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Share-based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based Compensation Share-based Compensation
During the nine months ended September 30, 2025 and 2024, 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, 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 2018 Plan authorizes 5,775,308 shares, of which 2,069,777 remain available for future grants as of September 30, 2025.
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 ended September 30, 2025 and 2024 (in thousands):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
  2025202420252024
Cost of revenues$93 $23 $200 $75 
Research and development258 196 792 437 
Sales and marketing200 103 489 314 
General and administrative1,299 871 3,624 1,888 
Income from discontinued operations, net of tax— 36 — 101 
      Total$1,850 $1,229 $5,105 $2,815 
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, which generally only include time-based vesting requirements. 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 activity for the nine months ended September 30, 2025:
Outstanding — December 31, 2024269,851 
Granted1,300,100 
Exercised(9,836)
Canceled(74,426)
Outstanding — September 30, 20251,485,689 
Exercisable — September 30, 2025144,061 
During the nine months ended September 30, 2025, the Company granted stock options to the CEO in connection with his hiring on January 6, 2025. These stock options contain a requirement that in order to be exercisable, the Company’s closing stock price must exceed the exercise price of the awards for 20 of the 30 trading-days immediately prior to the requested exercise date. The Company granted a total of 850,000 of these options to the CEO at a weighted average exercise price of $18.46. The total grant-date fair value of the options was $6.7 million and will be expensed over the four-year vesting term of the awards.
These options granted to the Company’s CEO were valued using a Monte Carlo simulation model. The following table details the key assumptions utilized in the Monte Carlo simulation model used to calculate the grant-date fair value of the awards:
January 6, 2025
Valuation date stock price$11.23 
Simulation term (years)10
Risk-free interest rate4.57 %
Volatility84.00 %
Expected dividend yield— %
At September 30, 2025, total unrecognized compensation expense related to stock options was $6.7 million, which is expected to be recognized over a weighted-average period of 3.37 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.
The following table summarizes the Company’s RSU activity for the nine months ended September 30, 2025:
Non-vested — December 31, 20241,111,841 
Granted700,062 
Vested(327,317)
Forfeited(115,542)
Non-vested — September 30, 20251,369,044 
During the nine months ended September 30, 2025, the Company granted RSUs to the CEO in connection with his hiring on January 6, 2025. The Company granted the CEO 124,347 RSUs that contain a time-based vesting requirement (“Time-based CEO RSUs”) with a total grant-date fair value of $1.4 million that vest over four years. The Company also granted the CEO RSUs that contain a market-based vesting condition in addition to a time-based vesting requirement (“Market-based CEO RSUs”). The Company granted 167,910 of these Market-based CEO RSUs with a total grant-date fair value of $3.2 million that will be expensed over the three-year vesting term of the awards. The actual number of shares to be issued upon completion of the time-based vesting requirement of the Market-based CEO RSUs is dependent upon the Company’s share price performance relative to the total shareholder return of Russell Microcap Index (“rTSR”) over the vesting period, ranging from 0% to 200% of the number of market-based RSUs granted. The following table details the key assumptions utilized in the Monte Carlo simulation model used to calculate the grant-date fair value of the Market-based CEO RSUs:
January 6, 2025
Valuation date stock price$11.23 
Simulation term (years)3
Risk-free interest rate4.25 %
Volatility105.63 %
Expected dividend yield— %
Correlation coefficient0.3741
At September 30, 2025, total unrecognized compensation expense related to RSUs, including the RSUs with a market based condition discussed above, was $10.9 million, which is expected to be recognized over a weighted-average period of 2.92 years.