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Capital Structure (Tables)

3 Months Ended

Mar. 31, 2023

Stockholder's Equity

Schedule of Series A Preferred Stock

A summary of the Company’s Series B Perpetual Non-Convertible Preferred Stock balance at March 31, 2023 and changes during the three months ended March 31, 2023, are presented below:

			Series B Preferred Stock
			Shares						Amount
Balance at December 31, 2022			71						$	68,348
Amortization of preferred stock issuance costs			—						—
Issuance of preferred PIK dividend			—						—
Redemption of Series B preferred shares			—						—
Balance at March 31, 20231			71						$	68,348

________________________________

1    Series B preferred stock net principal balance of $68.3 million is presented as gross principal balance of $70.7 million net of $2.35 million unamortized issuance costs.

Schedule of Stock-based Compensation

The following table summarizes stock-based compensation expense related to all of the Company’s stock awards included by operating expense categories, as follows:

			Three Months Ended March 31,
			2023						2022
Cost of revenues			$	224					$	221
Research and development			542						556
Selling, general and administrative			973						1,150
Total stock-based compensation expense			$	1,739					$	1,927

The following table summarizes stock-based compensation expense related to all of the Company’s stock awards included by award type, as follows:

			Three Months Ended March 31,
			2023						2022
Stock options			$	528					$	794
Restricted stock awards			785						878
Performance Based Cash Units			426						255
Total stock-based compensation before taxes			$	1,739					$	1,927
Tax benefit			$	345					$	377

Schedule of Fair Value Assumptions

The weighted-average assumptions used in the Black-Scholes option pricing model are as follows: 

						Three Months Ended March 31,
						2023						2022
Expected stock price volatility						72.5		%				71.9		%
Risk-free interest rate						4.3		%				1.5		%
Expected life of options (in years)						4.28						4.15
Expected dividend yield						0.0		%				0.0		%
Weighted-average fair value (PSV) of the options						$	0.60					$	1.13

Schedule of Information About Stock Options Outstanding

The following table summarizes information about stock options outstanding as of March 31, 2023:

Options						Number of Options						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value
Outstanding at December 31, 2022						6,641						$	3.80
Options Granted						19						1.02
Options Exercised						—						—
Options Cancelled						(160)						8.04
Outstanding at March 31, 2023						6,500						$	3.69					5.07						$	1
Vested and exercisable at March 31, 2023						2,635						$	6.67					3.71						$	—

Restricted stock awards

Stockholder's Equity

Summary of Unvested Restricted Stock and Performance Shares Activity

A summary of the Company’s unvested restricted stock at March 31, 2023, and changes during the three months ended March 31, 2023, is presented below:

Unvested Restricted Stock						Number of Awards						Weighted- Average Grant Date Fair Value
Unvested at December 31, 2022						4,385						$	1.82
Granted						3,161						0.95
Granted adjustment1						(395)						3.25
Vested						(94)						4.47
Forfeited						(71)						2.32
Unvested at March 31, 2023						6,986						$	1.31

___________________________

1    Represents performance based cash units grants that vested and were paid out in form of shares of stock during the period and changes in unvested performance based restricted stock awards due to performance adjustments.

Performance based cash units

Stockholder's Equity

Summary of Unvested Restricted Stock and Performance Shares Activity

A summary of the Company’s outstanding performance based cash units at March 31, 2023 and changes during the three months ended March 31, 2023, is presented below:

Outstanding Cash Units						Number of Units						Period End Fair Value
Outstanding at December 31, 2022						5,872						$	0.62
Granted						1,206						—
Granted adjustment1						—						—
Vested and distributed2						—						—
Forfeited						(56)						—
Outstanding at March 31, 2023						7,022						$	0.94

___________________________

1    Includes changes in the outstanding performance based cash units due to performance adjustments.

2    Includes earned PBCU that vested and were distributed to participants during the period.

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