance. As of December 31, 2023 the Company had 34,211,190 shares of common stock issued and outstanding, respectively. Each share of common stock is entitled to one vote. The Company's outstanding equity awards and shares reserved for future issuance under its 2020 and 2016 Equity Incentive Plans and 2020 Employee Stock Purchase Plan are summarized below:
| March 31, 2024 |  | December 31, 2023
Common stock awards reserved for future issuance under 2020 and 2016 Equity Incentive Plans | 7,435,442 |  |  | 7,054,222 |
Common stock awards reserved for future issuance under the 2020 Employee Stock Purchase Plan | 2,859,434 |  |  | 2,859,434 |
Stock options issued and outstanding (unvested and vested) under 2020 and 2016 Equity Incentive Plans | 5,217,617 |  |  | 4,760,366 |
Restricted stock units issued and outstanding (unvested) under 2020 Equity Incentive Plan | 1,981,673 |  |  | 1,708,725 |
Total shares of common stock reserved | 17,494,166 |  |  | 16,382,747 |
Stock-Based Compensation Expense Stock-based compensation expense was recognized in the accompanying Condensed Statements of Operations and Comprehensive Loss as follows:
| Three Months Ended March 31,
| 2024 |  | 2023
Cost of sales | $ | 135 |  |  | $ | — |
Research and development | 1,465 |  |  | 1,163 |
Selling, general and administrative | 3,919 |  |  | 2,743 |
Total stock-based compensation | $ | 5,519 |  |  | $ | 3,906 |
The fair value of granted stock options was estimated as of the date of grant using the Black-Scholes option-pricing model, based on the following inputs:
| Three Months Ended March 31,
| 2024 |  | 2023
Expected term (in years) | 6.25 |  | 6.25
Weighted average risk-free interest rate | 4.08 | % |  | 4.20 | %
Weighted average volatility | 71.23 | % |  | 71.9 | %
Dividend yield rate | — | % |  | — | %
Weighted-average grant-date fair value per stock option | $ | 35.09 |  |  | $ | 15.07 |
Stock Option Activity Stock option activity during the three months ended March 31, 2024 was as follows:
| Number of Shares |  | Weighted- Average Exercise Price/Share |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value(1)
Outstanding - December 31, 2023 | 4,760,366 |  |  | $ | 16.62 |  |  | 7.53 |  | $ | 34,128 |
Granted | 633,887 |  |  | $ | 35.09 |  |  |  |  |
Exercised | (49,310) |  |  | $ | 16.21 |  |  |  |  |
Forfeited | (127,326) |  |  | $ | 18.03 |  |  |  |  |
Expired | — |  |  | — |  |  |  |  |
Outstanding— March 31, 2024 | 5,217,617 |  |  | $ | 18.83 |  |  | 7.46 |  | $ | 96,254 |
Exercisable— March 31, 2024 | 2,972,207 |  |  | $ | 15.51 |  |  | 6.41 |  | $ | 65,826 |
Unvested—March 31, 2024 | 2,245,410 |  |  | $ | 23.22 |  |  | 8.86 |  | $ | 30,428 |
(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of March 31, 2024. As of March 31, 2024, there was approximately $33.0 million of unrecognized compensation expense related to unvested stock options, which the Company expects to recognize over a weighted average period of 2.6 years. Restricted Stock Unit Activity Restricted stock unit activity during the three months ended March 31, 2024 was as follows:
| Number of Shares |  | Weighted- Average Exercise Price/Share
Outstanding - December 31, 2023 | 1,708,725 |  |  | $ | 16.31 |
Granted | 596,726 |  |  | $ | 36.03 |
Vested | (207,718) |  |  | $ | 16.11 |
Forfeited | (116,060) |  |  | $ | 17.62 |
Outstanding— March 31, 2024 | 1,981,673 |  |  | $ | 22.19 |
As of March 31, 2024, there was approximately $41.0 million of unrecognized compensation expense related to unvested restricted stock units, which the Company expects to recognize over a weighted average period of 3.5 years. Employee Stock Purchase Plan ("ESPP") Stock-based compensation expense related to the ESPP was $0.2 million and $0.1 million, respectively, for the three months ended March 31, 2024 and 2023.

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