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Stock-Based Compensation (Tables)

9 Months Ended

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:

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​

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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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