Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based compensation expense, net of forfeitures and adjustments of $0.1 million and $0.7 million, for the three months ended March 31, 2025 and 2024, respectively, was as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Cost of sales	$	290	$	173
General and administrative	5,664		3,327
Sales and marketing	326		265
Research and development	901		645
Total	$	7,181	$	4,410

At March 31, 2025, the aggregate unrecognized compensation expense related to unvested equity awards was $66.7 million, which is expected to be recognized as compensation expense in fiscal years 2025 through 2028.

A summary of stock option activity for the three months ended March 31, 2025 is below:


(in thousands, except for weighted average exercise price)	Options outstanding	Weighted average exercise price
Outstanding at January 1, 2025	714	$	13.36

Exercised	(9)	23.14

Outstanding at March 31, 2025	705	$	13.24

A summary of unvested restricted stock units activity for the three months ended March 31, 2025 is below:


(in thousands, except for weighted average award value)	Restricted Stock Unit Awards	Weighted average award value
Outstanding at January 1, 2025	1,122	$	47.21
Granted	483	69.41
Vested	(382)	41.90
Canceled/forfeited	(7)	43.81
Outstanding at March 31, 2025	1,216	$	59.04

A total of 330,000 shares of Company common stock were made available for purchase under the Company's 2021 Employee Stock Purchase Plan ("ESPP"), subject to adjustment as provided for in the ESPP. As of March 31, 2025, 28,323 shares of common stock were purchased under the ESPP since inception. No shares were purchased under the ESPP during the three months ended March 31, 2025.