v3.25.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock-based compensation expense included in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss was as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Restricted stock units$5,863 $1,767 $9,345 $4,534 
Performance-based restricted stock units
1,264 — 5,356 — 
Stock options— 90 — 264 
Total$7,127 $1,857 $14,701 $4,798 
The stock compensation expense has been recorded in cost of goods sold, research and development expenses and selling, general and administrative expenses.
Restricted Stock Units (“RSU”)
As of June 30, 2025, there was $31,355 of unrecognized compensation expense attributable to unvested RSUs, expected to be recognized over a weighted-average remaining vesting period of 2.3 years.
Performance-Based Restricted Stock Units (“PRSU”)
During the third quarter of 2024, the Company granted contingent shares to select key executives that may be earned based on the Company’s total shareholder return (“TSR”) over a two and three-year period following the grant date (“2024 TSR Awards”). During the second quarter of 2025, the Company also granted contingent shares to select key employees that may be earned based on the Company’s TSR over three individual one-year periods and a cumulative three-year period following the grant date (“2025 TSR Awards”).
The payment of TSR awards is based on performance achieved in accordance with the scale set forth in the plan agreement and may range from 0% to 200% of the initial grant. TSR awards are paid out in stock at the end of the vesting period based on the Company’s stock performance. The performance is measured by determining the percentile rank of the total shareholder return of the Company’s common stock relative to the TSR of the Russell 2000 index peer group for the performance period following the grant date. This peer group includes the entire Russell 2000 index as it existed at the beginning of the performance period, excluding any companies that were removed from the index during the performance period. The fair value of the TSR awards is estimated using a Monte Carlo simulation in an option pricing framework.
The following summarizes the key assumptions used to estimate the fair value of the TSR awards that were granted, and the resulting weighted average grant date fair value.
2025 TSR Awards
2024 TSR Awards
Company share price
$4.54 $1.74 
Company volatility117.2 %115.3 %
Company correlation
30.6 %36.1 %
Company dividend yield— %— %
Weighted average performance term
2.3 years
2.4 years
Weighted average risk-free interest rate3.7 %4.3 %
Peer group average volatility55.9 %54.3 %
Peer group average correlation
47.1 %44.2 %
Weighted average grant date fair value$6.84 $3.19 

During the second quarter of 2025, the Company granted shares contingent upon the achievement of certain performance targets for fiscal year 2025 and continued employment through the vesting period.

During the third quarter of 2024, the Company had also granted shares contingent upon the achievement of certain performance milestones related to the Credit Agreement that may be earned over the performance period following the grant date. The Company vested the PRSUs associated with the specific milestones achieved and forfeited the PRSUs associated with the final milestone.
As of June 30, 2025, there was $8,684 of unrecognized compensation expense attributable to unvested PRSUs, expected to be recognized over a weighted-average remaining vesting period of 2.6 years.