The table below sets forth information related to our share-based compensation expense:


	Three Months Ended
	March 31,
	2025		2024
Cost of goods sold	$	554	$	450
Selling, general, and administrative		4,616		3,354
Research and development		1,216		1,268
Total share-based compensation expense	$	6,386	$	5,072

Share Grants. Share grants consist of restricted stock awards, restricted stock units (“RSUs”) and performance stock units (“PSUs”). Restricted stock awards and RSUs generally vest in equal annual installments over a four-year period and are measured based

on the fair market value of the underlying stock on the date of grant. Compensation expense is recognized on a straight-line basis over the requisite four-year service period. All new grants are awarded under the Company’s 2022 Equity Incentive Plan.

PSUs are measured based on the fair market value of the underlying stock on the date of grant, and compensation expense is recognized over the three-year performance period, with adjustments made to the expense to recognize the probable payout percentage.

As of March 31, 2025, total unrecognized share-based compensation expense related to share grants was approximately $53.9 million, before income taxes, and is expected to be recognized over a weighted average period of approximately 2.3 years.