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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
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, 2024 and 2023 are provided in the following table:

 

 

 

For the Years Ended December 31,

 

 

 

2024

 

 

2023

 

Expected dividend yield

 

 

0

%

 

 

0

%

Expected volatility

 

 

68.7

%

 

 

61.0

%

Expected term (years)

 

 

4.1

 

 

 

4.3

 

Risk-free interest rate

 

 

4.2

%

 

 

4.0

%

 

 

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, 2023

 

 

2,104

 

 

$

10.20

 

 

 

6.2

 

$

329

 

Granted

 

 

425

 

 

$

5.23

 

 

 

 

 

 

Exercised

 

 

(26

)

 

$

4.98

 

 

 

 

$

18

 

Expired/Forfeited

 

 

(127

)

 

$

14.95

 

 

 

 

 

 

Balance at December 31, 2024

 

 

2,376

 

 

$

9.12

 

 

 

5.9

 

$

2,357

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested and exercisable at December 31, 2024

 

 

1,677

 

 

$

10.60

 

 

 

4.7

 

$

1,049

 

Vested and expected to vest at December 31, 2024

 

 

2,376

 

 

$

9.12

 

 

 

5.9

 

$

2,357

 

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, 2023

 

 

706

 

 

$

6.97

 

Grants

 

 

507

 

 

$

5.30

 

Vested and released

 

 

(253

)

 

$

7.41

 

Forfeited

 

 

(125

)

 

$

6.09

 

Balance at December 31, 2024

 

 

835

 

 

$

5.95

 

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,

 

 

 

2024

 

 

2023

 

Cost of goods sold

 

$

311

 

 

$

107

 

Research and development

 

 

1,379

 

 

 

1,062

 

Sales and marketing

 

 

379

 

 

 

373

 

General and administrative

 

 

2,566

 

 

 

2,139

 

Total stock-based compensation expense

 

$

4,635

 

 

$

3,681

 

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, 2023

 

 

110

 

 

$

1.79

 

Grants

 

 

 

 

$

 

Vested and released

 

 

 

 

$

 

Forfeited

 

 

 

 

$

 

Balance at December 31, 2024

 

 

110

 

 

$

1.79