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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
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, 2022 |  | 3,756,835 | ​ | $ | 8.28 |  | ​ | $ | 36,616
Granted |  | 1,086,876 | ​ |  | 14.06 |  | ​ | ​ |
Cancelled / Forfeited |  | (264,160) | ​ |  | 10.42 |  | ​ | ​ |
Exercised |  | (115,455) | ​ |  | 4.50 |  | ​ | ​ |
Balance as of September 30, 2023 |  | 4,464,096 | ​ | $ | 9.66 | ​ | ​ | $ | 37,331
Options exercisable as of September 30, 2023 |  | 2,311,211 | ​ | $ | 7.05 | ​ | ​ | $ | 25,374
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 | ​ | Nine months ended
​ |  | September 30, |  | September 30,
(in thousands) | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Stock options | ​ | $ | 1,419 | ​ | $ | 866 | ​ | $ | 4,403 | ​ | $ | 2,657
Employee Stock Purchase Plan | ​ | ​ | 113 | ​ | ​ | 63 | ​ | ​ | 310 | ​ | ​ | 165
Total stock-based compensation expense | ​ | $ | 1,532 | ​ | $ | 929 | ​ | $ | 4,713 | ​ | $ | 2,822
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Selling, general & administrative | ​ | $ | 1,290 | ​ | $ | 785 | ​ | $ | 3,728 | ​ | $ | 2,402
Research & development | ​ | ​ | 221 |  | ​ | 132 | ​ | ​ | 927 |  | ​ | 367
Cost of goods sold | ​ | ​ | 21 |  | ​ | 12 | ​ | ​ | 58 |  | ​ | 53
​ | ​ | $ | 1,532 | ​ | $ | 929 | ​ | $ | 4,713 | ​ | $ | 2,822
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 nine months ended September 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​
​ | ​ | ​ | 2023 |  | ​ | ​ | 2022 | ​
Weighted average fair value per ESPP purchase right |  | $ | 9.01 | ​ | ​ | $ | 2.85 | ​
Expected term (in years) |  | ​ | 0.5 | ​ | ​ | ​ | 0.5 | ​
Expected volatility |  | ​ | 76.2% to 84.6 | % | ​ | ​ | 51.3% to 62.9 | %
Expected dividend yield |  | ​ | — | % | ​ | ​ | — | %
Risk-free interest rate |  | ​ | 4.77% to 5.53 | % | ​ | ​ | 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 nine months ended September 30, 2023 and 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​
​ | ​ | ​ | 2023 |  | ​ | ​ | 2022 |
Weighted average fair value of options granted |  | $ | 10.59 | ​ | ​ | $ | 4.56 | ​
Expected term (in years) — non-officer employees |  | ​ | 5.5 to 6.1 | ​ | ​ | ​ | 5.5 to 6.1 | ​
Expected term (in years) — officer employees |  | ​ | 2.5 to 6.1 | ​ | ​ | ​ | 3.2 to 6.1 | ​
Expected volatility |  | ​ | 77.2% to 79.6 | % | ​ | ​ | 56.3% to 58.6 | %
Expected dividend yield |  | ​ | — | % | ​ | ​ | — | %
Risk-free interest rate |  | ​ | 3.40% to 4.61 | % | ​ | ​ | 1.75% to 3.97 | %

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