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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2024
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-Based Compensation | 10. Stock-Based Compensation Stock Incentive Plan The Company maintains a stock-based compensation plan, the 2011 Incentive Compensation Plan, as amended (the “2011 Plan”), to attract, motivate, retain and reward employees, directors and consultants by providing its Board or a committee of the Board the discretion to award equity incentives to these persons. Stock Options A summary of stock option activity for the three months ended March 31, 2024 is as follows:
|  | Number Outstanding |  |  | Weighted Average Exercise Price per Share |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Balance as of January 1, 2024 |  |  | 494,960 |  |  | $ | 4.99 |  |  |  | 2.23 |  |  | $ | 1,725,985 |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |
Cancelled or Expired |  |  | (7,500 | ) |  |  | 8.97 |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Balance as of March 31, 2024 |  |  | 487,460 |  |  | $ | 4.93 |  |  |  | 2.01 |  |  | $ | 1,583,118 |
Vested or expected to vest as of March 31, 2024 |  |  | 487,460 |  |  | $ | 4.93 |  |  |  | 2.01 |  |  | $ | 1,583,118 |
Exercisable as of March 31, 2024 |  |  | 487,460 |  |  | $ | 4.93 |  |  |  | 2.01 |  |  | $ | 1,583,118 |
The aggregate intrinsic value in the table above represents the difference between the fair value of the Company’s common stock as of March 31, 2024 and the exercise price of in-the-money stock options multiplied by the number of such stock options. The following table summarizes information about stock options outstanding as of March 31, 2024:
|  | Stock Options Outstanding |  |  | Stock Options Exercisable |
Range of Exercise Prices |  | Number Outstanding |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Weighted Average Exercise Price |  |  | Number Exercisable |  |  | Weighted Average Exercise Price |
$4.36 - $7.20 |  |  | 446,460 |  |  |  | 2.17 |  |  | $ | 4.37 |  |  |  | 446,460 |  |  | $ | 4.37 |
$10.93 - $16.40 |  |  | 41,000 |  |  |  | 0.25 |  |  |  | 10.93 |  |  |  | 41,000 |  |  |  | 10.93 |
$4.36 - $16.40 |  |  | 487,460 |  |  |  | 2.01 |  |  | $ | 4.93 |  |  |  | 487,460 |  |  | $ | 4.93 |
As of March 31, 2024, there was no unrecognized stock-based compensation expense related to stock options. Restricted Stock Units The following is a summary of RSU activity for the three months ended March 31, 2024:
|  | Number Outstanding |  |  | Weighted Average Fair Value |
Unvested as of January 1, 2024 |  |  | 730,062 |  |  | $ | 11.17 |
Granted |  |  | 127,919 |  |  |  | 8.63 |
Vested |  |  | (106,761 | ) |  |  | 10.16 |
Forfeited |  |  | — |  |  |  | — |
Unvested as of March 31, 2024 |  |  | 751,220 |  |  | $ | 10.88 |
RSUs vested but not released |  |  | 65,568 |  |  | $ | 10.72 |
The fair value of the Company’s RSUs is calculated based upon the fair market value of the Company’s common stock at the date of grant. As of March 31, 2024, there was $7.0 million of unrecognized compensation expense related to unvested RSUs granted, which is expected to be recognized over a weighted average period of 2.3 years. No tax benefit was realized from RSUs for the three months ended March 31, 2024. Stock-Based Compensation Expense The following table summarizes stock-based compensation expense related to stock options and RSUs included in the condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2024 and 2023 (in thousands):
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Cost of revenue |  | $ | 47 |  |  | $ | 45 |
Research and development |  |  | 182 |  |  |  | 202 |
Selling and marketing |  |  | 264 |  |  |  | 293 |
General and administrative |  |  | 526 |  |  |  | 450 |
Total |  | $ | 1,019 |  |  | $ | 990 |
Restricted Stock Unit Net Share Settlements During the three months ended March 31, 2024 and 2023, the Company repurchased 32,608 and 24,812 shares, respectively, of common stock surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of RSUs issued to employees.

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