Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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, 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
Granted	3,237,758	$	12.77
Cancelled / Forfeited	(1,665,515)	$	10.16
Exercised	(510,669)	$	5.28
Balance as of December 31, 2024	5,550,419	$	11.81		$	18,771
Options exercisable as of December 31, 2024	2,854,762	$	9.24		$	13,390

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)	2024		2023
Stock options	$	18,633	$	5,901
Employee Stock Purchase Plan		417		402
Total stock-based compensation expense	$	19,050	$	6,303
Selling, general & administrative	$	17,746	$	5,073
Research & development		1,174		1,152
Cost of goods sold		130		78
	$	19,050	$	6,303

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, 2024 and 2023:

	December 31,
		2024			2023
Weighted average fair value per ESPP purchase right	$	5.23		$	5.64
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 years ended December 31, 2024 and 2023:

		December 31,
		2024		2023
Weighted average fair value of options granted	$	10.31		$	10.65
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 4.89	%