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Stock-Based Compensation (Tables)
 9 Months Ended
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