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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Summary of Shares Available for Issuance Under 2020 Plan | A summary of the shares available for issuance under the 2020 Plan and Inducement Plan (collectively, the “Incentive Plans”) is as follows:
|  | 2020 Plan |  | Inducement Plan
Balance at December 31, 2023 |  | 294 |  | —
Authorized |  | 566 |  | 100
Granted/Awarded |  | (31) |  | (4)
Cancelled/Forfeited |  | 140 |  | —
Balance at March 31, 2024 |  | 969 |  | 96
Summary of Option Award Activity | Option award activity under the Incentive Plans is set forth below:
|  | Options Outstanding |
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (In Years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2023 |  |  | 1,974 |  |  | $ | 5.31 |  |  |  | 8.0 |  |  | $ | 429 |
Options granted |  |  | 34 |  |  | $ | 4.12 |  |  |  |  |  |  |
Options exercised |  |  | (2 | ) |  | $ | 2.65 |  |  |  |  |  |  |
Options cancelled/forfeited |  |  | (108 | ) |  | $ | 6.45 |  |  |  |  |  |  |
Outstanding at March 31, 2024 |  |  | 1,898 |  |  | $ | 5.23 |  |  |  | 8.1 |  |  | $ | 332 |
Vested and expected to vest at March 31, 2024 |  |  | 1,898 |  |  | $ | 5.23 |  |  |  | 8.1 |  |  | $ | 332 |
Vested and exercisable at March 31, 2024 |  |  | 1,088 |  |  | $ | 5.94 |  |  |  | 7.7 |  |  | $ | 107 |
Summary of Stock Options Outstanding and Vested | The following table summarizes information about stock options outstanding and vested as of March 31, 2024:
|  | Options Outstanding |  |  | Options Vested |
Exercise Price |  | Options Outstanding |  |  | Weighted Average Remaining Contractual Term (in Years) |  |  | Weighted Average Exercise Price |  |  | Number Exercisable |  |  | Weighted Average Exercise Price |
$2.15 - $3.10 |  |  | 355 |  |  |  | 8.8 |  |  | $ | 2.66 |  |  |  | 102 |  |  | $ | 2.66 |
$3.23 |  |  | 422 |  |  |  | 9.2 |  |  | $ | 3.23 |  |  |  | 193 |  |  | $ | 3.23 |
$3.27 - $5.95 |  |  | 54 |  |  |  | 8.3 |  |  | $ | 4.63 |  |  |  | 12 |  |  | $ | 5.78 |
$6.04 |  |  | 413 |  |  |  | 7.7 |  |  | $ | 6.04 |  |  |  | 225 |  |  | $ | 6.04 |
$6.07 - $8.62 |  |  | 654 |  |  |  | 7.1 |  |  | $ | 7.44 |  |  |  | 556 |  |  | $ | 7.45 |
|  |  | 1,898 |  |  |  | 8.1 |  |  | $ | 5.23 |  |  |  | 1,088 |  |  | $ | 5.94 |
Summary of Fair Value of Stock Options was Estimated Using Assumptions | The fair value of stock options was estimated using the following assumptions for the three months ended March 31, 2024 and 2023:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
Risk-free interest rate |  | 3.9 - 4.2% |  | 3.5 - 4.2%
Expected term (years) |  | 6 |  | 6
Expected volatility |  | 58% |  | 70%
Dividends |  | 0.0% |  | 0.0%
Summary of Total Stock-Based Compensation Expense Recognized | The following table sets forth the total stock-based compensation expense recognized under the Incentive Plans and the 2020 ESPP in the Company's condensed statements of operations:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Revenue – product |  | $ | 2 |  |  | $ | — |
Cost of revenue – product |  |  | 51 |  |  |  | 83 |
Cost of revenue – service |  |  | 29 |  |  |  | 46 |
Selling, general and administrative expenses |  |  | 484 |  |  |  | 1,426 |
Research and development expenses |  |  | 86 |  |  |  | 171 |
Total |  | $ | 652 |  |  | $ | 1,726 |
Summary of Unrecognized Stock-based Compensation Expense Expected to be Amortized | Total unrecognized stock-based compensation expense is expected to be amortized as follows:
Fiscal Year |  | Amount |
Remainder of 2024 |  | $ | 1,414 |
2025 |  |  | 1,000 |
2026 |  |  | 222 |
2027 |  |  | 26 |
2028 |  |  | — |
Total unrecognized stock-based compensation expense |  | $ | 2,662 |
Restricted Stock Units |
Summary of Restricted Stock Units Activity | Restricted stock unit activity under the Incentive Plans is set forth below:
|  | Restricted Stock Units Outstanding |
|  | Number of Units |  |  | Weighted Average Grant Date Fair Value Per Share |
Non-vested at December 31, 2023 |  |  | 483 |  |  | $ | 3.04 |
Restricted stock units granted |  |  | 2 |  |  | $ | 3.55 |
Restricted stock units vested |  |  | (84 | ) |  | $ | 3.26 |
Restricted stock units cancelled |  |  | (14 | ) |  | $ | 2.65 |
Non-vested at March 31, 2024 |  |  | 387 |  |  | $ | 3.01 |

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