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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense, net of forfeitures and adjustments of $0.4 million and zero for the three months ended September 30, 2025 and 2024, respectively, and $0.6 million and $0.2 million for the nine months ended September 30, 2025 and 2024, respectively, was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Cost of sales | $ | 270 |  |  | $ | 208 |  |  | $ | 914 |  |  | $ | 656 |
General and administrative | 5,995 |  |  | 4,522 |  |  | 17,778 |  |  | 12,778 |
Sales and marketing | 429 |  |  | 311 |  |  | 1,109 |  |  | 869 |
Research and development | 1,127 |  |  | 846 |  |  | 3,088 |  |  | 2,280 |
Total | $ | 7,821 |  |  | $ | 5,887 |  |  | $ | 22,889 |  |  | $ | 16,583 |
At September 30, 2025, the aggregate unrecognized compensation expense related to unvested equity awards was $52.5 million, which is expected to be recognized as compensation expense in fiscal years 2025 through 2028. A summary of stock option activity for the nine months ended September 30, 2025 is below:
(in thousands, except for weighted average exercise price) | Options outstanding |  | Weighted average exercise price
Outstanding at January 1, 2025 | 714 |  |  | $ | 13.36 |
Exercised | (26) |  |  | 14.66 |
Canceled/forfeited | (1) |  |  | 12.66 |
Outstanding at September 30, 2025 | 687 |  |  | $ | 13.31 |
A summary of unvested restricted stock units activity for the nine months ended September 30, 2025 is below:
(in thousands, except for weighted average award value) | Restricted Stock Unit Awards |  | Weighted average award value
Outstanding at January 1, 2025 | 1,122 |  |  | $ | 47.21 |
Granted | 533 |  |  | 68.22 |
Vested | (450) |  |  | 42.33 |
Canceled/forfeited | (70) |  |  | 53.50 |
Outstanding at September 30, 2025 | 1,135 |  |  | $ | 60.05 |
A total of 330,000 shares of Company common stock were made available for purchase under the Company's 2021 Employee Stock Purchase Plan ("ESPP"), subject to adjustment as provided for in the ESPP. As of September 30, 2025, 39,596 shares of common stock were purchased under the ESPP since inception, including 11,273 shares purchased under the ESPP during the nine months ended September 30, 2025.

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