Stockholders’ Equity (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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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, |
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(in thousands) |
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2023 |
|
2022 |
| Cost of revenue |
26 |
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|
17 |
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| Research and development |
357 |
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|
216 |
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| Sales and marketing |
431 |
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|
300 |
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| General and administrative |
770 |
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|
642 |
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| Share-based compensation expense |
$ |
1,584 |
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|
$ |
1,175 |
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Nine Months Ended September 30, |
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(in thousands) |
|
2023 |
|
2022 |
| Cost of revenue |
74 |
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|
33 |
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| Research and development |
1,009 |
|
|
701 |
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| Sales and marketing |
1,277 |
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|
639 |
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| General and administrative |
2,176 |
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|
1,581 |
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| Share-based compensation expense |
$ |
4,536 |
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|
$ |
2,954 |
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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, |
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(in thousands) |
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2023 |
|
2022 |
| Stock options |
233 |
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|
260 |
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| RSAs and RSUs |
1,308 |
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|
860 |
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| ESPP |
43 |
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|
55 |
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$ |
1,584 |
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$ |
1,175 |
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Nine Months Ended September 30, |
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(in thousands) |
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2023 |
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2022 |
| Stock options |
747 |
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|
830 |
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| RSAs and RSUs |
3,612 |
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|
1,957 |
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| ESPP |
177 |
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|
167 |
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|
$ |
4,536 |
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$ |
2,954 |
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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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| Years Ended |
September 30, 2023 |
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Unrecognized Expense |
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Remaining Weighted-Average Recognition Period (in years) |
| Stock options |
$ |
1,208 |
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|
1.82 |
| RSAs and RSUs |
$ |
8,187 |
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|
1.94 |
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| Schedule of Stock Option Activity |
Stock option activity under the Company’s current and previous plans during the nine months ended September 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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| Exercised |
(20,000) |
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$ |
1.82 |
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| Forfeited or expired |
(4,374) |
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$ |
41.52 |
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| Outstanding at September 30, 2023 |
1,485,019 |
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$ |
8.64 |
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|
5.69 |
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$ |
1,867 |
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| Exercisable at September 30, 2023 |
1,258,707 |
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$ |
8.29 |
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|
5.10 |
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$ |
1,867 |
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| Vested and expected to vest at September 30, 2023 |
1,485,019 |
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$ |
8.64 |
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|
5.69 |
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$ |
1,867 |
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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, 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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(270,042) |
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$ |
10.06 |
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| Forfeited |
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(5,395) |
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$ |
12.51 |
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| Outstanding at September 30, 2023 |
|
408,952 |
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$ |
11.78 |
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Restricted Stock Unit Activity
Restricted stock unit ("RSU") activity for the nine months ended September 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 |
|
766,625 |
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$ |
8.11 |
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| Vested |
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(13,660) |
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$ |
8.73 |
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| Outstanding at September 30, 2023 |
|
766,111 |
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$ |
8.15 |
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| Schedule of Common Stock Warrants |
Warrant activity for the nine months ended September 30, 2023 is summarized below:
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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 September 30, 2023 |
— |
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— |
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