Stockholders' Equity (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Equity [Abstract] |
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| Summary of Share-Based Compensation Expense |
The following table sets forth share-based compensation expense included in the consolidated statements of operations:
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Years Ended December 31, |
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(in thousands) |
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2022 |
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2021 |
| Cost of revenue |
$ |
63 |
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$ |
30 |
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| Research and development |
1,060 |
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|
464 |
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| Sales and marketing |
809 |
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|
351 |
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| General and administrative |
2,194 |
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|
1,233 |
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| Share-based compensation expense |
$ |
4,126 |
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$ |
2,078 |
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Share-based compensation expense by type of share-based award:
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Years Ended December 31, |
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(in thousands) |
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2022 |
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2021 |
| Stock options |
$ |
1,076 |
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$ |
686 |
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| RSAs and RSUs |
2,828 |
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|
1,314 |
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| ESPP |
222 |
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|
78 |
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$ |
4,126 |
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$ |
2,078 |
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Total unrecognized compensation expense by type of award and the weighted-average remaining requisite service period over which such expense is expected to be recognized (in thousands, unless otherwise noted):
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December 31, 2022 |
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Unrecognized Expense |
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Remaining Weighted-Average Recognition Period (in years) |
| Stock options |
1,306 |
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|
1.87 |
| RSAs and RSUs |
5,649 |
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|
2.13 |
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| Summary of Stock Option Activity |
Stock option activity under all of the Company’s Plans as of and for the year ended December 31, 2022 is summarized below:
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Stock Options |
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Weighted-average
Exercise price
per share |
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Weighted-average Remaining Contractual Life (in years) |
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Intrinsic Value
(in thousands)(1)
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| Outstanding at December 31, 2021 |
1,350,473 |
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$ |
10.10 |
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| Granted |
147,723 |
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$ |
10.91 |
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| Exercised |
(30,000) |
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$ |
2.45 |
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| Forfeited or expired |
(69,910) |
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$ |
43.27 |
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| Outstanding at December 31, 2022 |
1,398,286 |
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$ |
8.69 |
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6.11 |
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$ |
5,328 |
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| Exercisable at December 31, 2022 |
1,133,621 |
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$ |
8.12 |
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|
5.47 |
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$ |
5,113 |
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| Vested and expected to vest at December 31, 2022 |
1,398,286 |
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$ |
8.69 |
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6.11 |
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$ |
5,328 |
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(1) Intrinsic value is calculated as the estimated fair value of the Company’s stock at December 31, 2022 less the option exercise price of in-the-money options.
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| Summary of Non-vested Stock Options |
A summary of the status of the Company’s non-vested stock options for the year ended December 31, 2022 is presented below:
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Non-vested Stock Options |
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Weighted - Average
Grant
Date Fair Value |
| Nonvested, December 31, 2021 |
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291,220 |
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$ |
5.38 |
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| Granted |
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147,723 |
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$ |
8.21 |
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| Vested |
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(169,987) |
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$ |
5.16 |
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| Forfeited or expired |
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(4,291) |
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$ |
10.33 |
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| Nonvested, December 31, 2022 |
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264,665 |
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$ |
7.19 |
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| Summary of Fair Value Assumptions |
The fair value of each stock option is estimated on the date of grant using the Black-Scholes valuation model utilizing the following weighted average assumptions for options granted during the years ended December 31, 2022 and 2021:
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Years Ended December 31, |
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2022 |
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2021 |
| Risk-free interest rate |
3.07% |
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0.95% |
| Expected life (in years) |
5.93 |
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5.86 |
| Estimated volatility |
90.02% |
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57.20% |
| Expected dividends |
None |
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None |
| Weighted-average grant date fair value |
$8.21 |
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$9.48 |
The fair value of the purchase options under the Purchase Plan are estimated at the beginning of the purchase period using the Black-Scholes valuation model utilizing the following assumptions:
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2022 |
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2021 |
| Risk-free interest rate |
0.22% - 2.52% |
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0.05% |
| Expected life (in years) |
0.5 |
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0.5 |
| Estimated volatility |
61.29% - 78.23% |
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57.82% |
| Expected dividends |
None |
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None |
| Fair value of purchase right |
$4.14 |
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$5.78 |
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| Summary of Restricted Stock Awards Activity |
RSA and RSU activity as of and for the year ended December 31, 2022 is summarized below:
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Restricted Stock Award |
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Weighted - Average
Grant
Date Fair Value |
| Outstanding, December 31, 2021 |
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380,105 |
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$ |
10.41 |
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| Granted |
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527,726 |
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$ |
10.97 |
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| Vested |
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(180,505) |
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$ |
13.09 |
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| Forfeited or expired |
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(29,791) |
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$ |
14.22 |
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| Outstanding, December 31, 2022 |
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697,535 |
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$ |
11.11 |
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| Summary of Common Stock Warrant Activity |
Common stock warrant activity for the year ended December 31, 2022 is as follows:
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Shares |
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Weighted - Average
Exercise
Price |
| Outstanding at December 31, 2021 |
668,907 |
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$ |
2.97 |
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| Exercised |
(462,353) |
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$ |
2.20 |
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| Terminated |
(170,000) |
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$ |
2.20 |
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| Outstanding at December 31, 2022 |
36,554 |
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$ |
16.23 |
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Information regarding outstanding warrants at December 31, 2022 is as follows (contractual life expressed in years):
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Exercise
Price |
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Number
Outstanding |
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Weighted-Average
Remaining
Contractual Life |
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Intrinsic Value
(in thousands)(1)
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| $16.23 |
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36,554 |
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|
0.46 |
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— |
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(1) Intrinsic value is calculated as the estimated fair value of the Company’s stock at December 31, 2022 less the warrant exercise price of in-the-money warrants.
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