Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

The following is a summary of stock option activity:


		Weighted
	Number	Average		Aggregate
	of	Exercise		Intrinsic
	Options	Price		Value
				(in thousands)
Balance as of December 31, 2024	5,550,419	$	11.81	$	18,771
Granted	1,020,722		11.62
Cancelled / Forfeited	(371,022)		14.89
Exercised	(253,645)		2.35
Balance as of September 30, 2025	5,946,474	$	11.99	$	4,213
Options exercisable as of September 30, 2025	3,585,400	$	11.09	$	3,820

Schedule of RSU Activity


		Weighted
	Number	Average		Aggregate
	of	Grant Date		Intrinsic
	RSUs	Fair Value		Value
				(in thousands)
Unvested Balance as of December 31, 2024	—	$	—	$	—
Granted	359,828		12.56
Vested	—		—
Cancelled / Forfeited	(8,190)		12.96
Unvested Balance as of September 30, 2025	351,638	$	12.55	$	2,838

Recognized Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation expense for the periods indicated:


	Three months ended				Nine months ended
	September 30,				September 30,
(in thousands)	2025		2024		2025		2024
Options	$	2,459	$	2,550	$	7,269	$	16,063
RSUs		159		—		363		—
Employee Stock Purchase Plan		270		130		627		302
Total stock-based compensation expense	$	2,888	$	2,680	$	8,259	$	16,365

Selling, general & administrative	$	2,534	$	2,379	$	7,399	$	15,412
Research & development		306		267		741		855
Cost of goods sold		48		34		119		98
	$	2,888	$	2,680	$	8,259	$	16,365

ESPP

Schedule of Assumptions Used to Determine the Grant-Date Fair Value of Stock Options

The following table provides the weighted average fair value of ESPP purchase rights and the related assumptions used in the Black-Scholes option pricing model for the nine months ended September 30, 2025 and 2024:


	September 30,
		2025			2024
Weighted average fair value per ESPP purchase right	$	5.05		$	7.60
Expected term (in years)		0.5			0.5
Expected volatility		112.3% to 133.4	%		74.0% to 96.9	%
Expected dividend yield		—	%		—	%
Risk-free interest rate		4.25% to 4.29	%		5.24% to 5.37	%

Employee Stock Option

Schedule of Assumptions Used to Determine the Grant-Date Fair Value of Stock Options

The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes option pricing model for the nine months ended September 30, 2025 and 2024:


	September 30,
		2025			2024
Weighted average fair value of options granted	$	9.21		$	10.31
Expected term (in years) — non-officer employees		5.5 to 6.1			5.0 to 6.1
Expected term (in years) — officer employees		6.1			2.5 to 6.1
Expected volatility		95.0% to 103.1	%		87.7% to 98.6	%
Expected dividend yield		—	%		—	%
Risk-free interest rate		3.92% to 4.47	%		3.67% to 4.71	%

CVRx, Inc. 10-Q