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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 2023 |  | 4,488,845 | ​ | $ | 9.77 | ​ | $ | ​ | 97,266
Granted |  | 3,170,198 | ​ |  | 12.75 |  | ​ | ​ |
Cancelled / Forfeited |  | (1,514,153) | ​ |  | 9.57 |  | ​ | ​ |
Exercised |  | (298,513) | ​ |  | 5.39 |  | ​ | ​ |
Balance as of September 30, 2024 |  | 5,846,377 | ​ | $ | 11.66 | ​ | $ | ​ | 7,857
Options exercisable as of September 30, 2024 |  | 2,947,395 | ​ | $ | 8.90 | ​ | $ | ​ | 6,927
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) | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Stock options | ​ | $ | 2,550 | ​ | $ | 1,419 | ​ | $ | 16,063 | ​ | $ | 4,403
Employee Stock Purchase Plan | ​ | ​ | 130 | ​ | ​ | 113 | ​ | ​ | 302 | ​ | ​ | 310
Total stock-based compensation expense | ​ | $ | 2,680 | ​ | $ | 1,532 | ​ | $ | 16,365 | ​ | $ | 4,713
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Selling, general & administrative | ​ | $ | 2,379 | ​ | $ | 1,290 | ​ | $ | 15,412 | ​ | $ | 3,728
Research & development | ​ | ​ | 267 |  | ​ | 221 | ​ | ​ | 855 |  | ​ | 927
Cost of goods sold | ​ | ​ | 34 |  | ​ | 21 | ​ | ​ | 98 |  | ​ | 58
​ | ​ | $ | 2,680 | ​ | $ | 1,532 | ​ | $ | 16,365 | ​ | $ | 4,713
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, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​
​ | ​ | ​ | 2024 |  | ​ | ​ | 2023 | ​
Weighted average fair value per ESPP purchase right |  | $ | 7.60 | ​ | ​ | $ | 9.01 | ​
Expected term (in years) |  | ​ | 0.5 | ​ | ​ | ​ | 0.5 | ​
Expected volatility |  | ​ | 74.0% to 96.9 | % | ​ | ​ | 76.2% to 84.6 | %
Expected dividend yield |  | ​ | — | % | ​ | ​ | — | %
Risk-free interest rate |  | ​ | 5.24% to 5.37 | % | ​ | ​ | 4.77% to 5.53 | %
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 nine months ended September 30, 2024 and 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​
​ | ​ | ​ | 2024 |  | ​ | ​ | 2023 |
Weighted average fair value of options granted |  | $ | 10.31 | ​ | ​ | $ | 10.59 | ​
Expected term (in years) — non-officer employees |  | ​ | 5.0 to 6.1 | ​ | ​ | ​ | 5.5 to 6.1 | ​
Expected term (in years) — officer employees |  | ​ | 2.5 to 6.1 | ​ | ​ | ​ | 2.5 to 6.1 | ​
Expected volatility |  | ​ | 87.7% to 98.9 | % | ​ | ​ | 77.2% to 79.6 | %
Expected dividend yield |  | ​ | — | % | ​ | ​ | — | %
Risk-free interest rate |  | ​ | 3.67% to 4.71 | % | ​ | ​ | 3.40% to 4.61 | %

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