STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of allocated expense

The following table summarizes ESPP expense incurred under the 2016 Employee Stock Purchase Plan and included in our accompanying unaudited interim condensed consolidated statements of operations:

(in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of sales	$	18	$	19	$	30	$	29
Research and development	12		15		19		22
Selling, general, and administrative	70		39		143		60
	$	100	$	73	$	192	$	111

The following table summarizes stock-based compensation expense incurred under the 2022 Plan and Inducement Grants included in our accompanying unaudited interim condensed consolidated statements of operations:

(in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of sales	$	170	$	124	$	309	$	259
Research and development	213		180		413		345
Selling, general, and administrative	4,766		3,379		8,673		6,278
	$	5,149	$	3,683	$	9,395	$	6,882

Summary of stock option and restricted stock activity

A summary of stock option, RSA, and PSU activity under the 2022 Plan and Inducement Grants during the six months ended June 30, 2023 and 2022 is presented below:

(in thousands)	Options	Inducement Grants	PSUs	RSAs
Outstanding at December 31, 2021	747	241	—	707
Granted	36	—	—	669
Options Exercised/RSAs Vested	(1)	—	—	(209)	(1)
Forfeited	(37)	—	—	(24)
Expired	—	—	—	—
Outstanding at June 30, 2022	745	241	—	1,143
Outstanding at December 31, 2022	907	241	—	1,141
Granted	3	—	85	624
Options Exercised/RSAs Vested	(26)	—	—	(338)	(2)
Forfeited	(24)	—	—	(46)
Expired	—	—	—	—
Outstanding at June 30, 2023	860	241	85	1,381

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(1)Includes 56 thousand shares purchased from employees to cover employee income taxes related to income earned upon vesting of restricted stock. The shares purchased are held in treasury and the $1.6 million total purchase price for the shares is included in Treasury stock in our accompanying unaudited interim condensed consolidated balance sheets.

(2)Includes 99 thousand shares purchased from employees to cover employee income taxes related to income earned upon vesting of restricted stock. The shares purchased are held in treasury and the $4.1 million total purchase price for the shares is included in Treasury stock in our accompanying unaudited interim condensed consolidated balance sheets.