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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2024
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Stockholders’ Equity Common Stock The Company is authorized to issue 700,000,000 shares of Class A common stock, par value $0.0001 per share, 20,000,000 shares of Class B common stock, par value $0.0001 per share, and 10,000,000 shares of Class C common stock, par value $0.0001 per share. Each share of Class A common stock is entitled to one vote and each share of Class B common stock is entitled to fifty votes. Class C common stock is non-voting. Preferred Stock The Company is authorized to issue 50,000,000 shares of preferred stock, par value $0.0001 per share. The Company’s board of directors is authorized, without further stockholder approval, to issue such preferred stock in one or more series, to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. There were no issued and outstanding shares of preferred stock as of September 30, 2024 or December 31, 2023. Stock-Based Compensation Stock Options A summary of the stock option activity under the Company’s equity incentive plans is presented below:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Term |  | Aggregate Intrinsic Value
Balance as of December 31, 2023 | 845 |  | $ | 24.98 |  |  | 1.71 |  | $ | — |
Granted | 7,213 |  |  | 2.18 |  |  | — |  |  | — |
Exercised | — |  |  | 3.00 |  |  | — |  |  | — |
Forfeited | (159) |  | 4.71 |  |  | — |  |  | — |
Expired | (611) |  | 23.98 |  |  | — |  |  | — |
Balance as of September 30, 2024 | 7,288 |  | $ | 2.94 |  |  | 9.49 |  | $ | 3,438 |
Expected to vest at September 30, 2024 | 7,288 |  | $ | 2.94 |  |  | 9.49 |  | $ | 3,438 |
Exercisable at September 30, 2024 | 178 |  | $ | 31.54 |  |  | 4.47 |  | $ | 1 |
As of September 30, 2024, the total share-based compensation costs not yet recognized related to unvested stock options was $9.1 million, which is expected to be recognized over the weighted-average remaining requisite service period of 1.3 years. Restricted Stock Units A summary of restricted stock unit (“RSU”) activity is presented below:
| Shares |  | Weighted Average Grant- Date Fair Value
Outstanding as of December 31, 2023 | 2,190 |  | $ | 3.74 |
Granted | 928 |  |  | 1.38 |
Vested | (1,135) |  | 3.79 |
Forfeited | (485) |  | 3.73 |
Outstanding as of September 30, 2024 | 1,498 |  | $ | 2.25 |
As of September 30, 2024, there were approximately $2.4 million of unrecognized compensation costs related to RSUs. Stock-Based Compensation Expense The following table summarizes stock-based compensation expense included in the condensed consolidated statements of operations:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of revenue, excluding depreciation and amortization | $ | 430 |  |  | $ | 220 |  |  | $ | 1,006 |  |  | $ | 744 |
Sales and marketing | 203 |  |  | 236 |  |  | 404 |  |  | 681 |
General and administrative | 971 |  |  | 1,184 |  |  | 2,518 |  |  | 3,320 |
Research and development 1 | 135 |  |  | 67 |  |  | 310 |  |  | (221) |
Total | $ | 1,739 |  |  | $ | 1,707 |  |  | $ | 4,238 |  |  | $ | 4,524 |
________________________________ (1) The negative stock-based compensation expense for the nine months ended September 30, 2023 for research and development was due to forfeitures. RSUs settle into shares of common stock upon vesting. Upon the vesting of the RSUs, for certain employees, the Company net-settles the RSUs and withholds a portion of the shares to satisfy minimum statutory employee withholding tax requirements. Total payment of the employees’ tax obligations to the tax authorities is reflected as a financing activity within the condensed consolidated statements of cash flows. At-The-Market Offering On March 21, 2023, the Company filed a shelf registration statement on Form S-3 (the “Shelf Registration Statement”) under which the Company may, from time to time, sell securities in one or more offerings having an aggregate offering price of up to $150.0 million. The Shelf Registration Statement was declared effective as of April 5, 2023. On June 20, 2023, the Company entered into an At-The-Market Offering Agreement with Craig-Hallum Capital Group LLC pursuant to which the Company was able to sell up to 3,316,503 shares of its Class A common stock. In July 2024, the Company increased the size of the offering available under the At-The-Market-Offering Agreement to $150.0 million and filed a prospectus supplement with respect to such increase. As of September 30, 2024, the Company had sold, in the aggregate, 996,897 shares of its Class A common stock, at an average price of $2.26 per share, for aggregate net proceeds of $2.3 million after deducting commissions and offering expenses. The Company used the aggregate net proceeds for general corporate purposes.

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