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Stock Option Plan | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Option Plan | Stock Option Plan 2019 Incentive Award Plan In September 2019, the 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. The 2019 Plan contains an "evergreen provision" that allows annual increases in the number of shares available for issuance on the first day of each calendar year through January 1, 2029 in an amount equal to the lesser of: (i) 4% of the outstanding capital stock on each December 31st, or (ii) such lesser amount determined by the Board of Directors. As of June 30, 2023, 1,740,628 shares of common stock remained available for future awards under the 2019 Plan. 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. The number of shares of common stock available for issuance under the ESPP will be annually increased on the first day of each calendar year during the term of the ESPP through January 1, 2029 in an amount equal to the lesser of (i) 1% of the outstanding capital stock on each December 31st, or (ii) such lesser amount determined by the Board of Directors. As of June 30, 2023, 508,608 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, 2022 |  | 1,421,235 |  |  | $ | 12.94 |  |  | 7.09 |  | $ | 483 |
Granted |  | 58,500 |  |  | $ | 3.15 |  |  |  |  |
Exercised |  | (93,335) |  |  | $ | 0.26 |  |  |  |  |
Forfeited |  | (32,426) |  |  | $ | 14.38 |  |  |  |  |
Expired |  | (359,448) |  |  | $ | 17.02 |  |  |  |  |
Outstanding, June 30, 2023 |  | 994,526 |  |  | $ | 12.03 |  |  | 6.90 |  | $ | 349 |
Vested and expected to vest, June 30, 2023 |  | 994,526 |  |  | $ | 12.03 |  |  | 6.90 |  | $ | 349 |
Options exercisable, June 30, 2023 |  | 825,513 |  |  | $ | 12.24 |  |  | 6.66 |  | $ | 349 |
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. The aggregate intrinsic value of options exercised during the six months ended June 30, 2023 was $0.2 million. There were no options exercised during the six months ended June 30, 2022. As of June 30, 2023, total unrecognized compensation cost related to option awards was $0.9 million, which is expected to be recognized over a remaining weighted-average vesting period of 0.91 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, 2022 |  | 1,036,208 |  |  | $ | 7.28 |  |  | $ | 2,487 |
Awards granted |  | 796,400 |  |  | $ | 2.42 |  |  |
Awards released |  | (144,985) |  |  | $ | 12.01 |  |  |
Awards canceled |  | (89,045) |  |  | $ | 9.53 |  |  |
Outstanding, June 30, 2023 |  | 1,598,578 |  |  | $ | 4.30 |  |  | $ | 4,636 |
As of June 30, 2023, all of the outstanding restricted stock units were unvested. The fair value of restricted stock units vested in the six months ended June 30, 2023 and 2022 was $0.4 million and $0.6 million, respectively. The weighted average grant date fair value for restricted stock units granted in the six months ended June 30, 2023 and 2022 was $2.42 and $8.66, respectively. As of June 30, 2023, total unrecognized compensation cost related to restricted stock units was $6.0 million, which is expected to be recognized over a remaining weighted-average vesting period of 3.3 years. Stock-Based Compensation Expense 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,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Costs of revenue |  | $ | 63 |  |  | $ | 59 |  |  | $ | 116 |  |  | $ | 103 |
Selling, general and administrative |  | 874 |  |  | 1,203 |  |  | 1,705 |  |  | 2,321 |
Research and development |  | 41 |  |  | 178 |  |  | 143 |  |  | 392 |
Total |  | $ | 978 |  |  | $ | 1,440 |  |  | $ | 1,964 |  |  | $ | 2,816 |

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