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Stock-based Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
Employee Stock Purchase Plan
In April 2023, our Board of Directors approved an employee stock purchase plan (as may be amended from time to time, the “ESPP”) which became effective upon approval at the 2023 Annual Meeting. The ESPP allows eligible employees of the Company to purchase shares of our common stock through payroll deductions. Offering periods are generally over a 24-month period and begin in May and November of each year. The per share purchase price will be the lower of 85% of the closing trading price per share of our common stock on the first trading date of an offering period in which a participant is enrolled or 85% of the closing trading price per share on the purchase date. Participant purchases are limited to a maximum of $25,000 of fair value of our stock per calendar year. The Company is authorized to grant up to 2,000,000 shares of common stock under the ESPP. The first offering period of the ESPP commenced in December 2023.
No shares of our common stock were purchased under the ESPP during the three months ended March 31, 2025 and 2024. As of March 31, 2025, 1,736,843 shares of common stock were available for future issuance under the ESPP. We recognized $0.1 million of stock-based compensation expenses related to the ESPP for each of the three months ended March 31, 2025 and 2024. As of March 31, 2025, the total unrecognized stock-based compensation expense, net of expected forfeitures, related to the ESPP was $0.4 million and is expected to be recognized over the remaining offering period.
Stock-Based Compensation Expense
Stock-based compensation expense is included in the unaudited condensed consolidated statements of operations as follows (in thousands):
 Three Months Ended March 31,
 20252024
Cost of product revenue$61 $115 
Research and development 665 820 
Selling, general and administrative1,653 2,236 
Total$2,379 $3,171 
The following table presents total stock-based compensation expense by security type included in the unaudited condensed consolidated statements of operations (in thousands):
 Three Months Ended March 31,
 20252024
Stock options$1,355 $1,514 
RSUs and RSAs919 1,317 
Performance-contingent restricted stock units (“PSUs”)— 247 
Performance based options (“PBOs”)— 16 
ESPP105 77 
Total$2,379 $3,171 
As of March 31, 2025, unrecognized stock-based compensation expense, net of expected forfeitures, was $12.3 million related to unvested stock options and $5.6 million related to unvested RSUs and RSAs. Stock-based compensation expense for these awards will be recognized through 2029.