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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock option activity during the year ended December 31, 2023 consisted of the following:


	Options	Weighted Average Fair Value		Weighted Average Exercise Price		Weighted Average Remaining Years	Intrinsic Value
December 31, 2022 — Options outstanding	52,408	$	0.59	$	0.50	7.14	$	670,047
Granted	—	—		—
Exercised	(17,037)	0.72		0.47			189,480
Forfeited	(12,859)	0.73		0.54			137,500
December 31, 2023 — Options outstanding	22,512	$	0.40	$	0.51	0.55	$	168,194
December 31, 2023 — Options vested and exercisable	22,180	$	0.39	$	0.51	0.46	$	165,723

Stock option activity during the six months ended June 30, 2024 consisted of the following:


	Options	Weighted Average Fair Value Per Share		Weighted Average Exercise Price Per Share		Weighted Average Remaining Years	Aggregate Intrinsic Value
December 31, 2023 — Options outstanding	22,512	$	0.40	$	0.51	0.55	$	168,194
Exercised	(20,659)	0.38		0.50			141,076
March 31, 2024 — Options outstanding	1,853	$	0.56	$	0.63	5.79	$	17,806
Exercised	(16)	0.64		0.46			115
June 30, 2024 — Options outstanding	1,837	0.56		0.63		5.54	$	11,532
June 30, 2024 — Options vested and exercisable	1,765	$	0.55	$	0.64	5.51	$	11,071

Schedule of Restricted Stock Units (RSUs) Activity

RSU activity during the year ended December 31, 2023 consisted of the following:


	RSUs	Weighted Average Grant Date Fair Value		Weighted Average Fair Value
December 31, 2022 — RSU outstanding	342,674	$	43.45	$	4,554,137
Granted	664,718	14.22		9,911,323
Vested	(214,555)	34.07		3,144,994
Forfeited	(189,797)	29.50		2,326,289
December 31, 2023 — RSU outstanding	603,040	$	18.97	$	4,819,138

RSU activity during the six months ended June 30, 2024 consisted of the following:


	RSUs	Weighted Average Grant Date Fair Value		Weighted Average Fair Value
December 31, 2023 — RSU outstanding	603,040	$	18.97	$	4,819,138
Granted	95,636	9.15		863,989
Vested	(94,428)	17.76		848,522
Forfeited	(4,845)	21.26		55,365
March 31, 2024 — RSU outstanding	599,403	$	17.43	$	6,146,714
Granted	92,505	7.64		706,702
Vested	(265,157)	13.83		2,120,841
Forfeited	(25,055)	16.52		218,566
June 30, 2024 — RSU outstanding	401,696	$	17.61	$	2,781,676

Schedule of Recognized Stock-Based Compensation Expense

The Company recognized stock-based compensation expense (including earn-out RSUs) in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2023 and 2022 totaling approximately $7.9 million and $5.2 million, respectively, which consisted of the following (in thousands):


	December 31, 2023		December 31, 2022
Cost of goods sold	$	396	$	406
Research and development	1,824		860
Sales and marketing	966		472
General and administrative	4,720		3,484
Total	$	7,906	$	5,222

The Company recognized stock-based compensation expense (including Earn-out RSUs) in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 totaling approximately $1.6 million and $3.6 million, respectively, and June 30, 2023, totaling approximately $2.1 million and $4.1 million, respectively, which consisted of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of goods sold	$	99	$	137	$	236	$	266
Research and development	353		457		815		958
Sales and marketing	170		258		324		525
General and administrative	1,012		1,202		2,265		2,317
Total	$	1,634	$	2,054	$	3,640	$	4,066