During the three months ended March 31, 2025, the Company granted 767,353 RSUs to employees with a weighted average grant date fair value of $5.26 per share, of which 263,160 RSUs had a vesting period of 33.3% annually over the second, third and fourth anniversary of the vesting determination date and 504,193 RSUs had a vesting period of 25% annually over four years.

As of March 31, 2025, there was $23.2 million and $20.7 million of unrecognized stock-based compensation expense related to RSUs and Market RSUs, respectively, which is expected to be recognized over a weighted average period of approximately 2.55 and 1.49 years, respectively.

Total stock-based compensation expense recognized in the condensed consolidated statements of operations as cost of goods sold, cost of revenue – collaborations and services, R&D and selling, general and administrative expense was as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
RSUs and options	$	5,212	$	3,699
Employee stock purchase plan		173		186
Total	$	5,385	$	3,885

The Company provides all employees, including executive officers, the ability to purchase common stock at a discount under the ESPP. The ESPP is designed to comply with Section 423 of the Internal Revenue Code and provides all employees with the opportunity to purchase up to $25,000 worth of common stock (based on the undiscounted fair market value at the commencement of the offering period) each year at a purchase price that is the lower of 85% of the fair market value of the common stock on either the date of purchase or the commencement of the offering period. An employee may not purchase more than 5,000 shares of common stock on any purchase date. The executives’ rights under the ESPP are the same as those of all other employees.

There were approximately 2.4 million shares of common stock available for issuance under the ESPP as of March 31, 2025.