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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations and comprehensive loss:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Research and development

 

$

223

 

 

$

63

 

 

$

679

 

 

$

112

 

Sales and marketing

 

 

341

 

 

 

273

 

 

 

1,171

 

 

 

446

 

General and administrative

 

 

1,108

 

 

 

129

 

 

 

2,263

 

 

 

251

 

Cost of Sales

 

 

31

 

 

 

31

 

 

 

95

 

 

 

54

 

Total stock-based compensation

 

$

1,703

 

 

$

496

 

 

$

4,208

 

 

$

863

 
Schedule of Stock Option Activity

The following table summarizes stock option activity for the Plans for the six months ended June 30, 2024:

 

 

 

Number
of
shares

 

 

Weighted
average
exercise price
per share

 

 

Weighted
average
remaining
contractual
term (years)

 

 

Aggregate intrinsic value (in 000’s)

 

Outstanding at December 31, 2023

 

 

4,872,527

 

 

$

3.64

 

 

 

6.10

 

 

 

 

Granted

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Exercised

 

 

(768,837

)

 

$

0.34

 

 

 

 

 

 

 

Forfeited

 

 

(232,276

)

 

$

5.74

 

 

 

 

 

 

 

Expired

 

 

(71,801

)

 

$

2.33

 

 

 

 

 

 

 

Outstanding at June 30, 2024

 

 

3,799,613

 

 

$

4.20

 

 

 

6.36

 

 

$

1,565

 

Exercisable at June 30, 2024

 

 

2,282,733

 

 

$

1.60

 

 

 

4.91

 

 

$

1,473

 

Vested and expected to vest at June 30, 2024

 

 

3,799,613

 

 

$

4.20

 

 

 

6.36

 

 

 

 
Schedule of Fair Value of Each Option Estimated Using Weighted Average Assumptions The fair value of each stock option granted during the six months ended June 30, 2023, was estimated on the date of grant using the weighted average assumptions in the table below:

 

 

 

June 30, 2023

 

Expected volatility

 

 

69.1

%

Risk-free interest rate

 

 

3.8

%

Expected term (in years)

 

 

6.0

 

Expected dividend yield

 

 

—

%
Schedule of RSU Activity

The following table summarizes RSU activity for the Plans for the six months ended June 30, 2024:

 

 

Number
of
shares

 

 

Weighted
average
grant date fair value per share

 

Outstanding at December 31, 2023

 

 

872,037

 

 

$

11.27

 

Granted

 

 

1,424,412

 

 

$

1.31

 

Vested

 

 

(685,213

)

 

$

1.35

 

Forfeited

 

 

(84,104

)

 

$

9.23

 

Outstanding at June 30, 2024

 

 

1,527,132

 

 

$

6.55