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Stock-Based Compensation (Tables)

12 Months Ended

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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