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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 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:
|  | Year Ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Cost of sales |  | $ | 141 |  |  | $ | 125 |
Research and development |  |  | 1,231 |  |  |  | 648 |
Sales and marketing |  |  | 2,104 |  |  |  | 1,387 |
General and administrative |  |  | 4,245 |  |  |  | 1,648 |
Total stock-based compensation(1) |  | $ | 7,721 |  |  | $ | 3,808 |
(1) A portion of the stock-based compensation in the table above pertains to Incentive Stock Options, which are nondeductible and the balance that is related to stock-based compensation is offset by valuation allowance. Therefore, we have excluded the income tax effect associated with the stock-based compensation in the calculation above.
Schedule of Stock Option Activity | The following table summarizes stock option activity for the Plans for the year ended December 31, 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 |  |  | 2,786,951 |  |  | $ | 1.49 |  |  |  |  |  |  |
Exercised |  |  | (789,097 | ) |  | $ | 0.34 |  |  |  |  |  |  |
Forfeited/expired |  |  | (1,467,291 | ) |  | $ | 8.31 |  |  |  |  |  |  |
Outstanding at December 31, 2024 |  |  | 5,403,090 |  |  | $ | 1.74 |  |  |  | 7.18 |  |  | $ | 581 |
Exercisable at December 31, 2024 |  |  | 2,630,187 |  |  | $ | 1.63 |  |  |  | 4.83 |  |  | $ | 568 |
Schedule of Fair Value of Each Stock Option Estimated Using Weighted Average Assumptions | The fair value of each stock option was estimated on the date of grant using the weighted-average assumptions in the table below:
|  | December 31, 2024 |  |  | December 31, 2023 |
Expected volatility |  |  | 72.4 | % |  |  | 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 2023 Plan for the year ended December 31, 2024:
|  | Number of shares |  |  | Weighted average grant date fair value per share |
Outstanding at December 31, 2023 |  |  | 872,037 |  |  | $ | 11.27 |
Granted |  |  | 2,557,692 |  |  | $ | 1.40 |
Vested |  |  | (1,088,384 | ) |  | $ | 4.18 |
Forfeited/expired |  |  | (237,399 | ) |  | $ | 6.26 |
Outstanding at December 31, 2024 |  |  | 2,103,946 |  |  | $ | 3.50 |
Schedule of PSU Activity | The following table summarizes the PSU activity for the 2023 Plan for the year ended December 31, 2024:
|  | Number of shares |  |  | Weighted average grant date fair value per share |
Outstanding at December 31, 2023 |  |  | — |  |  | $ | — |
Granted |  |  | 1,940,602 |  |  | $ | 1.58 |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | (180,554 | ) |  | $ | 1.60 |
Outstanding at December 31, 2024 |  |  | 1,760,048 |  |  | $ | 1.58 |

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