Stock-based Compensation

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

9. Stock-based Compensation

The Company has various stock-based compensation plans, which are more fully described in the 2024 Financial Statements. Under the Company’s 2022 Inducement Equity Incentive Plan, the Company has the ability to grant several forms of incentive awards to the Company's eligible employees, directors, and non-employee consultants.

Stock-based compensation expense is reported in the Company's condensed consolidated statement of operations as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cost of product revenue	$	275	$	142	$	386	$	263
Cost of services revenue		127		79		258		120
Research and development expense		481		238		820		644
Selling, general and administrative expense		4,489		2,951		11,957		5,951
Total stock-based compensation expense	$	5,372	$	3,410	$	13,421	$	6,978

Stock-based compensation will fluctuate based on the grant-date fair value of awards, the number of awards, the requisite service period of the awards, employee forfeitures and the timing of the awards. Expense related to each stock option and restricted stock unit (“RSU”) award is recognized on a straight-line basis over the requisite service period of the entire award.

The following table summarizes our award activity for stock options and RSUs for the six months ended June 30, 2025 (in thousands):


	Stock Options			RSUs
Outstanding at December 31, 2024		39,213			13,389
Granted		5,162			10,699
Exercised or vested		—			(4,324	)
Forfeited		(8,940	)		(1,385	)
Outstanding at June 30, 2025		35,435			18,379