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Share Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Share-based Compensation Expense

Share-based compensation expense reported in the Company’s statements of operations was (in thousands):

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Direct costs and expenses

 

$

53

 

 

$

65

 

Research and development

 

 

331

 

 

 

427

 

Sales, marketing, general and administrative

 

 

4,989

 

 

 

5,469

 

Total

 

$

5,373

 

 

$

5,961

 
Summary of Stock Option Activity

Stock option activity during the year ended December 31, 2023, excluding the Bonus Option Program described above, was (in thousands, except weighted average exercise price and weighted average contractual life):

 

 

Number of
Options

 

 

Weighted Average
Exercise Price

 

 

Weighted Average
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding - January 1, 2023

 

 

2,541

 

 

$

8.40

 

 

 

7.4

 

 

$

1,489

 

Granted

 

 

454

 

 

 

1.83

 

 

 

—

 

 

 

—

 

Forfeited/canceled

 

 

(365

)

 

 

8.97

 

 

 

—

 

 

 

—

 

Exercised

 

 

(123

)

 

 

0.74

 

 

 

—

 

 

 

—

 

Cancelled under the Option Exchange

 

 

(589

)

 

 

20.43

 

 

 

—

 

 

 

—

 

Granted under the Option Exchange

 

 

123

 

 

 

1.20

 

 

 

—

 

 

 

—

 

Outstanding ‑ December 31, 2023

 

 

2,041

 

 

$

3.36

 

 

 

6.9

 

 

$

964

 

Exercisable ‑ December 31, 2023

 

 

1,298

 

 

$

4.04

 

 

 

5.9

 

 

$

748

 
Summary of Weighted Average Assumptions

The fair value of each option grant was estimated on the grant date with the following weighted average assumptions for the years indicated:

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Expected term (in years)

 

 

5.39

 

 

 

5.65

 

Expected volatility

 

 

80.1

%

 

 

72.6

%

Risk‑free rate

 

 

3.98

%

 

 

1.32

%

Expected dividend yield

 

 

—

%

 

 

—

%
Summary of Restricted Stock Units Activity

Restricted stock unit activity during the year ended December 31, 2023 was (in thousands, except weighted average grant date fair value per share):

 

 

Number of Shares

 

 

Weighted Average
Grant Date Fair Value Per Share

 

Outstanding ‑ January 1, 2023

 

 

1,211

 

 

$

2.36

 

Granted

 

 

2,474

 

 

 

1.92

 

Forfeited/canceled

 

 

(246

)

 

 

2.52

 

Released

 

 

(710

)

 

 

2.48

 

Outstanding ‑ December 31, 2023

 

 

2,729

 

 

$

1.91

 
Bonus-To-Options Program  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Stock Option Activity

The Company recorded the following activity related to the Bonus Option Program during the year ended December 31, 2023 (in thousands, excepted weighted average exercise price and weighted average contractual life):

 

 

Number of
Options

 

 

Weighted Average
Exercise Price

 

 

Weighted Average
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding ‑ January 1, 2023

 

 

526

 

 

$

10.69

 

 

 

7.6

 

 

$

2

 

Granted

 

 

876

 

 

 

2.00

 

 

 

—

 

 

 

—

 

Forfeited/canceled

 

 

(217

)

 

 

4.52

 

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Cancelled under the Option Exchange

 

 

(169

)

 

 

20.67

 

 

 

—

 

 

 

—

 

Granted under the Option Exchange

 

 

34

 

 

 

1.20

 

 

 

—

 

 

 

—

 

Outstanding ‑ December 31, 2023

 

 

1,050

 

 

$

2.81

 

 

 

8.4

 

 

$

22

 

Exercisable ‑ December 31, 2023

 

 

1,016

 

 

$

2.86

 

 

 

8.3

 

 

$

—