Stockholder's Equity

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

(a) Stock Equity and Incentive Plan

The Company recognizes stock-based compensation in accordance with the provisions of ASC Topic 718, Compensation-Stock Compensation. Stock-based compensation expense was $721 and $566, excluding $1 and $12 of compensation charges related to our Amended and Restated 1996 Employee Stock Purchase Plan, or the ESPP, for the three months ended June 30, 2024 and 2023, respectively, and $1,238 and $850, excluding $6 and $24 of compensation shares related to the ESPP, for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, there was $1,614 of total unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.68 years. As of June 30, 2024, there was $1,881 of total unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted-average period of 2.76 years.

Stock Options

During the three months ended June 30, 2024, no shares of common stock were issued upon the exercise of stock options. No shares were surrendered to the Company to satisfy minimum tax withholding obligations. Additionally, during the three months ended June 30, 2024, no stock options were granted and 257 stock options expired, were canceled or were forfeited.

During the six months ended June 30, 2024, no shares of common stock were issued upon the exercise of stock options. No shares were surrendered to the Company to satisfy minimum tax withholding obligations. Additionally, during the six months ended June 30, 2024, 266 stock options were granted and 271 stock options expired, were canceled or were forfeited. During the six months ended June 30, 2023, 317 stock options were granted. The Company has historically estimated the fair value of each option grant on the date of grant using the Black-Scholes option-pricing model. The weighted average assumptions utilized to determine the fair value of options granted during the six months ended June 30, 2024 and 2023 are as follows:



	Six Months Ended June 30,
	2024		2023
Risk-free interest rate	4.36	%	4.49	%
Expected volatility	48.63	%	43.93	%
Expected life (in years)	4.32		4.30
Dividend yield	0	%	0	%

As of June 30, 2024, there were 1,225 options outstanding with a weighted average exercise price of $8.64 per share and 599 options exercisable with a weighted average exercise price of $9.84 per share.

Restricted Stock

During the three months ended June 30, 2024, no shares of restricted stock were granted and 35 shares of restricted stock were forfeited. Additionally, during the three months ended June 30, 2024, 76 shares of restricted stock vested.

During the six months ended June 30, 2024, 122 shares of restricted stock were granted with a weighted average grant date fair value of $5.03 per share and 43 shares of restricted stock were forfeited. Additionally, during the six months ended June 30, 2024, 142 shares of restricted stock vested.

As of June 30, 2024, the Company had no unvested outstanding options and no outstanding shares of restricted stock that were subject to performance-based or market-based vesting conditions.

(b) Employee Stock Purchase Plan

The Company's ESPP affords eligible employees the right to purchase common stock, via payroll deductions, through various offering periods at a purchase price equal to 85% of the fair market value of the common stock on the first or last day of the offering period, whichever is lower. During the three months ended June 30, 2024 and 2023, no shares were issued under the ESPP plan. During the six months ended June 30, 2024 and 2023, 24 and 0 shares were issued under the ESPP plan, respectively. The Company recorded compensation charges related to the ESPP of $1 and $12 for the three months ended June 30, 2024 and 2023, respectively, and $6 and $24 for the six months ended June 30, 2024 and 2023, respectively.

The following table presents stock-based compensation expense, including expense for the ESPP, in the Company's consolidated statements of operations for the six months ended June 30, 2024 and 2023, respectively:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of service sales	7		5		$	14	$	9
Cost of product sales	$	5	$	9	14		16
Research and development	174		149		263		237
Sales, marketing and support	74		59		145		97
General and administrative	462		356		808		515
	$	722	$	578	$	1,244	$	874

(d) Accumulated Other Comprehensive Loss (AOCL)

Comprehensive income (loss) includes net income (loss), unrealized gains and losses from foreign currency translation, and unrealized gains and losses on available for sale marketable securities. The components of the Company’s comprehensive income (loss) and the effect on earnings for the periods presented are detailed in the accompanying consolidated statements of comprehensive (loss) income.

The balances for the three months ended June 30, 2024 and 2023 are as follows:




	Foreign Currency Translation		Unrealized Gain (Loss) on Available for Sale Marketable Securities		Total Accumulated Other Comprehensive Loss
Balance, March 31, 2024	$	(3,956)	$	—	$	(3,956)
Other comprehensive loss	(35)		—		(35)
Net other comprehensive loss	(35)		—		(35)
Balance, June 30, 2024	$	(3,991)	$	—	$	(3,991)




	Foreign Currency Translation		Unrealized Gain (Loss) on Available for Sale Marketable Securities		Total Accumulated Other Comprehensive Loss
Balance, March 31, 2023	$	(4,032)	$	1	$	(4,031)
Other comprehensive income (loss)	77		(1)		76

Net other comprehensive income (loss)	77		(1)		76
Balance, June 30, 2023	$	(3,955)	$	—	$	(3,955)

The balances for the six months ended June 30, 2024 and 2023 are as follows:



	Foreign Currency Translation		Unrealized Gain (Loss) on Available for Sale Marketable Securities		Total Accumulated Other Comprehensive Loss
Balance, December 31, 2023	$	(4,185)	$	—	$	(4,185)
Other comprehensive income	194		—		194
Net other comprehensive income	194		—		194
Balance, June 30, 2024	$	(3,991)	$	—	$	(3,991)



	Foreign Currency Translation		Unrealized (Loss) Gain on Available for Sale Marketable Securities		Total Accumulated Other Comprehensive Loss
Balance, December 31, 2022	$	(4,098)	$	(12)	$	(4,110)
Other comprehensive income	143		12		155

Net other comprehensive income	143		12		155
Balance, June 30, 2023	$	(3,955)	$	—	$	(3,955)