Stock-based compensation expense, net of forfeitures and adjustments of $0.4 million and zero for the three months ended September 30, 2025 and 2024, respectively, and $0.6 million and $0.2 million for the nine months ended September 30, 2025 and 2024, respectively, was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Cost of sales	$	270	$	208	$	914	$	656
General and administrative	5,995		4,522		17,778		12,778
Sales and marketing	429		311		1,109		869
Research and development	1,127		846		3,088		2,280
Total	$	7,821	$	5,887	$	22,889	$	16,583

At September 30, 2025, the aggregate unrecognized compensation expense related to unvested equity awards was $52.5 million, which is expected to be recognized as compensation expense in fiscal years 2025 through 2028.

A summary of stock option activity for the nine months ended September 30, 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	(26)	14.66
Canceled/forfeited	(1)	12.66
Outstanding at September 30, 2025	687	$	13.31

A summary of unvested restricted stock units activity for the nine months ended September 30, 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	533	68.22
Vested	(450)	42.33
Canceled/forfeited	(70)	53.50
Outstanding at September 30, 2025	1,135	$	60.05

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 September 30, 2025, 39,596 shares of common stock were purchased under the ESPP since inception, including 11,273 shares purchased under the ESPP during the nine months ended September 30, 2025.