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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
As of March 31, 2025, 14,331,506 shares of common stock had been authorized for issuance under our 2021 Equity and Incentive Compensation 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, 20241,997,466 $2.12 6.3$732 
Granted— — — — 
Exercised— — — — 
Forfeited, expired and cancelled— — — — 
Balance – March 31, 20251,997,466 $2.12 6.1$402 
Exercisable – March 31, 20251,540,180 $2.55 5.3$201 
Vested and expected to vest as of March 31, 20251,997,466 $2.12 6.1$402 
There were no options granted in the first quarter of 2025 or 2024.
Restricted Stock Unit Activity
A summary of restricted stock unit (“RSU”) 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, 20243,660,581 $1.34 
Granted306,013 1.50 
Vested(356,234)2.15 
Forfeited(558,994)1.44 
Unvested and outstanding balance at March 31, 20253,051,366 $1.24 
The total fair value of RSUs that vested during the three months ended March 31, 2025 and 2024 was approximately $0.4 million and $0.3 million, respectively. We had 139,388 and 218,730 outstanding and fully vested RSUs that remained unsettled at March 31, 2025 and 2024, respectively, all of which are expected to be settled in 2025 and were settled in 2024, respectively. As such, they were excluded from outstanding shares of common stock but were included in weighted-average shares outstanding for the calculation of net loss per share for the three months ended March 31, 2025 and 2024.
Performance Stock Unit Activity
A summary of performance-based restricted stock unit (“PSU”) 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, 2024243,424 $7.59 
Granted— — 
Vested— — 
Forfeited(74,403)4.95 
Unvested and outstanding balance at March 31, 2025169,021 $8.75 
There were no PSUs that vested during the three months ended March 31, 2025 or 2024.
Stock-Based Compensation Expense
Stock-based compensation expense under our equity incentive plans was as follows (in thousands):
Three Months Ended
March 31,
20252024
Cost of sales
$— $633 
Selling and administrative expenses
687 1,201 
Total$687 $1,834 

At March 31, 2025, total unrecognized compensation cost related to unvested stock option awards was $0.1 million and is expected to be recognized over the remaining weighted-average service period of 0.25 years. At March 31, 2025, total unrecognized compensation cost related to unvested performance-based restricted stock units and restricted stock units was $1.6 million and is expected to be recognized over the remaining weighted-average service period of 0.72 years.