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STOCK-BASED COMPENSATION (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of stock option and restricted stock activity | A summary of stock options (including Inducement Grants), RSA, and PSU activity under the Amended 2022 Stock Plan and Inducement Grants during the three months ended March 31, 2025 and 2024 is presented below:
(in thousands) | Options |  | PSUs |  | RSAs |
Outstanding at December 31, 2023 | 689 |  | 84 |  | 1,351 |
Granted | — |  | 74 |  | 542 |
Options Exercised/RSAs Vested | (31) |  | — |  | (335) | (1)
Forfeited | — |  | — |  | (5) |
Outstanding at March 31, 2024 | 658 |  | 158 |  | 1,553 |
Outstanding at December 31, 2024 | 584 |  | 150 |  | 1,455 |
Granted | — |  | 80 |  | 626 |
Options Exercised/RSAs Vested | (23) |  | — |  | (435) | (2)
Forfeited | — |  | — |  | (12) |
Outstanding at March 31, 2025 | 561 |  | 230 |  | 1,634 |
(1)Includes 129 thousand shares purchased from employees to cover employee income taxes related to income earned upon vesting of restricted stock. The shares purchased are held in treasury and the $8.7 million total purchase price for the shares is included in Treasury stock in our accompanying unaudited condensed consolidated balance sheets. (2)Includes 163 thousand shares purchased from employees to cover employee income taxes related to income earned upon vesting of restricted stock. The shares purchased are held in treasury and the $10.0 million total purchase price for the shares is included in Treasury stock in our accompanying unaudited condensed consolidated balance sheets.
Summary of allocated expense | The following table summarizes stock-based compensation expense incurred for ESPP incurred under the 2016 Employee Stock Purchase Plan, stock options, restricted stock awards, performance-based restricted stock units, and Inducement grants included in the accompanying unaudited condensed consolidated statements of operations:
(in thousands) | Three Months Ended March 31,
| 2025 |  | 2024
Selling, general, and administrative | $ | 7,967 |  |  | $ | 6,371 |
Research and development | 526 |  |  | 283 |
Cost of sales | 375 |  |  | 280 |
Total | $ | 8,868 |  |  | $ | 6,934 |

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