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Stock Based Compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock Based Compensation | 11. Stock-Based Compensation — Under the Company’s Equity Incentive Plan of 1993, as amended (“the Plan”), all employees are eligible to receive non-assignable and non-transferable restricted stock (RSUs), options to purchase common stock, and other forms of equity. During the three months ended September 30, 2024 and 2023, the Company's stock-based compensation expense amounted to $1,135 and $1,716, respectively. During the nine months ended September 30, 2024 and 2023, the Company's stock-based compensation expense amounted to $3,887 and $4,257, respectively. RSUs A summary of nonvested RSUs outstanding is presented below:
|  | Nine Months Ended September 30, 2024 |
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested shares at January 1, 2024 |  |  | 949,510 |  |  | $ | 21.28 |
Granted |  |  | 58,573 |  |  |  | 10.39 |
Vested |  |  | (403,038 | ) |  |  | 20.40 |
Forfeited |  |  | (178,338 | ) |  |  | 20.05 |
Nonvested shares at September 30, 2024 |  |  | 426,707 |  |  | $ | 21.13 |
As of September 30, 2024, the total unrecognized stock-based compensation expense related to RSUs outstanding was $3,278 and is expected to be recognized over a weighted-average period of 1.3 years. Stock Options A summary of the time-based incentive stock option activity for the nine months ended September 30, 2024 is presented below:
|  | Options outstanding |  |  | Weighted Average Exercise Price Per Share |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value |
Balance as of January 1, 2024 |  |  | 146,680 |  |  | $ | 11.49 |  |  | 1.0 |  |  | $ | — |
Granted |  |  | 680,737 |  |  | $ | 10.29 |  |  | 6.3 |  |  | $ | — |
Forfeited |  |  | (232,229 | ) |  | $ | 10.32 |  |  | 6.3 |  |  | $ | — |
Balance as of September 30, 2024 |  |  | 595,188 |  |  | $ | 10.58 |  |  | 5.6 |  |  | $ | — |
Options vested and exercisable as of September 30, 2024 |  |  | 203,542 |  |  | $ | 11.15 |  |  | 1.9 |  |  | $ | — |
As of September 30, 2024, the total unrecognized stock-based compensation expense related to stock options outstanding was $1,209 and is expected to be recognized over a weighted-average period of 2.3 years.

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