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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2024
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Weighted Average Grant Fair Value of Stock Options using Black-Scholes Option-pricing Model

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the nine months ended September 30, 2024 and 2023:

 

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

4.5

%

 

 

4.1

%

Expected term (in years)

 

 

5.5

 

 

 

5.6

 

Expected volatility

 

 

110.8

%

 

 

86.5

%

Expected dividend yield

 

 

0

%

 

 

0

%

Schedule of Stock Option Activity

The following table summarizes option activity with service conditions under the 2021 Plan and the 2017 Plan:

 

 

Options

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Contract Term
(years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding at January 1, 2024

 

 

2,820,187

 

 

$

40.16

 

 

 

5.6

 

 

$

 

Granted

 

 

879,664

 

 

 

3.76

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(289,802

)

 

 

31.47

 

 

 

 

 

 

 

Outstanding at September 30, 2024*

 

 

3,410,049

 

 

$

31.51

 

 

 

6.0

 

 

$

115

 

Vested and expected to vest September 30, 2024

 

 

3,410,049

 

 

$

31.51

 

 

 

6.0

 

 

$

115

 

Exercisable at September 30, 2024

 

 

2,513,584

 

 

$

38.00

 

 

 

4.9

 

 

$

113

 

 

* Options outstanding at September 30, 2024 under the 2021 Plan and 2017 Plan were 1,979,953 and 1,475,096, respectively. Options outstanding at September 30, 2024 under the 2021 Plan include 45,000 awards with performance conditions (see below).

Schedule of Activity Related to RSU Stock-Based Payment Awards

The following table summarizes activity related to RSU stock-based payment awards under the 2021 Plan:

 

 

Number of Shares

 

 

Weighted
Average
Grant Date Fair Value

 

Outstanding at January 1, 2024

 

 

823,332

 

 

$

13.77

 

Granted

 

 

 

 

 

 

Vested

 

 

(395,996

)

 

 

11.50

 

Forfeited

 

 

(99,977

)

 

 

13.24

 

Outstanding at September 30, 2024

 

 

327,359

 

 

$

16.68

 

Schedule of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss:

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Cost of revenues

$

90

 

 

$

166

 

 

$

285

 

 

$

462

 

Research and development

 

182

 

 

 

379

 

 

 

903

 

 

 

1,384

 

Selling, general and administrative

 

2,400

 

 

 

3,053

 

 

 

7,440

 

 

 

9,596

 

$

2,672

 

 

$

3,598

 

 

$

8,628

 

 

$

11,442