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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2023
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, 2023 and 2022 are provided in the following table:

 

 

 

For the Years Ended December 31,

 

 

 

2023

 

 

2022

 

Expected dividend yield

 

 

0

%

 

 

0

%

Expected volatility

 

 

61.0

%

 

 

57.4

%

Expected term (years)

 

 

4.3

 

 

 

5.6

 

Risk-free interest rate

 

 

4.0

%

 

 

4.6

%

 

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, 2022

 

 

2,065

 

 

$

11.78

 

 

 

6.7

 

$

758

 

Granted

 

 

396

 

 

$

4.90

 

 

 

 

 

 

Exercised

 

 

(12

)

 

$

2.30

 

 

 

 

$

40

 

Expired/Forfeited

 

 

(345

)

 

$

13.82

 

 

 

 

 

 

Balance at December 31, 2023

 

 

2,104

 

 

$

10.20

 

 

 

6.2

 

$

329

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested and exercisable at December 31, 2023

 

 

1,482

 

 

$

11.25

 

 

 

5.1

 

$

264

 

Vested and expected to vest at December 31, 2023

 

 

2,104

 

 

$

10.20

 

 

 

6.2

 

$

329

 

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, 2022

 

 

444

 

 

$

11.78

 

Grants

 

 

726

 

 

$

4.94

 

Vested and released

 

 

(312

)

 

$

8.13

 

Forfeited

 

 

(152

)

 

$

8.90

 

Balance at December 31, 2023

 

 

706

 

 

$

6.97

 

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,

 

 

 

2023

 

 

2022

 

Cost of goods sold

 

$

107

 

 

$

181

 

Research and development

 

 

1,062

 

 

 

1,056

 

Sales and marketing

 

 

373

 

 

 

1,195

 

General and administrative

 

 

2,139

 

 

 

2,546

 

Total stock-based compensation expense

 

$

3,681

 

 

$

4,978

 

Schedule of performance stock unit

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

 

 

 

Performance
stock units

 

 

Weighted average grant date fair value

 

Balance at December 31, 2022

 

 

137

 

 

$

2.09

 

Grants

 

 

18

 

 

$

0.60

 

Vested and released

 

 

 

 

$

 

Forfeited

 

 

(45

)

 

$

2.20

 

Balance at December 31, 2023

 

 

110

 

 

$

1.79