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Share-based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Share-based Compensation | Share-based Compensation During the nine months ended September 30, 2023 and 2022 , the Company granted awards under the 2018 Omnibus Incentive Compensation Plan, previously named the Amended and Restated 2009 Omnibus Incentive Compensation Plan (the “2018 Plan”), and the 2015 Incentive Compensation Plan (the “2015 Plan”). The Compensation Committee of the Board of Directors administers the plans. Under the 2018 Plan, a maximum of 6,329,784 shares of common stock may be issued upon the exercise of stock options, in the form of restricted stock, or in settlement of restricted stock units (“RSUs”) or other awards, including awards with alternative vesting schedules such as performance-based criteria. The following table presents total share-based compensation expense within each functional line item on the condensed consolidated statements of operations for the three and nine months end ed September 30, 2023 and 2022 (in thousands):
| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30,
| 2023 1 |  |  |  |  | 2022 |  |  |  | 2023 1 |  | 2022
Cost of revenues | $ | 251 |  |  |  |  |  | $ | 199 |  |  |  |  | 657 |  |  | $ | 1,873 |
Research and development | 599 |  |  |  |  |  | 513 |  |  |  |  | 1,291 |  |  | 5,011 |
Sales and marketing | 373 |  |  |  |  |  | 489 |  |  |  |  | 1,093 |  |  | 3,086 |
General and administrative | 1,044 |  |  |  |  |  | 1,205 |  |  |  |  | 2,989 |  |  | 5,922 |
Total | $ | 2,267 |  |  |  |  |  | $ | 2,406 |  |  |  |  | $ | 6,030 |  |  | $ | 15,892 |
1 Rounding may impact summation of amounts. Stock Options The Compensation Committee of the Board of Directors determines eligibility, vesting schedules and exercise prices for stock options granted. The Company generally uses the Black-Scholes option pricing model to estimate the fair value of its stock options. For performance stock awards subject to market-based vesting conditions, fair values are determined using the Monte-Carlo simulation model. Stock options generally have a term of ten years and vest over a three- to four-year period. The following table summarizes the Company’s stock option activ ity for the nine months ended September 30, 2023:
Outstanding — December 31, 2022 | 8,132,959 |  |  |  |  |  |  |
Granted | 378,250 |  |  |  |  |  |  |
Canceled | (1,193,232) |  |  |  |  |  |  |
Outstanding — September 30, 2023 | 7,317,977 |  |  |  |  |  |  |
Exercisable — September 30, 2023 | 5,675,138 |  |  |  |  |  |  |
At September 30, 2023, total unrecognized compensatio n expense related to stock options was $4.0 million, which is expected to be recognized over a weighted-average per iod of 2.54 years. Restricted Stock Units Pursuant to the 2018 Plan and the 2015 Plan, the Company may issue RSUs that, upon satisfaction of vesting conditions, allow recipients to receive common stock. Issuances of such awards reduce common stock available under the 2018 Plan and 2015 Plan for stock incentive awards. The Company measures compensation cost associated with grants of RSUs at fair value, which is generally the closing price of the Company’s stock on the date of grant. RSUs generally vest over a three- to four-year period. On April 28, 2023, the Company granted a total of approximately 2.2 million RSUs to certain employees to encourage retention and incentivize future performance (“Retention Awards”). All of the Retention Awards fully vested on November 1, 2023. The following table summarizes the Company’s RSU activity (including above retention RSUs) for the nine months ended September 30, 2023:
Non-vested — December 31, 2022 | 1,178,370 |
Granted | 3,667,134 |
Vested | (265,927) |
Forfeited | (253,759) |
Non-vested — September 30, 2023 | 4,325,818 |
At September 30, 2023, total unrecognized compensation expense related to RSUs was $3.1 million, which is expected to be recognized over a weighted-average period of 0.89 years.

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