Stockholders’ Equity (Tables)
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6 Months Ended |
Jun. 30, 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 condensed consolidated statements of operations:
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Three Months Ended June 30, |
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(in thousands) |
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2023 |
|
2022 |
| Cost of revenue |
27 |
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|
6 |
|
| Research and development |
370 |
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|
124 |
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| Sales and marketing |
484 |
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|
189 |
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| General and administrative |
764 |
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|
561 |
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| Share-based compensation expense |
$ |
1,645 |
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|
$ |
880 |
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Six Months Ended June 30, |
|
(in thousands) |
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2023 |
|
2022 |
| Cost of revenue |
47 |
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|
16 |
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| Research and development |
652 |
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|
485 |
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| Sales and marketing |
847 |
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|
339 |
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| General and administrative |
1,406 |
|
|
939 |
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| Share-based compensation expense |
$ |
2,952 |
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$ |
1,779 |
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Share-based compensation expense by type of share-based award is summarized below:
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Three Months Ended June 30, |
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(in thousands) |
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2023 |
|
2022 |
| Stock options |
266 |
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|
253 |
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| RSAs and RSUs |
1,312 |
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|
571 |
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| ESPP |
67 |
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|
56 |
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$ |
1,645 |
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$ |
880 |
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Six Months Ended June 30, |
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(in thousands) |
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2023 |
|
2022 |
| Stock options |
514 |
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|
571 |
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| RSAs and RSUs |
2,304 |
|
|
1,096 |
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| ESPP |
134 |
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|
112 |
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|
$ |
2,952 |
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$ |
1,779 |
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Total unrecognized compensation expense by type of award and the weighted-average remaining requisite period over which such expense is expected to be recognized (in thousands, unless otherwise noted):
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June 30, 2023 |
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Unrecognized Expense |
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Remaining Weighted-Average Recognition Period (in years) |
| Stock options |
$ |
1,441 |
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|
2.00 |
| RSAs and RSUs |
$ |
9,497 |
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|
2.14 |
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| Schedule of Stock Option Activity |
Stock option activity under the Company’s current and previous plans during the six months ended June 30, 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(1)
(in thousands)
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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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| Forfeited or expired |
(3,437) |
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$ |
39.67 |
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| Outstanding at June 30, 2023 |
1,505,956 |
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|
$ |
8.58 |
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|
5.93 |
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$ |
4,097 |
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| Exercisable at June 30, 2023 |
1,198,832 |
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$ |
8.18 |
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|
5.21 |
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$ |
3,951 |
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| Vested and expected to vest at June 30, 2023 |
1,505,956 |
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$ |
8.58 |
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|
5.93 |
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$ |
4,097 |
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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 six months ended June 30, 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 |
|
684,389 |
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$ |
11.10 |
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| Vested |
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(147,992) |
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$ |
11.21 |
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| Forfeited |
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(1,064) |
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$ |
9.40 |
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| Outstanding at June 30, 2023 |
|
535,333 |
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$ |
11.08 |
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Restricted Stock Unit Activity
Restricted stock unit ("RSU") activity for the six months ended June 30, 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 |
|
758,437 |
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$ |
8.12 |
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| Vested |
|
(7,474) |
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$ |
9.41 |
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| Outstanding at June 30, 2023 |
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764,109 |
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$ |
8.17 |
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| Schedule of Common Stock Warrants |
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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 June 30, 2023 |
— |
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— |
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