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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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, 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
Granted		1,161,926	​	$	14.20		​	​
Cancelled / Forfeited		(285,729)	​	$	10.52		​	​
Exercised		(144,187)	​	$	5.05		​	​
Balance as of December 31, 2023		4,488,845	​	$	9.77	​	​	$	97,266
Options exercisable as of December 31, 2023		2,450,327	​	$	7.27	​	​	$	59,295

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)	​	2023		​	2022
Stock options	​	$	5,901	​	$	3,664
Employee Stock Purchase Plan	​	​	402	​	​	223
Total stock-based compensation expense	​	​	6,303	​	​	3,887
​	​	​	​	​	​	​
Selling, general & administrative	​	$	5,073	​	$	3,304
Research & development	​	​	1,152		​	519
Cost of goods sold	​	​	78		​	64
​	​	$	6,303	​	$	3,887

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 years ended December 31, 2023 and 2022.

​	​	​	​	​	​	​	​	​
​		December 31,						​
​	​	​	2023		​	​	2022	​
Weighted average fair value per ESPP purchase right		$	5.64	​	​	$	1.95	​
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	%

Employee Stock Option

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, 2023 and 2022.

​	​	​	​	​	​	​	​	​
​		​	December 31,
​	​	​	2023		​	2022		​
Weighted average fair value of options granted		$	10.65	​	​	$	4.72	​
Expected term (in years) — non-officer employees		​	5.5 to 6.1	​	​	​	5.3 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 60.4	%
Expected dividend yield		​	—	%	​	​	—	%
Risk-free interest rate		​	3.40% to 4.89	%	​	​	1.75% to 4.18	%

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