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Stock Option Plan
 9 Months Ended
Sep. 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 or, for grants to new hires, date of hire. As of September 30, 2022, 1,528,877 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 September 30, 2022, 413,425 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, 20212,014,330 $12.10 7.87$5,428 
Granted63,000 $5.25 
Exercised(1,273)$0.33 
Forfeited(114,182)$13.74 
Expired(141,320)$13.79 
Outstanding, September 30, 2022
1,820,555 $11.63 7.19$1,150 
Vested and expected to vest, September 30, 2022
1,820,555 $11.63 7.19$1,150 
Options exercisable, September 30, 2022
1,321,485 $10.59 6.93$1,126 
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 September 30, 2022, total unrecognized compensation cost related to option awards was $3.5 million, which is expected to be recognized over a remaining weighted-average vesting period of 1.36 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, 2021415,325 $16.54 $4,830 
Awards granted604,100 $8.61 
Awards released(99,624)$16.62 
Awards canceled(114,305)$11.72 
Outstanding, September 30, 2022
805,496 $11.27 $2,183 
As of September 30, 2022, total unrecognized compensation cost related to restricted stock units was $7.7 million, which is expected to be recognized over a remaining weighted-average vesting period of 3.1 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 September 30,Nine Months Ended September 30,
 2022202120222021
Expected volatility
—%
86%
54%
83%-86%
Risk-free interest rate
—%
0.9%
3.4%
0.8%-1.1%
Dividend yield————
Expected term (in years)
0
5.77
5.5
5.50-6.08
There were no stock options granted in the three months ended September 30, 2022.
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 September 30,Nine Months Ended September 30,
 2022202120222021
Expected volatility45%45%
45%-57%
45%-60%
Risk-free interest rate0.6%0.1%
0.6%-3.3%
0.1%
Dividend yield————
Expected term (in years)0.500.500.500.50
Stock-based compensation expense for the ESPP was less than $0.1 million for the three and nine months ended September 30, 2022 and 2021. As of September 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 0.41 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 September 30,Nine Months Ended September 30,
 2022202120222021
Costs of revenue$56 $64 $159 $136 
Selling, general and administrative1,085 1,115 3,406 2,955 
Research and development165 175 557 460 
Total$1,306 $1,354 $4,122 $3,551