For the three and nine months ended September 30, 2025 and 2024, the Company recorded stock-based compensation expense as follows (in thousands):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Research and development	$	410	$	402	$	1,739	$	1,314
Selling, general and administrative		5,260		4,022		17,378		15,766
Total stock-based compensation	$	5,670	$	4,424	$	19,117	$	17,080

As of September 30, 2025, there were outstanding stock options to purchase 11,330,004 shares of common stock, of which stock options to purchase 6,338,132 shares of common stock were exercisable. Further, as of that date, 6,739,236 shares of common stock remain available for issuance in the future under the 2018 Stock Incentive Plan.

During the three and nine months ended September 30, 2025, the Company granted seven-year term options to purchase an aggregate of 82,500 and 773,903 shares, respectively, of the Company’s common stock to employees. The Company recorded stock-based compensation related to stock options totaling $4.8 million and $15.7 million, respectively, during the three and nine months ended September 30, 2025.

During the three and nine months ended September 30, 2024, the Company granted seven-year term options to purchase an aggregate of 40,000 and 880,995 shares, respectively, of the Company’s common stock to employees. The Company recorded stock-based compensation related to stock options totaling $3.6 million and $12.6 million, respectively, during the three and nine months ended September 30, 2024.

During the three and nine months ended September 30, 2025, options to purchase 879,014 shares and 2,260,541 shares, respectively, of the Company’s common stock were exercised, with proceeds of $5.8 million and $12.8 million, respectively, to the Company.

During the three and nine months ended September 30, 2024, options to purchase 745,195 shares and 1,901,467 shares, respectively, of the Company’s common stock were exercised, with proceeds of $4.0 million and $7.5 million, respectively, to the Company.

As of September 30, 2025, there was approximately $32.2 million of unrecognized compensation expense related to non-vested stock option awards granted under the 2018 Stock Incentive Plan. The cost is expected to be recognized over a weighted average period of approximately 2.4 years.

The Company granted no restricted stock units and 18,700 restricted stock units during the three and nine months ended September 30, 2025, respectively. The Company granted no restricted stock units and 35,693 restricted stock units during the three and nine months ended September 30, 2024. During the three and nine months ended September 30, 2025, the Company recorded non-cash stock-based compensation expense related to restricted stock units totaling $0.9 million and $3.4 million, respectively. During the three and nine months ended September 30, 2024, the Company recorded non-cash stock-based compensation expense related to restricted stock units totaling $0.8 million and $4.5 million, respectively.

As of September 30, 2025, there was approximately $6.2 million of unrecognized compensation expense related to non-vested restricted stock units granted under the 2018 Stock Incentive Plan. The cost is expected to be recognized over a weighted average period of approximately 2.5 years.