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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Stock Options Activity | The following table summarizes the stock option activity for the nine months ended September 30, 2024 (in thousands, except share and per share data):
|  | Number of Shares |  |  | Weighted Average Exercise Price per Share |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at January 1, 2024 |  |  | 4,041,807 |  |  | $ | 6.41 |  |  |  | 7.53 |  |  | $ | 5,159 |
Granted |  |  | 730,100 |  |  | $ | 2.86 |  |  |  |  |  |  |
Exercised |  |  | (1,779 | ) |  | $ | 1.97 |  |  |  |  |  |  |
Forfeited |  |  | (470,342 | ) |  | $ | 9.12 |  |  |  |  |  |  |
Expired |  |  | (320,156 | ) |  | $ | 11.94 |  |  |  |  |  |  |
Outstanding at September 30, 2024 |  |  | 3,979,630 |  |  | $ | 5.00 |  |  |  | 7.08 |  |  | $ | 8,262 |
Exercisable at September 30, 2024 |  |  | 2,310,762 |  |  | $ | 5.22 |  |  |  | 6.49 |  |  | $ | 5,362 |
Vested and expected to vest at September 30, 2024 |  |  | 3,694,948 |  |  | $ | 5.35 |  |  |  | 7.29 |  |  | $ | 7,013 |
Schedule of Weighted-Average Assumptions used in Black-Scholes Option-Pricing Model | The weighted average assumptions used in the Black-Scholes pricing model for stock options granted during the three and nine months ended September 30, 2024, were as follows:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Estimated dividend yield |  |  | - | % |  |  | - | % |  |  | - | % |  |  | - | %
Weighted-average expected stock price volatility |  |  | 36.05 | % |  |  | 35.43 | % |  |  | 35.91 | % |  |  | 35.08 | %
Weighted-average risk-free interest rate |  |  | 3.49 | % |  |  | 4.54 | % |  |  | 4.33 | % |  |  | 4.15 | %
Expected average term of options (in years) |  |  | 6.25 |  |  |  | 3.00 |  |  |  | 6.25 |  |  |  | 5.95 |
Weighted-average fair value of common stock |  | $ | 4.40 |  |  | $ | 1.95 |  |  | $ | 2.86 |  |  | $ | 5.05 |
Weighted-average fair value per option |  | $ | 1.84 |  |  | $ | 0.57 |  |  | $ | 1.24 |  |  | $ | 2.12 |
Schedule of Restricted Stock Unit Activity | The following table summarizes the restricted stock unit activity for the nine months ended September 30, 2024 (in thousands, except share and per share data):
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at January 1, 2024 |  |  | 155,780 |  |  | $ | 5.05 |  |  |  | 1.36 |  |  | $ | 581 |
Granted |  |  | 60,000 |  |  | $ | 1.29 |  |  |  |  |  |  |
Vested |  |  | (67,169 | ) |  | $ | 4.58 |  |  |  |  |  |  |
Forfeited |  |  | (21,000 | ) |  | $ | 5.41 |  |  |  |  |  |  |
Outstanding at September 30, 2024 |  |  | 127,611 |  |  | $ | 3.47 |  |  |  | 1.09 |  |  | $ | 618 |
Vested and expected to vest at September 30, 2024 |  |  | 127,611 |  |  | $ | 3.47 |  |  |  | 1.09 |  |  | $ | 618 |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense included in the accompanying condensed financial statements was as follows (in thousands):
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cost of sales |  | $ | 10 |  |  | $ | 36 |  |  | $ | 89 |  |  | $ | 112 |
Research and development |  |  | 18 |  |  |  | 43 |  |  |  | 65 |  |  |  | 120 |
Sales and marketing |  |  | 33 |  |  |  | 168 |  |  |  | 162 |  |  |  | 492 |
General and administrative |  |  | 699 |  |  |  | 788 |  |  |  | 2,584 |  |  |  | 2,391 |
Total stock-based compensation expense |  | $ | 760 |  |  | $ | 1,035 |  |  | $ | 2,900 |  |  | $ | 3,115 |

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