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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2025
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 September 30, 2025, 103,046 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Direct costs and expenses |  | $ | 25 |  |  | $ | 20 |  |  | $ | 90 |  |  | $ | 54 |
Research and development |  |  | 108 |  |  |  | 110 |  |  |  | 291 |  |  |  | 240 |
Sales, marketing, general and administrative |  |  | 920 |  |  |  | 1,385 |  |  |  | 2,683 |  |  |  | 5,079 |
Total |  | $ | 1,053 |  |  | $ | 1,515 |  |  | $ | 3,064 |  |  | $ | 5,373 |
The unrecognized remaining share-based compensation expense for optio ns and RSUs was approximately $4.8 million as of September 30, 2025 and is expected to be amortized to expense over the next 2.2 years. Stock Options Stock option activity during the nine months ended September 30, 2025, 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, 2025 |  |  | 208 |  |  | $ | 49.74 |  |  |  | 7.7 |  |  | $ | 718 |
Granted |  |  | 148 |  |  |  | 16.50 |  |  |  | — |  |  |  | — |
Forfeited/canceled |  |  | (24 | ) |  |  | 43.66 |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding ‑ September 30, 2025 |  |  | 332 |  |  | $ | 34.20 |  |  |  | 8.0 |  |  | $ | 27 |
Exercisable ‑ September 30, 2025 |  |  | 150 |  |  | $ | 46.74 |  |  |  | 6.9 |  |  | $ | 18 |
Restricted Stock Unit Activity Restricted stock unit activity during the nine months ended September 30, 2025 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, 2025 |  |  | 188 |  |  | $ | 36.84 |
Granted |  |  | 63 |  |  |  | 13.60 |
Forfeited/canceled |  |  | (1 | ) |  |  | 44.65 |
Released |  |  | (35 | ) |  |  | 37.05 |
Outstanding ‑ September 30, 2025 |  |  | 215 |  |  | $ | 29.83 |
Bonus-to-Options Program The Company also had a Bonus-to-Options Program (the Bonus Option Program) which allowed participants who so elected to convert a portion of their annual cash bonus into fully vested, non-qualified stock options to purchase shares of common stock. Participation was limited to the Chief Executive Officer, direct reports to the Chief Executive Officer and Vice Presidents of the Company. Beginning with fiscal year 2025, the Company terminated the Bonus Option Program to convert future annual cash bonuses to stock options. Stock options previously granted through the Bonus Option Program will remain vested and outstanding until they are exercised, forfeited, or expire. As part of the Bonus Option Program, the Company recorded the following activity during the nine months ended September 30, 2025 (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, 2025 |  |  | 68 |  |  | $ | 40.84 |  |  |  | 8.0 |  |  | $ | 35 |
Granted |  |  | 36 |  |  |  | 18.42 |  |  |  | — |  |  |  | — |
Forfeited/canceled |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding ‑ September 30, 2025 |  |  | 104 |  |  | $ | 33.15 |  |  |  | 8.0 |  |  | $ | — |
Exercisable ‑ September 30, 2025 |  |  | 104 |  |  | $ | 33.15 |  |  |  | 8.0 |  |  | $ | — |
The Company recorde d zero expense for both the three and nine months ended September 30, 2025, respectively, compared to $0.3 million and $0.7 million for the three and nine months ended September 30, 2024, respectively, related to the estimate of the Bonus Option Program. Options granted pertaining to the performance of the Bonus Option Program were typically approved and granted in first quarter of the year following completion of the fiscal year. The weighted average fair value of the Bonus Options and stock options to purchase common stock granted during the nine months ended September 30, 2025 and 2024 was $5.97 and $22.70, respectively. Employee Stock Purchase Plan The ESPP provides for successive six-month offering perio ds beginning on September 1st and March 1st of each year. During the nine months ended September 30, 2025, 48,604 shares were issued under the ESPP, leaving 49,642 sh ares reserved for f uture issuance, following stockholder approval of our Amended and Restated ESPP.

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