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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-based Compensation Expense | The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations and comprehensive loss:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 267 |  |  | $ | 180 |  |  | $ | 946 |  |  | $ | 292 |
Sales and marketing |  |  | 437 |  |  |  | 455 |  |  |  | 1,608 |  |  |  | 901 |
General and administrative |  |  | 1,051 |  |  |  | 580 |  |  |  | 3,314 |  |  |  | 831 |
Cost of sales |  |  | 31 |  |  |  | 59 |  |  |  | 126 |  |  |  | 113 |
Total stock-based compensation |  | $ | 1,786 |  |  | $ | 1,274 |  |  | $ | 5,994 |  |  | $ | 2,137 |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the Plans for the nine months ended September 30, 2024:
|  | Number of shares |  |  | Weighted average exercise price per share |  |  | Weighted average remaining contractual term (years) |  |  | Aggregate intrinsic value (in 000’s) |
Outstanding at December 31, 2023 |  |  | 4,872,527 |  |  | $ | 3.64 |  |  |  | 6.10 |  |  |  |
Granted |  |  | 2,355,844 |  |  | $ | 1.58 |  |  |  |  |  |  |
Exercised |  |  | (788,899 | ) |  | $ | 0.34 |  |  |  |  |  |  |
Forfeited |  |  | (253,054 | ) |  | $ | 5.97 |  |  |  |  |  |  |
Expired |  |  | (130,413 | ) |  | $ | 3.37 |  |  |  |  |  |  |
Outstanding at September 30, 2024 |  |  | 6,056,005 |  |  | $ | 3.17 |  |  |  | 7.66 |  |  | $ | 2,090 |
Exercisable at September 30, 2024 |  |  | 2,553,916 |  |  | $ | 2.47 |  |  |  | 5.23 |  |  | $ | 1,759 |
Vested and expected to vest at September 30, 2024 |  |  | 6,056,005 |  |  | $ | 3.17 |  |  |  | 7.66 |  |  |  |
Schedule of Fair Value of Each Option Estimated Using Weighted Average Assumptions | The fair value of each stock option granted during the nine months ended September 30, 2024, was estimated on the date of grant using the weighted average assumptions in the table below:
|  | September 30, 2024 |  |  | September 30, 2023 |
Expected volatility |  |  | 72.3 | % |  |  | 68.1 | %
Risk-free interest rate |  |  | 3.5 | % |  |  | 4.1 | %
Expected term (in years) |  |  | 6.0 |  |  |  | 6.0 |
Expected dividend yield |  |  | — | % |  |  | — | %
Schedule of RSU Activity | The following table summarizes RSU activity for the Plans for the nine months ended September 30, 2024:
|  | Number of shares |  |  | Weighted average grant date fair value per share |
Outstanding at December 31, 2023 |  |  | 872,037 |  |  | $ | 11.27 |
Granted |  |  | 2,369,213 |  |  | $ | 1.43 |
Vested |  |  | (1,047,671 | ) |  | $ | 4.31 |
Forfeited |  |  | (91,369 | ) |  | $ | 8.84 |
Outstanding at September 30, 2024 |  |  | 2,102,210 |  |  | $ | 3.75 |
Schedule of PSU Activity | The following table summarizes the PSU activity for the Plans for the nine months ended September 30, 2024:
|  | Number of shares |  |  | Weighted average grant date fair value per share |
Outstanding at December 31, 2023 |  |  | — |  |  | $ | — |
Granted |  |  | 1,869,602 |  |  | $ | 1.60 |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | — |  |  | $ | — |
Outstanding at September 30, 2024 |  |  | 1,869,602 |  |  | $ | 1.60 |

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