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Stock-Based Compensation

6 Months Ended

Jun. 30, 2025

Stock-Based Compensation

Stock-Based Compensation

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6. Stock-Based Compensation

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Share-Based Compensation Expense

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The following table presents the details of the Company’s share-based compensation expense (in thousands):

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​	​	​	​	​	​	​	​	​	​	​	​
​	Three Months Ended June 30,					​	Six Months Ended June 30,
​	2025			2024		​	2025			2024
General and administrative	$	688	​	$	980	​	$	1,405	​	$	1,960
Research and development	​	437	​	​	689	​	​	934	​	​	1,269
Sales and marketing	​	133	​	​	193	​	​	310	​	​	347
Cost of sales	​	161	​	​	—	​	​	347	​	​	—
Total stock-based compensation	$	1,419	​	$	1,862	​	$	2,996	​	$	3,576
​	​	​	​	​	​	​	​	​	​	​	​

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Summary of Stock Option Activity

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The following table summarizes the stock option activity for the six months ended June 30, 2025:

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​	​	​	​	​	​	​	​	​	​	​
​	​	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		(23,353)	​	$	2.91	​	​	​	$	70
Options cancelled/forfeited		(8,252)	​	$	6.72	​	​	​	​	​
Balance—June 30, 2025		1,490,252	​	$	6.08	​	5.3	​	$	1,331
Options exercisable—June 30, 2025	​	1,421,558	​	$	6.00	​	5.3	​	$	1,328
​	​	​	​	​	​	​	​	​	​	​

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The total grant date fair value of options vested was $0.2 million and $0.3 million during the three months ended June 30, 2025 and 2024, respectively, and $0.4 million and $0.7 million during the six months ended June 30, 2025 and 2024, respectively.

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No options were granted in the three and six months ended June 30, 2025 or 2024, respectively.

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As of June 30, 2025, there was $0.3 million of total unrecognized stock-based compensation expense related to unvested options which is expected to be recognized over a weighted-average period of 0.64 years. Stock-based compensation cost for options capitalized within inventory at June 30, 2025 and 2024 was not material.

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2016 Employee Stock Purchase Plan

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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 1,191,215 shares available for future issuance under the ESPP as of June 30, 2025. Employees purchased 61,181 shares for $254,000 during the three and six months ended June 30, 2025. Employees purchased 37,696 shares for $241,000 during the three and six months ended June 30, 2024.

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Restricted Stock Units

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The following table summarizes restricted stock units (RSUs) activity for the six months ended June 30, 2025:

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​	​	​	​	​	​
​	​	RSUs Outstanding
​	​	​		Weighted-
​	​	​		Average
​	​	Number of		Grant Date
​	​	Restricted Stock		Fair Value Per
​		Units		Share
Balance—December 31, 2024	​	987,965	​	$	7.89
Granted		885,303	​	$	5.76
Vested	​	(426,610)	​	$	7.23
Cancelled/forfeited	​	(17,554)	​	$	6.93
Balance—June 30, 2025		1,429,104		$	6.78

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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.

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As of June 30, 2025, there was $8.7 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 2.9 years. Stock-based compensation cost related to RSUs capitalized within inventory at June 30, 2025 and 2024 was not material.

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- Definition

The entire disclosure for share-based payment arrangement.

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