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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Unit Activity | During the three months ended March 31, 2025, the following stock-based awards were granted to officers and employees. All awards were granted under the 2019 Amended and Restated Long-Term Incentive Plan, with the exception of the inducement shares awarded as material inducement of employment to new employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
Type of Award |  |  | Target Shares or Units |  | Weighted Average Grant Date Fair Value
Restricted Stock Units (1) |  |  | 583,300 |  |  | $ | 18.77 |
Performance Stock Units (2)(3) |  |  | 526,300 |  |  | $ | 22.58 |
Inducement Shares (4) |  |  |  |  |
Restricted Stock Units |  |  | 103,000 |  |  | $ | 18.52 |
Performance Stock Units |  |  | 58,000 |  |  | $ | 22.36 |
(1) Restricted Stock Units (“RSUs”) awarded to certain officers and employees during the first quarter of 2025 vest 50% after 24 months and an additional 25% on the third and fourth anniversaries of the grant date. Upon vesting, the outstanding number of RSUs vested are converted into common stock. (2) Performance Stock Units (“PSUs”) were awarded to certain executive officers and other employees with a target of 519,300 shares and performance metrics tied to the Company’s revenue compounded annual growth rate (“CAGR”) from 2025 through 2028 and total shareholder return (“TSR”) relative to its peers (“CAGR TSR PSUs”) with a payout ranging from 0% to 200% upon achievement of specific revenue CAGR and relative TSR goals. The CAGR TSR PSUs vest at the end of the three-year period upon determination of the results at the end of the performance period. (3) 7,000 BLA PSUs were awarded to an employee related to his work on the Biologics License Application (“BLA”) for Avance Nerve Graft. The number of shares was allocated to certain milestones related to the BLA approval by the U.S. Food and Drug Administration. The performance measure is based upon achieving each of the specific milestones and will vest upon achieving each of the milestones but not sooner than one year after the grant date. (4) Inducement shares were issued to certain employees as a material inducement to entering into employment with the Company during the first quarter of 2025 in accordance with Nasdaq Listing Rule 5635(c)(4). The RSUs vest 50% after 24 months and an additional 25% on the third and fourth anniversaries of the grant date. The PSUs granted are TSR PSUs that are tied to the Company’s share price targets with a payout range from 0% to 200% upon achievement of specific average share prices over a 30 day trading period immediately preceding the end of the performance period of February 22, 2024 through February 22, 2027. The performance measure is based upon achieving each of the specific milestones and the awards will vest upon achieving each of the milestones but not sooner than one year after the grant date.
Schedule of Stock Based Compensation Expense | Total stock-based compensation expense is as follows:
| Three Months Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Stock-based compensation expense | $ | 2,909 |  |  | $ | 3,919 |  |  |  |  |

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