v3.25.1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Expense
During the periods presented, the Company recorded the following share-based compensation expense for stock options and RSUs:
Three Months Ended March 31,
20252024
(in thousands)
Sales, general and administrative $2,026$2,908
Research and development408536
Total stock compensation expense
$2,434$3,444
Schedule of Stock Options
 Number of Options OutstandingWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value (in thousands)
Balances at December 31, 2024
1,413,948 $47.96 6.30$14,010 
Granted (weighted-average fair value $19.92 per share)
243,440 34.82 
Exercised(4,260)18.63 
Forfeited/canceled(10,089)60.62 
Balances at March 31, 2025
1,643,039 $45.87 6.52$12,177 
Schedule of Employee Stock Options Valuation Assumptions
The fair value of stock options granted to employees was estimated using the following assumptions:
Three Months Ended March 31,
20252024
Volatility
55%
71% - 75%
Risk-free interest rate
4.1%
4.1% - 4.8%
Term (in years)6.256.25
Dividend yield——
The fair value of stock options granted to consultants was estimated using the following assumptions during the following periods presented:
Three Months Ended March 31,
20252024
Volatility
54%
65% - 68%
Risk-free interest rate
4.3%
4.1% - 4.5%
Term (in years)1010
Dividend yield——
Schedule of Restricted Stock
The following table represents RSU activity for fiscal 2025:
 Restricted Stock Units Weighted-
Average
Grant Date
Fair Value
Outstanding unvested at December 31, 2024
295,705 $48.53 
Granted135,083 34.82 
Vested(33,530)55.42 
Forfeited/canceled(42,874)49.57 
Outstanding unvested at March 31, 2025
354,384 $42.53