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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Vericel Corporation 2022 Omnibus Incentive Plan (“2022 Plan”) was approved on April 27, 2022, and the Vericel Corporation Amended and Restated 2022 Omnibus Incentive Plan (“Amended and Restated 2022 Plan”) was approved on April 30, 2025. The Amended and Restated 2022 Plan provides incentives through the grant of stock options, stock appreciation rights, restricted stock awards and restricted stock units. The exercise price of stock options granted under the Amended and Restated 2022 Plan shall not be less than the fair market value of the Company’s common stock on the date of grant. The Amended and Restated 2022 Plan amended and restated the 2022 Plan, which replaced the 1992 Stock Option Plan, the 2001 Stock Option Plan, the Amended and Restated 2004 Equity Incentive Plan, the 2009 Second Amended and Restated Omnibus Incentive Plan, the 2017 Omnibus Incentive Plan and the Amended and Restated 2019 Omnibus Incentive Plan (collectively the “Prior Plans”), and no new grants have been granted under the Prior Plans after approval of the 2022 Plan. However, the expiration or forfeiture of options previously granted under the Prior Plans will increase the number of shares available for issuance under the Amended and Restated 2022 Plan.

Stock Compensation Expense

Non-cash stock-based compensation expense (service-based stock options, restricted stock units and the employee stock purchase plan) is summarized in the following table:
 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Cost of product sales$1,029 $762 $3,279 $2,914 
Research and development1,015 1,095 3,650 3,281 
Selling, general and administrative6,655 7,367 23,415 22,383 
Total non-cash stock-based compensation expense$8,699 $9,224 $30,344 $28,578 

Service-Based Stock Options

During the three and nine months ended September 30, 2025, the Company granted service-based options to purchase common stock of 13,500 and 590,223, respectively, and 105,025 and 745,412, respectively, for the same periods in 2024. The weighted-average grant-date fair value of service-based options granted during the three and nine months ended September 30, 2025, was $17.74 and $28.59 per option, respectively, and $27.73 and $28.08, respectively, for the same periods in 2024.

Restricted Stock Units

During the three and nine months ended September 30, 2025, the Company granted 20,760 and 576,711 restricted stock units, respectively, and 35,610 and 622,535, respectively, for the same periods in 2024. The weighted-average grant-date fair value of restricted stock units granted during the three and nine months ended September 30, 2025, was $33.95 and $51.22 per unit, respectively, and $47.59 and $48.19 per unit, respectively, for the same periods in 2024.