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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 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, 2020 | ​ | 1,473,359 | ​ | $ | 2.77 | ​ | ​ | $ | 3,745
Granted | ​ | 1,411,717 | ​ | $ | 13.31 | ​ | ​ | ​ | ​
Cancelled / Forfeited | ​ | (76,294) | ​ | $ | 11.25 | ​ | ​ | ​ | ​
Exercised | ​ | (59,341) | ​ | $ | 0.39 | ​ | ​ | ​ | ​
Balance as of December 31, 2021 |  | 2,749,441 | ​ | $ | 7.93 |  | ​ | $ | 16,262
Granted |  | 1,486,805 | ​ | $ | 8.14 |  | ​ | ​ |
Cancelled / Forfeited |  | (328,902) | ​ | $ | 7.96 |  | ​ | ​ |
Exercised |  | (150,509) | ​ | $ | 1.22 |  | ​ | ​ |
Balance as of December 31, 2022 |  | 3,756,835 | ​ | $ | 8.28 | ​ | ​ | $ | 36,616
Options exercisable as of December 31, 2022 |  | 1,639,936 | ​ | $ | 6.22 | ​ | ​ | $ | 19,360
​
Recognized Stock-Based Compensation Expense | The following table presents the components and classification of stock-based compensation expense for the periods indicated:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
(in thousands) | ​ | 2022 | ​ | 2021
Stock options | ​ | $ | 3,664 | ​ | $ | 1,912
Employee Stock Purchase Plan | ​ | ​ | 223 | ​ | ​ | —
Total stock-based compensation expense | ​ | ​ | 3,887 | ​ | ​ | 1,912
​ | ​ | ​ | ​ | ​ | ​ | ​
Selling, general & administrative | ​ | $ | 3,304 | ​ | $ | 1,468
Research & development | ​ | ​ | 519 |  | ​ | 420
Cost of goods sold | ​ | ​ | 64 |  | ​ | 24
​ | ​ | $ | 3,887 | ​ | $ | 1,912
​
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 year ended December 31, 2022.
​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ | ​ | ​ | 2022 |
Weighted average fair value per ESPP purchase right |  | $ | 1.95 | ​
Expected term (in years) |  | ​ | 0.5 | ​
Expected volatility |  | ​ | 51.3% to 62.9 | %
Expected dividend yield |  | ​ | — | %
Risk-free interest rate |  | ​ | 0.22% to 2.52 | %
​
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 years ended December 31, 2022 and 2021.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | December 31,
​ | ​ | ​ | 2022 |  | ​ | 2021 | ​
Weighted average fair value of options granted |  | $ | 4.72 | ​ | ​ | $ | 5.64 | ​
Expected term (in years) — non-officer employees |  | ​ | 5.3 to 6.1 | ​ | ​ | ​ | 2.7 to 6.1 | ​
Expected term (in years) — officer employees |  | ​ | 3.2 to 6.1 | ​ | ​ | ​ | 3.0 | ​
Expected volatility |  | ​ | 56.3% to 60.4 | % | ​ | ​ | 56.1% to 63.4 | %
Expected dividend yield |  | ​ | — | % | ​ | ​ | — | %
Risk-free interest rate |  | ​ | 1.75% to 4.18 | % | ​ | ​ | 0.17% to 1.44 | %
​

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