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Stock Option Plan | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stock Option Plan | Stock Option Plan 2019 Incentive Award Plan In September 2019, the Company's Board of Directors adopted, and the Company's stockholders approved, the 2019 Plan. Under the 2019 Plan, which expires in September 2029, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then employees, officers, non-employee directors or consultants of the Company or its subsidiaries. The options generally expire ten years after the date of grant and are exercisable to the extent vested. Vesting is established by the Board of Directors and is generally four years from the date of grant. As of June 30, 2022, 1,430,690 shares of common stock remained available for future awards. 2019 Employee Stock Purchase Plan In September 2019, the Board of Directors adopted, and the Company's stockholders approved, the ESPP. The ESPP became effective on the day the ESPP was adopted by the Company's Board of Directors. The ESPP permits participants to purchase common stock through payroll deductions of up to 20% of their eligible compensation. As of June 30, 2022, 453,484 shares of common stock remained available for issuance under the ESPP. Stock Options Stock option activity under the Company's 2019 Plan is set forth below:
|  | Number of Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2021 |  | 2,014,330 |  |  | $ | 12.10 |  |  | 7.87 |  | $ | 5,428 |
Granted |  | 63,000 |  |  | $ | 5.25 |  |  |  |  |
Forfeited |  | (102,110) |  |  | $ | 13.79 |  |  |  |  |
Expired |  | (25,846) |  |  | $ | 14.39 |  |  |  |  |
Outstanding, June 30, 2022 |  | 1,949,374 |  |  | $ | 11.76 |  |  | 7.00 |  | $ | 2,611 |
Vested and expected to vest, June 30, 2022 |  | 1,949,374 |  |  | $ | 11.76 |  |  | 7.00 |  | $ | 2,611 |
Options exercisable, June 30, 2022 |  | 1,334,116 |  |  | $ | 10.76 |  |  | 6.55 |  | $ | 2,365 |
The intrinsic value is calculated as the difference between the fair value of the Company's common stock and the exercise price of the stock options. As of June 30, 2022, total unrecognized compensation cost related to option awards was $4.2 million, which is expected to be recognized over a remaining weighted-average vesting period of 1.6 years. Restricted Stock Units Restricted stock unit activity under the Company's 2019 Plan is set forth below:
|  | Number of Shares |  | Weighted- Average Grant Date Fair Value |  | Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2021 |  | 415,325 |  |  | $ | 16.54 |  |  | $ | 4,830 |
Awards granted |  | 540,225 |  |  | $ | 8.66 |  |  |
Awards released |  | (90,821) |  |  | $ | 17.05 |  |  |
Awards canceled |  | (79,789) |  |  | $ | 11.96 |  |  |
Outstanding, June 30, 2022 |  | 784,940 |  |  | $ | 11.53 |  |  | $ | 4,506 |
As of June 30, 2022, total unrecognized compensation cost related to restricted stock units was $8.2 million, which is expected to be recognized over a remaining weighted-average vesting period of 3.3 years. Stock-Based Compensation Expense Stock Options The fair value of employee stock options was estimated using the following assumptions to determine the fair value of stock options granted:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Expected volatility |  | 54% |  | 83% |  | 54% |  | 83%-84%
Risk-free interest rate |  | 3.4% |  | 1.1% |  | 3.4% |  | 0.8%-1.1%
Dividend yield |  | — |  | — |  | — |  | —
Expected term (in years) |  | 5.50 |  | 5.50-6.08 |  | 5.50 |  | 5.50-6.08
Employee Stock Purchase Plan The following assumptions were used to calculate the stock-based compensation for each stock purchase right granted under the ESPP:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Expected volatility |  | 45% |  | 60% |  | 45% |  | 60%
Risk-free interest rate |  | 0.6% |  | 0.1% |  | 0.6% |  | 0.1%
Dividend yield |  | — |  | — |  | — |  | —
Expected term (in years) |  | 0.50 |  | 0.50 |  | 0.50 |  | 0.50
Stock-based compensation expense for the ESPP was less than $0.1 million for the three and six months ended June 30, 2022 and 2021. As of June 30, 2022, total unrecognized compensation cost related to stock purchase rights granted under the ESPP was less than $0.1 million, which is expected to be recognized over a remaining weighted-average vesting period of 0.2 years. Total non-cash stock-based compensation expense recorded related to options granted, restricted stock units granted and stock purchase rights granted under the ESPP in the condensed statements of operations is as follows (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Costs of revenue |  | $ | 59 |  |  | $ | 61 |  |  | $ | 103 |  |  | $ | 72 |
Selling, general and administrative |  | 1,203 |  |  | 1,049 |  |  | 2,321 |  |  | 1,840 |
Research and development |  | 178 |  |  | 175 |  |  | 392 |  |  | 285 |
Total |  | $ | 1,440 |  |  | $ | 1,285 |  |  | $ | 2,816 |  |  | $ | 2,197 |

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