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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Stock-Based Compensation [Abstract]

Schedule of Stock Option Activity

The following is a summary of stock option activity:

​	​	​	​	​	​	​	​	​	​
​		​		Weighted			​	​
​	​	Number	​	Average		​	Aggregate
​	​	of	​	Exercise		​	Intrinsic
​	​	Options	​	Price		​	Value
​	​	​	​	​	​		(in  thousands)
Balance as of December 31, 2020		1,473,359	​	$	2.64		​	​
Granted		1,238,426	​		13.00		​	​
Cancelled / Forfeited		(42,669)	​		10.31		​	​
Exercised		(11,783)	​		0.88		​	​
Balance as of September 30, 2021		2,657,333	​	$	7.35	​	​	$	25,475
Options exercisable as of September 30, 2021		1,009,785	​	$	2.36	​	​	$	14,330

Schedule of Assumptions Used to Determine the Grant-Date Fair Value of Stock Options

The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes option pricing model for the nine months ended September 30, 2021. No options were issued during the nine months ended September 30, 2020.

​	​	​	​	​
​		​	September 30,	​
​	​	​	2021
Weighted average fair value of options granted		$	5.25	​
Expected term (in years) — non-officer employees		​	2.7 to 6.1	​
Expected term (in years) — officer employees		​	3.0	​
Expected volatility		​	56.1% to 63.4	%
Expected dividend yield		​	—	%
Risk-free interest rate		​	0.17% to 0.47	%

Recognized Stock-Based Compensation Expense

For the three and nine months ended September 30, 2021 and 2020, the Company recognized stock-based compensation expense as follows:

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Three Months Ended September 30,

Nine Months Ended September 30,

(in thousands)

​

2021

​

2020

​

2021

​

2020

Selling, general & administrative

​

$

353

​

$

20

​

$

830

​

$

62

Research & development

​

​

115

​

11

​

​

319

​

32

Cost of goods sold

​

​

6

​

—

​

​

10

​

1

​

​

$

474

​

$

31

​

$

1,159

​

$

95

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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