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Stockholders’ Equity | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Stockholders' Equity |
8. | Stockholders’ Equity
2024 Public Offering In March 2024, the Company completed a public offering of 2,653,848 shares of its common stock, composed of 2,307,694 shares of common stock offered at a public offering price of $6.50 per share and an additional 346,154 shares of common stock sold pursuant to the exercise of the underwriters' option to purchase additional shares at the public offering price. Net proceeds from the offering totaled approximately $16.2 million after deducting underwriting discounts and commissions, and other offering expenses paid by the Company. The underwriting agreement contains representations, warranties, agreements and indemnification obligations by the Company that are customary for this type of transaction. Equity Compensation Plans The Fourth Amended and Restated 2013 Incentive Compensation Plan became effective in 2022. In May 2024, the Company's stockholders approved the Fifth Amended and Restated 2013 Incentive Compensation Plan, which increased the number of shares of common stock available for awards under the plan by 1.95 million shares. The plan permits the issuance of options, restricted stock, restricted stock units and other awards to selected employees, directors and consultants of the Company. The equity incentive plans are more fully described in Note 9 to the consolidated financial statements in the 2023 Form 10-K. Share-Based Compensation Expense The Company records share-based compensation expense on a straight-line basis over the vesting periods of the related grants and recognizes forfeitures as they occur. The following table sets forth share-based compensation expense included in the condensed consolidated statements of operations:
| Three Months Ended June 30,
(in thousands) | 2024 |  | 2023
Cost of revenue | $ | 29 |  |  | $ | 27 |
Research and development | 406 |  |  | 370 |
Sales and marketing | 524 |  |  | 484 |
General and administrative | 837 |  |  | 764 |
Share-based compensation expense | $ | 1,796 |  |  | $ | 1,645 |
| Six Months Ended June 30,
(in thousands) | 2024 |  | 2023
Cost of revenue | $ | 51 |  |  | $ | 47 |
Research and development | 743 |  |  | 652 |
Sales and marketing | 945 |  |  | 847 |
General and administrative | 1,561 |  |  | 1,406 |
Share-based compensation expense | $ | 3,300 |  |  | $ | 2,952 |
Share-based compensation expense by type of share-based award is summarized below:
| Three Months Ended June 30,
(in thousands) | 2024 |  | 2023
Stock options | $ | 195 |  |  | $ | 266 |
RSAs and RSUs | 1,540 |  |  | 1,312 |
ESPP | 61 |  |  | 67 |
| $ | 1,796 |  |  | $ | 1,645 |
| Six Months Ended June 30,
(in thousands) | 2024 |  | 2023
Stock options | $ | 403 |  |  | $ | 514 |
RSAs and RSUs | 2,776 |  |  | 2,304 |
ESPP | 121 |  |  | 134 |
| $ | 3,300 |  |  | $ | 2,952 |
Total unrecognized compensation expense by type of award and the weighted-average remaining requisite holding period over which such expense is expected to be recognized (in thousands, unless otherwise noted):
| June 30, 2024
| Unrecognized Expense |  | Remaining Weighted-Average Recognition Period (in years)
Stock options | $ | 597 |  |  | 1.31
RSAs and RSUs | $ | 11,310 |  |  | 2.03
Stock Option Activity Stock option activity under the Company’s current and previous plans during the six months ended June 30, 2024 is summarized below:
| Stock Options |  | Weighted-average Exercise price per share |  | Weighted-average Remaining Contractual Life (in years) |  | Intrinsic Value(1) (in thousands)
Outstanding at December 31, 2023 | 1,478,157 |  |  | $ | 8.40 |  |  |  |  |
Exercised | (11,000) |  |  | $ | 3.01 |  |  |  |  |
Forfeited or expired | (6,112) |  |  | $ | 42.82 |  |  |  |  |
Outstanding at June 30, 2024 | 1,461,045 |  |  | $ | 8.30 |  |  | 4.99 |  | $ | 2,183 |
Exercisable at June 30, 2024 | 1,302,175 |  |  | $ | 8.03 |  |  | 4.60 |  | $ | 2,183 |
Vested and expected to vest at June 30, 2024 | 1,461,045 |  |  | $ | 8.30 |  |  | 4.99 |  | $ | 2,183 |
(1) | Intrinsic value is calculated as the estimated fair value of the Company’s stock at the end of the related period less the option exercise price of in-the-money options.
Restricted Stock Award Activity Restricted stock award ("RSA") activity for the six months ended June 30, 2024 is summarized below:
|  | Restricted Stock Awards |  | Weighted - Average Grant Date Fair Value
Outstanding at December 31, 2023 |  | 376,914 |  |  | $ | 12.02 |
Vested |  | (147,197) |  |  | $ | 11.76 |
Forfeited |  | (3,679) |  |  | $ | 12.11 |
Outstanding at June 30, 2024 |  | 226,038 |  |  | $ | 12.18 |
Restricted Stock Unit Activity Restricted stock unit ("RSU") activity for the six months ended June 30, 2024 is summarized below:
|  | Restricted Stock Units |  | Weighted - Average Grant Date Fair Value
Outstanding at December 31, 2023 |  | 768,139 |  |  | $ | 8.15 |
Granted |  | 1,192,622 |  |  | $ | 6.16 |
Vested |  | (260,441) |  |  | $ | 8.06 |
Forfeited |  | (12,911) |  |  | 8.52 |
Outstanding at June 30, 2024 |  | 1,687,409 |  |  | $ | 6.76 |
ESPP On June 3, 2021, the Company’s stockholders adopted and approved the ClearPoint Neuro, Inc. Employee Stock Purchase Plan (the "ESPP"), which allows eligible employees to acquire shares of the Company’s common stock through payroll deductions at a discount to market price. A total of 400,000 shares of the Company’s common stock were made available for issuance pursuant to the terms of the ESPP. Each offering period is for six months, and the first offering period commenced on July 1, 2021. During the six months ended June 30, 2024, 62,800 shares were purchased at an average per share price of $4.58.

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