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 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 options 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 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 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

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 recorded 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.

The ESPP provides for successive six-month offering periods 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 shares reserved for future issuance, following stockholder approval of our Amended and Restated ESPP.