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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
As of June 30, 2024, 10,737,065 shares of common stock had been authorized for issuance under our 2021 Equity and Incentive Compensation Plan (the “2021 Plan”) and 6,287,687 shares of common stock were originally reserved for issuance under our 2018 Equity Incentive Plan.
Stock Option Activity
A summary of the stock option activity under our equity incentive plans is as follows:
Number of OptionsWeighted- Average Exercise PriceWeighted- Average Remaining Contractual Term (years)Aggregate Intrinsic Value (in thousands)
Balance – December 31, 20232,291,328 $2.49 6.4$311 
Granted— — — — 
Exercised — — — — 
Forfeited, expired and cancelled(293,862)5.05 — — 
Balance – June 30, 20241,997,466 $2.12 6.8$107 
Exercisable – June 30, 20241,540,180 $2.55 6.1$54 
Vested and expected to vest as of June 30, 20241,997,466 $2.12 6.8$107 
There were no options granted during the three or six months ended June 30, 2024 or 2023. There were no options forfeited, expired or cancelled during the three months ended June 30, 2024.
Restricted Stock Units
A summary of restricted stock unit activity under our equity incentive plans is as follows:
Number of AwardsWeighted- Average Grant Date Fair Value per Share
Unvested and outstanding balance at December 31, 20233,214,910 $2.91 
Granted— — 
Vested(1,584,097)3.08 
Forfeited(26,578)3.11 
Unvested and outstanding balance at June 30, 20241,604,235 $2.74 
The total fair value of restricted stock units that vested during the three months ended June 30, 2024 and 2023 was approximately $1.1 million and $1.2 million, respectively. The total fair value of restricted stock units that vested during the six months ended June 30, 2024 and 2023 was approximately $1.4 million and $1.6 million, respectively. We had 879,000 outstanding and fully vested restricted stock units that remained unsettled at June 30, 2024, all of which are expected to be settled in 2024. As such, they are excluded from outstanding shares of common stock but are included in weighted-average shares outstanding for the calculation of net loss per share for the three and six months ended June 30, 2024.
A summary of performance-based restricted stock unit (“PSU”) activity under our 2021 Plan is as follows:

Number of
awards		Weighted-
average grant
date fair value
per share
Unvested and outstanding balance at December 31, 2023707,655 $10.8 
Granted— — 
Vested (1)
(317,828)16.93 
Forfeited— — 
Unvested and outstanding balance at June 30, 2024389,827 $5.80 
(1) Relates to PSUs that were modified in the fourth quarter of 2023 to change the unvested shares underlying the original awards to time-based vesting.

The total fair value of PSUs that vested during the three and six months ended June 30, 2024 was approximately $0.2 million. There were no PSUs that vested during the three and six months ended June 30, 2023. We had 317,828 outstanding and fully vested PSUs that remained unsettled at June 30, 2024, all of which are expected to be settled in 2024. As such, they are excluded from outstanding shares of common stock but are included in weighted-average shares outstanding for the calculation of net loss per share for the three and six months ended June 30, 2024.
Stock-Based Compensation Expense
Stock-based compensation expense under our equity incentive plans was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Cost of sales (1)
$— $(826)$633 $(453)
Selling and administrative expenses (2)
2,005 3,977 3,206 8,823 
Total$2,005 $3,151 $3,839 $8,370 
(1)    Cost of sales for the three and six months ended June 30, 2023 includes a net reversal of $1.1 million of stock-based compensation expense associated with equity awards granted to an independent contractor for services pursuant to the terms of a license, services and collaboration agreement. The contract with such independent contractor expired in the fourth quarter of 2023, and there was no related stock-based compensation expense recorded for the three and six months ended June 30, 2024.
(2)    Selling and administrative expenses for the three and six months ended June 30, 2023 includes $1.3 million and $2.3 million of accelerated amortization of stock-based compensation expense for certain equity awards during the three and six months ended June 30, 2023, respectively.

The expense presented in the table above is net of capitalized stock-based compensation relating to software development costs of $0.5 million and $1.2 million during the three and six months ended June 30, 2023, respectively. There was no capitalized stock-based compensation relating to software development costs during the three and six months ended June 30, 2024, as stock-based compensation relating to software development costs eligible to be capitalized in the first and second quarters of 2024 was immaterial.
At June 30, 2024, unrecognized compensation cost related to unvested stock options was $0.5 million and is expected to be recognized over the remaining weighted-average service period of 1.0 year. At June 30, 2024, total unrecognized compensation cost related to unvested PSUs and restricted stock units was $4.2 million and is expected to be recognized over the remaining weighted-average service period of 1.29 years.