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Share-Based Compensation
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation

Note 10 – Share-Based Compensation

The Company’s share-based compensation awards are issued under the 2020 Equity Incentive Plan (2020 Plan), the predecessor 2016 Equity Incentive Plan (2016 Plan) and 2006 Equity Incentive Plan (2006 Plan). Any awards that expire or are forfeited under the 2016 Plan or 2006 Plan become available for issuance under the 2020 Plan. As of March 31, 2024, 1,568,206 shares of common stock remained available for future issuance under the 2020 Plan.

Share-Based Compensation Expense

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

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Direct costs and expenses

 

$

16

 

 

$

17

 

Research and development

 

 

25

 

 

 

107

 

Sales, marketing, general and administrative

 

 

2,599

 

 

 

2,157

 

Total

 

$

2,640

 

 

$

2,281

 

The unrecognized remaining share-based compensation expense for options and RSUs was approximately $7.3 million as of March 31, 2024 and is expected to be amortized to expense over the next 2.7 years.

Stock Options

Stock option activity during the three months ended March 31, 2024, excluding the Bonus Option Program described below, 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, 2024

 

 

2,041

 

 

$

3.36

 

 

 

6.9

 

 

$

964

 

Granted

 

 

1,698

 

 

 

1.72

 

 

 

—

 

 

 

—

 

Forfeited/canceled

 

 

(62

)

 

 

2.50

 

 

 

—

 

 

 

—

 

Exercised

 

 

(6

)

 

 

0.52

 

 

 

—

 

 

 

—

 

Outstanding ‑ March 31, 2024

 

 

3,671

 

 

$

2.62

 

 

 

8.2

 

 

$

557

 

Exercisable ‑ March 31, 2024

 

 

1,375

 

 

$

3.91

 

 

 

5.8

 

 

$

485

 

Restricted Stock Unit Activity

Restricted stock unit activity during the three months ended March 31, 2024 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, 2024

 

 

2,729

 

 

$

1.91

 

Granted

 

 

1,264

 

 

 

1.89

 

Forfeited/canceled

 

 

—

 

 

 

—

 

Released

 

 

(387

)

 

 

2.02

 

Outstanding ‑ March 31, 2024

 

 

3,606

 

 

$

1.89

 

 

Bonus-to-Options Program

As part of the Bonus-to-Options Program (Bonus Option Program), the Company recorded the following activity during the three months ended March 31, 2024 (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, 2024

 

 

1,050

 

 

$

2.81

 

 

 

8.4

 

 

$

22

 

Granted

 

 

341

 

 

 

1.46

 

 

 

—

 

 

 

—

 

Forfeited/canceled

 

 

(27

)

 

 

24.34

 

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding ‑ March 31, 2024

 

 

1,364

 

 

$

2.04

 

 

 

8.7

 

 

$

8

 

Exercisable ‑ March 31, 2024

 

 

1,330

 

 

$

2.06

 

 

 

8.7

 

 

$

—

 

The Company recorded $0.2 million for both the three months ended March 31, 2024 and 2023, respectively, related to the estimate of the Bonus Option Program. Options granted, if any, pertaining to the performance of the Bonus Option Program are typically approved and granted in first quarter of the year following completion of the fiscal year.

Employee Stock Purchase Plan

The ESPP provides for successive six-month offering periods beginning on September 1st and March 1st of each year. During the three months ended March 31, 2024, 216,506 shares were issued under the ESPP leaving 430,612 shares reserved for future issuance.