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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Weighted Average Assumptions Used in Estimating Fair Value of Stock Options

The grant-date fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. The weighted average assumptions for grants during the years ended December 31, 2022 and 2021, are provided in the following table:

 

 

 

For the Years Ended December 31,

 

 

 

2022

 

 

2021

 

Expected dividend yield

 

 

0

%

 

 

0

%

Expected volatility

 

 

57.4

%

 

 

52.4

%

Expected term (years)

 

 

5.6

 

 

 

5.6

 

Risk-free interest rate

 

 

4.6

%

 

 

0.7

%

 

Summary of Outstanding Stock Option Activity

A summary of the Company’s stock option activity is as follows (shares in thousands):

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

Number of
stock options

 

 

Exercise
price

 

 

Remaining contractual term (years)

 

Aggregate Intrinsic Value (in thousands)

 

Balance at December 31, 2021

 

 

2,000

 

 

$

12.79

 

 

 

7.3

 

$

2,246

 

Granted

 

 

451

 

 

$

8.58

 

 

 

 

 

 

Exercised

 

 

(9

)

 

$

2.30

 

 

 

 

$

59

 

Expired/Forfeited

 

 

(377

)

 

$

13.56

 

 

 

 

 

 

Balance at December 31, 2022

 

 

2,065

 

 

$

11.78

 

 

 

6.7

 

$

758

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested and exercisable at December 31, 2022

 

 

1,370

 

 

$

11.42

 

 

 

5.6

 

$

758

 

Vested and expected to vest at December 31, 2022

 

 

2,065

 

 

$

11.78

 

 

 

6.7

 

$

758

 

Summary of Outstanding Restricted Stock Unit Activity

The following table summarizes the Company’s restricted stock unit activity (shares in thousands):

 

 

 

Restricted
stock units

 

 

Weighted average grant date fair value

 

Balance at December 31, 2021

 

 

333

 

 

$

17.55

 

Grants

 

 

294

 

 

$

8.14

 

Vested and released

 

 

(89

)

 

$

17.43

 

Forfeited

 

 

(94

)

 

$

15.50

 

Balance at December 31, 2022

 

 

444

 

 

$

11.78

 

Schedule Of Stock Based Compensation Expenses

Stock-based compensation is recorded in the consolidated statements of operations as follows (in thousands):

 

 

 

For the Years Ended December 31,

 

 

 

2022

 

 

2021

 

Cost of goods sold

 

$

181

 

 

$

3

 

Research and development

 

 

1,056

 

 

 

777

 

Sales and marketing

 

 

1,195

 

 

 

919

 

General and administrative

 

 

2,546

 

 

 

2,350

 

Total stock-based compensation expense

 

$

4,978

 

 

$

4,049

 

Schedule of performance stock unit

The following table summarizes the Company's performance stock unit (PSU) activity during the period indicated (shares in thousands):

 

 

 

Performance
stock units

 

 

Weighted average grant date fair value

 

Balance at December 31, 2021

 

 

 

 

$

 

Grants

 

 

137

 

 

$

2.09

 

Vested and released

 

 

 

 

$

 

Forfeited

 

 

 

 

$

 

Balance at December 31, 2022

 

 

137

 

 

$

2.09