STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of sales	$	16	$	11	$	46	$	40
Research and development	14		10		33		31
Selling, general, and administrative	109		82		251		142
	$	139	$	103	$	330	$	213

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

(in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of sales	$	166	$	134	$	475	$	393
Research and development	225		186		638		531
Selling, general, and administrative	4,914		3,447		13,588		9,725
	$	5,305	$	3,767	$	14,701	$	10,649

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 nine months ended September 30, 2023 is presented below:

(in thousands)	Options	Inducement Grants	PSUs	RSAs
Outstanding at December 31, 2021	747	241	—	707
Granted	36	—	—	723
Options Exercised/RSAs Vested	(16)	—	—	(234)	(1)
Forfeited	(58)	—	—	(46)
Expired	—	—	—	—
Outstanding at September 30, 2022	709	241	—	1,150
Outstanding at December 31, 2022	907	241	—	1,141
Granted	3	—	85	648
Options Exercised/RSAs Vested	(151)	—	—	(369)	(2)
Forfeited	(28)	—	(1)	(76)
Expired	—	—	—	—
Outstanding at September 30, 2023	731	241	84	1,344

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(1)Includes 63 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 $1.9 million total purchase price for the shares is included in Treasury stock in our accompanying unaudited interim condensed consolidated balance sheets.

(2)Includes 111 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 $4.8 million total purchase price for the shares is included in Treasury stock in our accompanying unaudited interim condensed consolidated balance sheets.