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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2022
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, 2021 |  | 2,749,441 | ​ | $ | 7.93 |  | ​ | ​ |
Granted |  | 1,062,318 | ​ |  | 7.56 |  | ​ | ​ |
Cancelled / Forfeited |  | (240,548) | ​ |  | 6.26 |  | ​ | ​ |
Exercised |  | (119,131) | ​ |  | 0.62 |  | ​ | ​ |
Balance as of June 30, 2022 |  | 3,452,080 | ​ | $ | 8.18 | ​ | ​ | $ | 4,095
Options exercisable as of June 30, 2022 |  | 1,417,978 | ​ | $ | 5.50 | ​ | ​ | $ | 3,435
Recognized Stock-Based Compensation Expense | The following table presents the components and classification of stock-based compensation expense for the periods indicated:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six months ended
​ |  | June 30, |  | June 30,
(in thousands) | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021
Stock options | ​ | $ | 998 | ​ | $ | 624 | ​ | $ | 1,791 | ​ | $ | 685
Employee Stock Purchase Plan | ​ | ​ | 102 | ​ | ​ | — | ​ | ​ | 102 | ​ | ​ | —
Total stock-based compensation expense | ​ | $ | 1,100 | ​ | $ | 624 | ​ | $ | 1,893 | ​ | $ | 685
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Selling, general & administrative | ​ | $ | 943 | ​ | $ | 431 | ​ | $ | 1,617 | ​ | $ | 477
Research & development | ​ | ​ | 133 |  | ​ | 190 | ​ | ​ | 235 |  | ​ | 204
Cost of goods sold | ​ | ​ | 24 |  | ​ | 3 | ​ | ​ | 41 |  | ​ | 4
​ | ​ | $ | 1,100 | ​ | $ | 624 | ​ | $ | 1,893 | ​ | $ | 685
ESPP |
Schedule of Assumptions Used to Determine the Grant-Date Fair Value of Stock Options | The following table provides the weighted average fair value of ESPP purchase rights and the related assumptions used in the Black-Scholes option pricing model for the six months ended June 30, 2022: ​
​ | ​ | ​ | ​ | ​
​ |  | June 30,
​ | ​ | ​ | 2022 |
Weighted average fair value per ESPP purchase right |  | $ | 1.76 | ​
Expected term (in years) |  | ​ | 0.5 | ​
Expected volatility |  | ​ | 51.3 | %
Expected dividend yield |  | ​ | — | %
Risk-free interest rate |  | ​ | 0.22 | %
Stock options |
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 six months ended June 30, 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, | ​
​ | ​ | ​ | 2022 |  | ​ | ​ | 2021 |
Weighted average fair value of options granted |  | $ | 4.41 | ​ | ​ | $ | 5.16 | ​
Expected term (in years) — non-officer employees |  | ​ | 5.5 to 6.1 | ​ | ​ | ​ | 2.7 | ​
Expected term (in years) — officer employees |  | ​ | 3.2 to 6.1 | ​ | ​ | ​ | 3.0 | ​
Expected volatility |  | ​ | 56.3% to 58.6 | % | ​ | ​ | 61.6 to 63.4 | %
Expected dividend yield |  | ​ | — | % | ​ | ​ | — | %
Risk-free interest rate |  | ​ | 1.75% to 3.07 | % | ​ | ​ | 0.17% to 0.47 | %

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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