On July 24, 2019, we adopted the 2019 Equity Incentive Plan (the “2019 Plan”). The 2019 Plan provides for automatic annual increases to the number of shares authorized for issuance, equal to 5% of our common shares outstanding as of the immediately preceding year end, through January 1, 2029. Under this provision, effective January 1, 2025, an additional 1,424,159 shares became available under the 2019 Plan. As of June 30, 2025, there were 1,002,126 shares remained available for grant under the 2019 Plan.

On December 22, 2022, our board of directors approved the 2022 Inducement Plan (the “Inducement Plan”). The Inducement Plan provides for the granting of awards as inducement material to the grantee’s entering into employment with us to the extent such grantee was not previously an employee of ours or is entering into employment following a bona fide period of non-employment with us. As of June 30, 2025, there were 88,640 shares available for grant under the Inducement Plan.


		Weighted-Average
	Stock Options Outstanding	Exercise Price		Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2024	2,989,763	$	36.23

Granted	—	$	—
Exercised	(16,995)	$	2.16
Forfeited/Cancelled	(60,225)	$	43.98
Balance as of June 30, 2025	2,912,543	$	36.27	5.1	$	7,583
Exercisable at June 30, 2025	2,834,588	$	36.17	5.0	$	7,583


	Restricted Stock Units Outstanding	Weighted-Average Grant Date Fair Value
Balance as of December 31, 2024	3,196,224	$	23.52
Granted	1,508,158	$	21.18
Vested(1)	(520,157)	$	22.74
Forfeited/Cancelled	(159,905)	$	23.48
Balance as of June 30, 2025	4,024,320	$	22.75

(1)The aggregate number of shares withheld upon vesting for employee tax obligations was 142,637 for the six months ended June 30, 2025.


	Performance-Based Restricted Stock Units Outstanding	Weighted-Average Grant Date Fair Value
Balance as of December 31, 2024	275,528	$	21.94
Granted	172,631	$	22.23
Vested	—	$	—
Forfeited/Cancelled	—	$	—
Balance as of June 30, 2025	448,159	$	22.05

The ESPP provides for certain automatic increases in the number of shares of common stock reserved for issuance, which resulted in an additional 284,831 shares becoming available under the ESPP effective January 1, 2025. During the six months ended June 30, 2025, we issued 103,441 shares of common stock pursuant to scheduled purchases under the ESPP. As of June 30, 2025, 1,228,070 shares remained available for issuance under the ESPP.

We use the Black-Scholes valuation model to estimate the fair value of the purchase rights issued under the ESPP at the date of grant, start of the offering or other relevant measurement date. The following table sets forth assumptions used under the ESPP:


	Six Months Ended June 30,
	2025	2024
Average expected term (years)	1.2	1.3
Expected stock price volatility	56.55% - 85.21%	72.04% - 130.95%
Risk-free interest rate	3.88% - 4.22%	4.43% - 5.33%
Dividend yield	—%	—%

There were no stock options granted for the six months ended June 30, 2025 and 2024. For the six months ended June 30, 2025 and 2024, the weighted-average grant date fair value of the purchase rights granted under the ESPP was $9.43 and $11.17 per share, respectively.

Stock-based compensation expense is included in the unaudited condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cost of sales (exclusive of amortization of acquired intangible assets)	$	1,422	$	1,401	$	2,878	$	2,715
Research and development	1,962		2,637		3,857		5,266
Selling, general and administrative	7,824		9,141		15,652		17,873
Total stock-based compensation expense	$	11,208	$	13,179	$	22,387	$	25,854

In January 2023, our board of directors approved a retirement policy (the “Retirement Policy”) that provides for acceleration of a portion of unvested awards granted to and held by certain eligible employees upon meeting age, service and notice requirements. Pursuant to the Retirement Policy, we accelerated the recognition of compensation expense of $0.2 million and $0.4 million during the three months ended June 30, 2025, and 2024, respectively, and accelerated the recognition of compensation expense of $0.5 million and $0.6 million for the six months ended June 30, 2025 and 2024, respectively.