Stockholders' Equity (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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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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2023 |
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2022 |
| Cost of revenue |
$ |
101 |
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|
$ |
63 |
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| Research and development |
1,352 |
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|
1,060 |
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| Sales and marketing |
1,717 |
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|
809 |
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| General and administrative |
2,909 |
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|
2,194 |
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| Share-based compensation expense |
$ |
6,079 |
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$ |
4,126 |
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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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2023 |
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2022 |
| Stock options |
$ |
956 |
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$ |
1,076 |
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| RSAs and RSUs |
4,903 |
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|
2,828 |
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| ESPP |
220 |
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|
222 |
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$ |
6,079 |
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$ |
4,126 |
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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, 2023 |
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Unrecognized Expense |
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Remaining Weighted-Average Recognition Period (in years) |
| Stock options |
1,000 |
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|
1.63 |
| RSAs and RSUs |
6,889 |
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|
1.75 |
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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, 2023 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, 2022 |
1,398,286 |
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$ |
8.69 |
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| Granted |
111,107 |
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$ |
8.10 |
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| Exercised |
(20,000) |
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$ |
1.82 |
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| Forfeited or expired |
(11,236) |
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$ |
53.05 |
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| Outstanding at December 31, 2023 |
1,478,157 |
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$ |
8.40 |
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5.46 |
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$ |
3,548 |
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| Exercisable at December 31, 2023 |
1,251,942 |
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$ |
8.00 |
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|
4.88 |
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$ |
3,548 |
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| Vested and expected to vest at December 31, 2023 |
1,478,157 |
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$ |
8.40 |
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5.46 |
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$ |
3,548 |
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(1) Intrinsic value is calculated as the estimated fair value of the Company’s stock at December 31, 2023 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, 2023 is presented below:
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Non-vested Stock Options |
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Weighted - Average
Grant
Date Fair Value |
| Nonvested, December 31, 2022 |
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264,665 |
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$ |
7.19 |
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| Granted |
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111,107 |
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$ |
5.85 |
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| Vested |
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(149,557) |
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$ |
5.93 |
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| Nonvested, December 31, 2023 |
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226,215 |
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$ |
7.37 |
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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, 2023 and 2022:
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Years Ended December 31, |
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2023 |
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2022 |
| Risk-free interest rate |
4.17% |
|
3.07% |
| Expected life (in years) |
6.10 |
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5.93 |
| Estimated volatility |
81.21% |
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90.02% |
| Expected dividends |
None |
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None |
The fair value of the purchase options under the ESPP are estimated at the beginning of the purchase period using the Black-Scholes valuation model utilizing the following assumptions:
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2023 |
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2022 |
| Risk-free interest rate |
4.77% - 5.53% |
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0.22% - 2.25% |
| Expected life (in years) |
0.5 |
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0.5 |
| Estimated volatility |
61.41% - 62.37% |
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61.29% - 78.23% |
| Expected dividends |
None |
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None |
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| Summary of Restricted Stock Awards Activity |
RSA activity as of and for the year ended December 31, 2023 is summarized below:
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Restricted Stock Awards |
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Weighted - Average
Grant
Date Fair Value |
| Outstanding at December 31, 2022 |
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684,389 |
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$ |
11.10 |
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| Vested |
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(298,480) |
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$ |
9.92 |
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| Forfeited or expired |
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(8,995) |
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$ |
12.17 |
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| Outstanding at December 31, 2023 |
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376,914 |
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$ |
12.02 |
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RSU activity as of and for the year ended December 31, 2023 is summarized below:
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Restricted Stock Units |
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Weighted - Average
Grant
Date Fair Value |
| Outstanding at December 31, 2022 |
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13,146 |
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$ |
11.41 |
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| Granted |
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773,526 |
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$ |
8.08 |
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| Vested |
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(18,533) |
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$ |
7.76 |
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| Outstanding at December 31, 2023 |
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768,139 |
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$ |
8.15 |
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| Summary of Common Stock Warrant Activity |
Common stock warrant activity for the year ended December 31, 2023 is as follows:
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Shares |
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Weighted - Average
Exercise
Price |
| Outstanding at December 31, 2022 |
36,554 |
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$ |
16.23 |
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| Expired |
(36,554) |
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$ |
16.23 |
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| Outstanding at December 31, 2023 |
— |
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$ |
— |
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