Stockholders' Equity (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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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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2024 |
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2023 |
|
Cost of revenue |
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$ |
112 |
|
|
$ |
101 |
|
Research and development |
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|
1,641 |
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|
|
1,352 |
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Sales and marketing |
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|
1,881 |
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|
|
1,717 |
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General and administrative |
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|
3,273 |
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|
2,909 |
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Share-based compensation expense |
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$ |
6,907 |
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|
$ |
6,079 |
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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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2024 |
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2023 |
|
Stock options |
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$ |
653 |
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$ |
956 |
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RSAs and RSUs |
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|
6,066 |
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|
|
4,903 |
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ESPP |
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|
188 |
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|
220 |
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$ |
6,907 |
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$ |
6,079 |
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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, 2024 |
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Unrecognized
Expense |
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Remaining
Weighted-
Average
Recognition
Period (in years) |
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Stock options |
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$ |
300 |
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|
0.92 |
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RSAs and RSUs |
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$ |
7,815 |
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|
1.68 |
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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, 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
(in thousands)(1) |
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Outstanding at December 31, 2023 |
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1,478,157 |
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$ |
8.40 |
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Exercised |
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(19,090 |
) |
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$ |
5.21 |
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Forfeited or expired |
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(82,671 |
) |
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$ |
41.12 |
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Outstanding at December 31, 2024 |
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1,376,396 |
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$ |
6.48 |
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|
4.70 |
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|
$ |
13,217 |
|
Exercisable at December 31, 2024 |
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1,252,409 |
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$ |
6.22 |
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|
4.38 |
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$ |
12,444 |
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Vested and expected to vest at December 31, 2024 |
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1,376,396 |
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$ |
6.48 |
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|
4.70 |
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$ |
13,217 |
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(1)
Intrinsic value is calculated as the estimated fair value of the Company’s stock at December 31, 2024 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, 2024 is presented below:
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Non-vested Stock
Options |
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Weighted-
Average
Grant
Date Fair Value |
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Nonvested, December 31, 2023 |
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226,215 |
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$ |
7.37 |
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Vested |
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(95,544 |
) |
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$ |
8.09 |
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Forfeited |
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|
(6,684 |
) |
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$ |
7.05 |
|
Nonvested, December 31, 2024 |
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|
123,987 |
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|
$ |
6.83 |
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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, 2024 and 2023:
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Years Ended December 31, |
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2024 |
|
2023 |
Risk-free interest rate |
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— |
|
4.17% |
Expected life (in years) |
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— |
|
6.10 |
Estimated volatility |
|
— |
|
81.21% |
Expected dividends |
|
— |
|
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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2024 |
|
2023 |
Risk-free interest rate |
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5.24% - 5.37% |
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4.77% - 5.53% |
Expected life (in years) |
|
0.5 |
|
0.5 |
Estimated volatility |
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64.5% - 67.33% |
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61.41% - 62.37% |
Expected dividends |
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None |
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None |
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| Schedule of Restricted Stock Activity |
RSA activity as of and for the year ended December 31, 2024 is summarized below (no RSAs were granted in 2024):
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Restricted Stock
Awards |
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Weighted-
Average
Grant
Date Fair Value |
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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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Vested |
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(212,583 |
) |
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$ |
12.67 |
|
Forfeited or expired |
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(10,121 |
) |
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$ |
11.97 |
|
Outstanding at December 31, 2024 |
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|
154,210 |
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|
$ |
11.12 |
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RSU activity as of and for the year ended December 31, 2024 is summarized below:
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Restricted Stock
Units |
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Weighted-
Average
Grant
Date Fair Value |
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Outstanding at December 31, 2023 |
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768,139 |
|
|
$ |
8.15 |
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Granted |
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1,202,228 |
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|
$ |
6.18 |
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Vested |
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(270,673 |
) |
|
$ |
8.01 |
|
Forfeited or expired |
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(41,934 |
) |
|
$ |
7.65 |
|
Outstanding at December 31, 2024 |
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1,657,760 |
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|
$ |
6.76 |
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