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Stock-Based Compensation (Tables)

9 Months Ended

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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