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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Stock-Based Compensation |
Stock-Based Compensation | 6. Stock-Based Compensation ​ Share-Based Compensation Expense ​ The following table presents the details of the Company’s share-based compensation expense (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ | ​ | 2025 |  | 2024
General and administrative | ​ | $ | 717 | ​ | $ | 980
Research and development | ​ | ​ | 497 | ​ | ​ | 580
Sales and marketing | ​ | ​ | 177 | ​ | ​ | 154
Cost of sales | ​ | ​ | 186 | ​ | ​ | —
Total stock-based compensation | ​ | $ | 1,577 | ​ | $ | 1,714
​ | ​ | ​ | ​ | ​ | ​ | ​
​ Summary of Stock Option Activity ​ The following table summarizes the stock option activity for the three months ended March 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Options Outstanding
​ | ​ | ​ | ​ | Weighted- | ​ | Weighted- | ​ | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | Average | ​ | Aggregate
​ | ​ | ​ | ​ | Exercise | ​ | Remaining | ​ | Intrinsic
​ | ​ | Number of | ​ | Price Per | ​ | Contractual | ​ | Value
​ | ​ | Options |  | Share |  | Life (years) |  | (In thousands)
Balance—December 31, 2024 |  | 1,521,857 | ​ | $ | 6.04 |  | 5.9 | ​ | $ | 1,507
Options granted | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options exercised |  | (10,620) | ​ | ​ | 2.75 | ​ | ​ | ​ | $ | 31
Options cancelled/forfeited |  | (2,126) | ​ | ​ | 7.49 | ​ | ​ | ​ | ​ | ​
Balance—March 31, 2025 |  | 1,509,111 | ​ | $ | 6.06 | ​ | 5.7 | ​ | $ | 671
Options exercisable—March 31, 2025 | ​ | 1,407,156 | ​ | $ | 5.94 | ​ | 5.6 | ​ | $ | 671
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ The total grant date fair value of options vested was $0.2 million and $0.3 million during the three months ended March 31, 2025 and 2024, respectively. ​ No options were granted in the three months ended March 31, 2025 or 2024. ​ As of March 31, 2025, there was $0.5 million of total unrecognized stock-based compensation expense related to unvested options which is expected to be recognized over a weighted-average period of 0.91 years. Stock-based compensation cost for options capitalized within inventory at March 31, 2025 and 2024 was not material. ​ 2016 Employee Stock Purchase Plan ​ In January 2025, there was an increase of 220,596 shares reserved for issuance under the Company’s Employee Stock Purchase Plan (ESPP) pursuant to the terms of the ESPP. The Company had 1,252,396 shares available for future issuance under the Company’s ESPP as of March 31, 2025. Employees did not purchase any shares during the three months ended March 31, 2025 and 2024. ​ Restricted Stock Units ​ The following table summarizes restricted stock units (RSUs) activity for the three months ended March 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | RSUs Outstanding
​ | ​ | ​ |  | Weighted-
​ | ​ | ​ |  | Average
​ | ​ | Number of |  | Grant Date
​ | ​ | Restricted Stock |  | Fair Value Per
​ |  | Units |  | Share
Balance—December 31, 2024 | ​ | 987,965 | ​ | $ | 7.89
Granted |  | 781,336 | ​ | $ | 5.71
Vested | ​ | (281,828) | ​ | $ | 7.28
Cancelled/forfeited | ​ | (4,853) | ​ | $ | 6.85
Balance—March 31, 2025 |  | 1,482,620 |  | $ | 6.86
​ | ​ | ​ | ​ | ​ | ​
​ The fair value of RSUs is determined on the date of grant based on the market price of the Company’s common stock on that date. ​ As of March 31, 2025, there was $9.4 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 2.4 years. Stock-based compensation cost related to RSUs capitalized within inventory at March 31, 2025 and 2024 was not material.

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