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Equity Incentive Plans and Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Equity Incentive Plans and Stock-Based Compensation | Note 10. Equity Incentive Plans and Stock-Based Compensation Stock Repurchase Activity On April 9, 2019, the Company’s Board of Directors authorized a stock repurchase program to acquire up to $15.0 million of its common stock. Any repurchases under the program will be made from time to time on the open market at prevailing market prices. On April 1, 2021, the Board of Directors approved an extension and expansion of this stock repurchase program up to $25.0 million of its common shares, expiring April 9, 2023. On March 3, 2023, the Company’s Board of Directors approved a two-year extension of this stock repurchase plan. On April 9, 2024, the Board of Directors approved an additional expansion of this stock repurchase program to up to $55 million of the Company’s common shares. During the three months ended March 31, 2025, the Company repurchased 0.1 million shares of its common stock for a total cost of $1.8 million. As of March 31, 2025, the total cost of repurchased common stock was $29.6 million. Stock-Based Compensation Total estimated stock-based compensation expense for employees and non-employees, related to all of the Company’s stock-based awards, was as follows (in thousands):
|  | Three Months Ended |
|  | March 31, |
|  | 2025 |  |  | 2024 |
Cost of revenue |  | $ | 175 |  |  | $ | 131 |
Selling and marketing |  |  | 868 |  |  |  | 487 |
Research and development |  |  | 469 |  |  |  | 224 |
General and administrative |  |  | 400 |  |  |  | 263 |
Total stock-based compensation |  | $ | 1,912 |  |  | $ | 1,105 |
The following table presents the stock activity and the total number of shares available for grant as of March 31, 2025 (in thousands):
Balance at December 31, 2024 |  |  | 727 |
Options Cancelled |  |  | 2 |
Restricted Stock Granted |  |  | (110 | )
Balance at March 31, 2025 |  |  | 619 |
Stock Option Activity
|  | Options Outstanding |
|  | Number of Shares Underlying Outstanding Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  | (in years) |  |  |  |
Outstanding at December 31, 2024 |  |  | 637,916 |  |  | $ | 9.38 |  |  |  | 4.55 |  |  | $ | 5,483,767 |
Options Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |
Options Exercised |  |  | (640 | ) |  |  | 8.03 |  |  |  |  |  |  |
Options Forfeited |  |  | (2,372 | ) |  |  | 13.55 |  |  |  |  |  |  |
Outstanding at March 31, 2025 |  |  | 634,904 |  |  | $ | 9.37 |  |  |  | 4.32 |  |  | $ | 3,703,702 |
Vested and expected to vest at March 31, 2025 |  |  | 634,904 |  |  | $ | 9.45 |  |  |  | 4.32 |  |  | $ | 3,703,702 |
Exercisable at March 31, 2025 |  |  | 634,904 |  |  | $ | 9.45 |  |  |  | 4.32 |  |  | $ | 3,703,702 |
Stock options are time-based and the majority are exercisable within 10 years of the date of grant, but only to the extent they have vested. The options generally vest as specified in the option agreements subject to acceleration in certain circumstances. In the event participants in the plan cease to be employed or engaged by the Company, all vested options would be forfeited if they are not exercised within 90 days. Forfeitures on option grants are estimated at 10% for non-executives and 0% for executives based on evaluation of historical and expected future turnover. Stock-based compensation expense was recorded net of estimated forfeitures, such that expense was recorded only for those stock-based awards expected to vest. The Company reviews this assumption periodically and will adjust it if it is not representative of future forfeiture data and trends within employee types (executive vs. non-executive). There have been no options granted since the fiscal year 2021. Restricted Stock Activity
|  | Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Nonvested restricted stock at December 31, 2024 |  |  | 605,356 |  |  | $ | 15.92 |
Granted |  |  | 109,716 |  |  |  | 16.87 |
Vested |  |  | (10,433 | ) |  |  | 21.65 |
Shares forfeited |  |  | — |  |  |  | — |
Nonvested restricted stock at March 31, 2025 |  |  | 704,639 |  |  | $ | 15.99 |
As of March 31, 2025, total unrecognized compensation cost related to the nonvested restricted stock granted was $7.0 million, which is expected to be recognized over a remaining weighted average vesting period of 2.1 years. Warrants As of March 31, 2025, the Company had 550,000 wholly funded warrants related to a series of transactions pursuant to which the previously outstanding Series B Preferred Stock were retired. The warrants do not expire.

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