Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Stock-Based Compensation

Stock-Based Compensation

6. Stock-Based Compensation

Share-Based Compensation Expense

The following table presents the details of the Company’s share-based compensation expense (in thousands):

	Three Months Ended March 31,
	2025		2024
General and administrative	$	717	$	980
Research and development		497		580
Sales and marketing		177		154
Cost of sales		186		—
Total stock-based compensation	$	1,577	$	1,714

Summary of Stock Option Activity

The following table summarizes the stock option activity for the three months ended March 31, 2025:

	Options Outstanding
		Weighted-		Weighted-
		Average		Average	Aggregate
		Exercise		Remaining	Intrinsic
	Number of	Price Per		Contractual	Value
	Options	Share		Life (years)	(In thousands)
Balance—December 31, 2024	1,521,857	$	6.04	5.9	$	1,507
Options granted	—
Options exercised	(10,620)		2.75		$	31
Options cancelled/forfeited	(2,126)		7.49
Balance—March 31, 2025	1,509,111	$	6.06	5.7	$	671
Options exercisable—March 31, 2025	1,407,156	$	5.94	5.6	$	671

The total grant date fair value of options vested was $0.2 million and $0.3 million during the three months ended March 31, 2025 and 2024, respectively.

No options were granted in the three months ended March 31, 2025 or 2024.

As of March 31, 2025, there was $0.5 million of total unrecognized stock-based compensation expense related to unvested options which is expected to be recognized over a weighted-average period of 0.91 years. Stock-based compensation cost for options capitalized within inventory at March 31, 2025 and 2024 was not material.

2016 Employee Stock Purchase Plan

In January 2025, there was an increase of 220,596 shares reserved for issuance under the Company’s Employee Stock Purchase Plan (ESPP) pursuant to the terms of the ESPP. The Company had 1,252,396 shares available for future issuance under the Company’s ESPP as of March 31, 2025. Employees did not purchase any shares during the three months ended March 31, 2025 and 2024.

Restricted Stock Units

The following table summarizes restricted stock units (RSUs) activity for the three months ended March 31, 2025:

	RSUs Outstanding
		Weighted-
		Average
	Number of	Grant Date
	Restricted Stock	Fair Value Per
	Units	Share
Balance—December 31, 2024	987,965	$	7.89
Granted	781,336	$	5.71
Vested	(281,828)	$	7.28
Cancelled/forfeited	(4,853)	$	6.85
Balance—March 31, 2025	1,482,620	$	6.86

The fair value of RSUs is determined on the date of grant based on the market price of the Company’s common stock on that date.

As of March 31, 2025, there was $9.4 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 2.4 years. Stock-based compensation cost related to RSUs capitalized within inventory at March 31, 2025 and 2024 was not material.