Stockholders’ Equity (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Equity [Abstract] |
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| Schedule of Share-Based Compensation Expense |
The following table sets forth share-based compensation expense included in the condensed consolidated statements of operations:
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Three Months Ended September 30, |
(in thousands) |
2024 |
|
2023 |
| Cost of revenue |
$ |
31 |
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|
$ |
26 |
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| Research and development |
461 |
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|
357 |
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| Sales and marketing |
537 |
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|
431 |
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| General and administrative |
875 |
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|
770 |
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| Share-based compensation expense |
$ |
1,904 |
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$ |
1,584 |
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Nine Months Ended September 30, |
| (in thousands) |
2024 |
|
2023 |
| Cost of revenue |
$ |
82 |
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|
$ |
74 |
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| Research and development |
1,204 |
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|
1,009 |
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| Sales and marketing |
1,482 |
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|
1,277 |
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| General and administrative |
2,436 |
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|
2,176 |
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| Share-based compensation expense |
$ |
5,204 |
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|
$ |
4,536 |
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Share-based compensation expense by type of share-based award is summarized below:
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Three Months Ended September 30, |
(in thousands) |
2024 |
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2023 |
| Stock options |
$ |
151 |
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|
$ |
233 |
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| RSAs and RSUs |
1,719 |
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|
1,308 |
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| ESPP |
34 |
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|
43 |
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$ |
1,904 |
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$ |
1,584 |
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Nine Months Ended September 30, |
(in thousands) |
2024 |
|
2023 |
| Stock options |
$ |
554 |
|
|
$ |
747 |
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| RSAs and RSUs |
4,495 |
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|
3,612 |
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| ESPP |
155 |
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|
177 |
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$ |
5,204 |
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$ |
4,536 |
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Total unrecognized compensation expense by type of award and the weighted-average remaining requisite holding period over which such expense is expected to be recognized is as follows (in thousands, unless otherwise noted):
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September 30, 2024 |
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Unrecognized Expense |
|
Remaining Weighted-Average Recognition Period (in years) |
| Stock options |
$ |
446 |
|
|
1.13 |
| RSAs and RSUs |
$ |
9,548 |
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|
1.85 |
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| Schedule of Stock Option Activity |
Stock option activity during the nine months ended September 30, 2024 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(1)
(in thousands)
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| Outstanding at December 31, 2023 |
1,478,157 |
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$ |
8.40 |
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| Exercised |
(12,000) |
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$ |
2.89 |
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| Forfeited or expired |
(7,237) |
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$ |
42.19 |
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| Outstanding at September 30, 2024 |
1,458,920 |
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$ |
8.28 |
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|
4.74 |
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$ |
8,187 |
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| Exercisable at September 30, 2024 |
1,328,249 |
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$ |
8.19 |
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|
4.40 |
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$ |
7,911 |
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| Vested and expected to vest at September 30, 2024 |
1,458,920 |
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$ |
8.28 |
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|
4.74 |
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$ |
8,187 |
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| (1) |
Intrinsic value is calculated as the estimated fair value of the Company’s stock at the end of the related period less the option exercise price of in-the-money options. |
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| Schedule of Restricted Stock Activity |
Restricted stock award ("RSA") activity for the nine months ended September 30, 2024 is summarized below:
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Restricted Stock Awards |
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Weighted - Average
Grant
Date Fair Value |
| Outstanding at December 31, 2023 |
|
376,914 |
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|
$ |
12.02 |
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| Vested |
|
(195,173) |
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$ |
12.93 |
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| Forfeited |
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(6,019) |
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$ |
12.35 |
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| Outstanding at September 30, 2024 |
|
175,722 |
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$ |
10.99 |
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Restricted Stock Unit Activity
Restricted stock unit ("RSU") activity for the nine months ended September 30, 2024 is summarized below:
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Restricted Stock Units |
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Weighted - Average
Grant
Date Fair Value |
| Outstanding at December 31, 2023 |
|
768,139 |
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$ |
8.15 |
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| Granted |
|
1,197,646 |
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|
$ |
6.16 |
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| Vested |
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(267,328) |
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$ |
7.99 |
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| Forfeited |
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(17,849) |
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$ |
8.40 |
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| Outstanding at September 30, 2024 |
|
1,680,608 |
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$ |
6.75 |
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