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SHARE-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION

9. SHARE-BASED COMPENSATION

 

The Company issues share-based compensation to employees in the form of restricted stock units (RSUs), performance stock units (PSUs), and stock options. The following table summarizes the amount of share-based compensation expense by line item on the consolidated statements of operations:

  

          
   Year Ended December 31, 
   2024   2023   2022 
Research and development expense   3,973    6,531    6,933 
Sales, marketing, general and administrative expense   7,562    9,610    8,528 
Total Share-based compensation expense  $11,535   $16,141   $15,461 

 

 

Options Activity and Positions

 

The following table summarizes shares, weighted-average exercise price, weighted-average remaining contractual term, and aggregate intrinsic value of options outstanding and options exercisable as of December 31, 2024 (in thousands, except per share data):

   

           Weighted-average   Aggregate 
           remaining   intrinsic 
       Weighted-average   contractual   value 
Options  Shares   exercise price   term (in years)   (thousands) 
Outstanding as of December 31, 2021   1,533   $1.37    5.6   $5,645 
Granted   -    -           
Exercised   (525)   1.38           
Forfeited or expired   (63)   3.00           
Outstanding as of December 31, 2022   945   $1.26    5.7   $1,137 
Granted   -    -           
Exercised   (191)   0.92           
Forfeited or expired   (2)   0.28           
Outstanding as of December 31, 2023   752   $1.35    4.6   $1,083 
Granted   -    -           
Exercised   (84)   0.73           
Forfeited or expired   (2)   1.18           
Outstanding as of December 31, 2024   666   $1.43    3.5   $185 
                                               
Vested and expected to vest as of December 31, 2024   666   $1.43    3.5   $185 
                     
Exercisable as of December 31, 2024   666   $1.43    3.5   $185 

 

As of December 31, 2024, there is no unrecognized share-based employee compensation related to stock options.

 

Restricted Stock Activity and Positions

 

The following table summarizes activity and positions with respect to RSUs and PSUs for the years ended December 31, 2024, 2023 and 2022 (in thousands, except per share data):

 

 

       Weighted-average 
   Shares   price 
Unvested as of December 31, 2021   2,625   $13.05 
Granted   9,180    2.46 
Vested   (1,391)   9.16 
Forfeited   (1,548)   6.42 
Unvested as of December 31, 2022   8,866    3.85 
Granted   3,491    3.89 
Vested   (1,872)   6.98 
Forfeited   (502)   7.47 
Unvested as of December 31, 2023   9,983    3.09 
Granted   9,234    1.26 
Vested   (5,437)   3.63 
Forfeited   (1,767)   2.65 
Unvested as of December 31, 2024   12,013   $1.51 

 

 

During the year ended December 31, 2024, the Company granted 5,384,000 shares to non-executive employees for annual and short-term incentive awards. Additionally, the Company granted 80,000 shares to non-executive employees for new hire grants. These shares are valued based on the closing price of common stock on the dates of grant and vest immediately or over three or four years.

 

During the year ended December 31, 2024, the Company granted 3,771,000 shares to executive employees and directors for annual, short-term incentive, and long-term incentive awards. These shares are valued based on the closing price of common stock on the dates of grant and vest immediately, over one year, or over three years.

 

As of December 31, 2024, unrecognized share-based compensation related to RSUs was $6.8 million, which will be expensed over the next 2.0 years. Unrecognized share-based compensation related to executive PSUs was $2.5 million, which will be expensed over the next 1.0 year. Unrecognized share-based compensation related to the non-executive PSUs was $0.3 million, which will be expensed over the next 0.5 years.