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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-based Compensation Expense | The following table summarizes stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022, respectively:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Stock options and other | $ | 15,691 |  |  | $ | 14,550 |  |  | $ | 16,103 |
Employee stock purchase plan | 1,308 |  |  | 1,439 |  |  | 1,442 |
Total stock-based compensation expense | $ | 16,999 |  |  | $ | 15,989 |  |  | $ | 17,545 |
Cost of revenue | $ | 1,935 |  |  | $ | 1,840 |  |  | $ | 2,172 |
Operating expenses: |  |  |  |  |
Marketing and sales | 3,112 |  |  | 3,426 |  |  | 3,295 |
Research and development | 2,721 |  |  | 2,556 |  |  | 2,189 |
General and administrative | 9,231 |  |  | 8,167 |  |  | 9,889 |
Total stock-based compensation expense | $ | 16,999 |  |  | $ | 15,989 |  |  | $ | 17,545 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The following table provides the assumptions used in the Black-Scholes option pricing model for the years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Risk-free interest rate | 4.28 - 4.30% |  | 3.55 - 4.55% |  | 1.94 - 3.40%
Expected life (years) | 6.25 |  | 2 - 6.25 |  | 6.25
Expected volatility | 50.62 - 53.17% |  | 49.23 - 55.92% |  | 45.95 - 46.03%
Expected dividend yield | 0% |  | 0% |  | 0%
Weighted average grant date fair value | $18.17 |  | $16.36 |  | $23.11
Share-Based Payment Arrangement, Option, Activity | The following table summarizes stock option activity and the weighted average exercise price for the years ended December 31, 2024, 2023 and 2022:
| Stock Options |  | Weighted- Average Exercise Price
Options outstanding at January 1, 2022 | 233,384 |  | $ | 97.78 |
Granted | 118,434 |  | 48.24 |
Exercised | (3,114) |  | 30.58 |
Cancelled | (84,712) |  | 89.32 |
Options outstanding at December 31, 2022 | 263,992 |  | 79.07 |
Granted | 186,804 |  | 33.36 |
Exercised | — |  | — |
Cancelled | (63,635) |  | 62.44 |
Expired | (15,848) |  | 55.67 |
Options outstanding at December 31, 2023 | 371,313 |  | 59.92 |
Granted | 140,405 |  | 33.44 |
Exercised | (1,936) |  | 32.13 |
Cancelled | (59,552) |  | 61.83 |
Expired | (5,094) |  | 67.78 |
Options outstanding at December 31, 2024 | 445,136 |  | $ | 51.34 |
Exercisable at December 31, 2024 | 183,942 |  | $ | 70.06 |
Share-Based Payment Arrangement, Option, Exercise Price Range | The following table summarizes information about stock options outstanding at December 31, 2024:
|  | Options Outstanding, Vested and Expected to Vest |  | Options Exercisable
Range of Exercise Prices |  | Number Outstanding |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price ($) |  | Number Exercisable |  | Weighted Average Exercise Price ($)
$32.13 to $33.68 |  | 163,427 |  | 8.95 |  | 33.14 |  | 8,883 |  | 32.32
$33.69 to $39.59 |  | 145,977 |  | 6.53 |  | 35.00 |  | 67,050 |  | 35.07
$39.60 to $180.46 |  | 135,732 |  | 4.97 |  | 90.84 |  | 108,009 |  | 94.88
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table summarizes restricted stock activity for the years ended December 31, 2024, 2023 and 2022:
| Restricted Stock Awards |  | Weighted- Average Grant Date Fair Value Per Share
Restricted stock at January 1, 2022 | 343,782 |  | $ | 111.79 |
Granted | 315,432 |  | 42.03 |
Restrictions lapsed | (130,452) |  | 101.32 |
Forfeited | (50,166) |  | 96.48 |
Restricted stock at December 31, 2022 | 478,596 |  | 70.36 |
Granted | 410,682 |  | 32.46 |
Restrictions lapsed | (137,053) |  | 79.61 |
Forfeited | (98,760) |  | 61.25 |
Restricted stock at December 31, 2023 | 653,465 |  | 45.89 |
Granted | 377,961 |  | 33.50 |
Restrictions lapsed | (195,831) |  | 54.52 |
Forfeited | (72,334) |  | 38.40 |
Restricted stock at December 31, 2024 | 763,261 |  | $ | 38.25 |
Schedule of Nonvested Performance-Based Units Activity | The following table summarizes performance stock activity for the years ended December 31, 2024, 2023 and 2022:
| Performance Stock Awards |  | Weighted- Average Grant Date Fair Value Per Share
Performance stock at January 1, 2022 | 16,839 |  | $ | 115.56 |
Granted | 35,697 |  | 96.71 |
Restrictions lapsed | — |  | — |
Performance change | (13,156) |  | 99.59 |
Forfeited | (3,578) |  | 121.79 |
Performance stock at December 31, 2022 | 35,802 |  | 77.91 |
Granted | 71,295 |  | 57.79 |
Restrictions lapsed | — |  |  | — |
Performance change | — |  | — |
Forfeited | — |  | — |
Performance stock at December 31, 2023 | 107,097 |  | 74.08 |
Granted | 79,436 |  | 48.20 |
Restrictions lapsed | — |  | —
Performance change | (2,772) |  | 227.14 |
Forfeited | (3,588) |  | 52.18 |
Performance stock at December 31, 2024 | 180,173 |  | $ | 60.75 |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following table presents the assumptions used to estimate the fair value of the ESPP during the years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Risk-free interest rate | 4.29 - 5.16% |  | 4.60 - 5.16% |  | 0.17 - 4.60%
Expected life (months) | 6.00 |  | 6.00 |  | 6.00
Expected volatility | 30.97 - 65.60% |  | 47.38 - 67.84% |  | 47.05 - 67.84%
Expected dividend yield | 0% |  | 0% |  | 0%

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