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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 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 September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Research and development

 

$

267

 

 

$

180

 

 

$

946

 

 

$

292

 

Sales and marketing

 

 

437

 

 

 

455

 

 

 

1,608

 

 

 

901

 

General and administrative

 

 

1,051

 

 

 

580

 

 

 

3,314

 

 

 

831

 

Cost of sales

 

 

31

 

 

 

59

 

 

 

126

 

 

 

113

 

Total stock-based compensation

 

$

1,786

 

 

$

1,274

 

 

$

5,994

 

 

$

2,137

 
Schedule of Stock Option Activity

The following table summarizes stock option activity for the Plans for the nine months ended September 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

 

 

2,355,844

 

 

$

1.58

 

 

 

 

 

 

 

Exercised

 

 

(788,899

)

 

$

0.34

 

 

 

 

 

 

 

Forfeited

 

 

(253,054

)

 

$

5.97

 

 

 

 

 

 

 

Expired

 

 

(130,413

)

 

$

3.37

 

 

 

 

 

 

 

Outstanding at September 30, 2024

 

 

6,056,005

 

 

$

3.17

 

 

 

7.66

 

 

$

2,090

 

Exercisable at September 30, 2024

 

 

2,553,916

 

 

$

2.47

 

 

 

5.23

 

 

$

1,759

 

Vested and expected to vest at September 30, 2024

 

 

6,056,005

 

 

$

3.17

 

 

 

7.66

 

 

 

 
Schedule of Fair Value of Each Option Estimated Using Weighted Average Assumptions

The fair value of each stock option granted during the nine months ended September 30, 2024, was estimated on the date of grant using the weighted average assumptions in the table below:

 

 

 

September 30, 2024

 

 

September 30, 2023

 

Expected volatility

 

 

72.3

%

 

 

68.1

%

Risk-free interest rate

 

 

3.5

%

 

 

4.1

%

Expected term (in years)

 

 

6.0

 

 

 

6.0

 

Expected dividend yield

 

 

—

%

 

 

—

%
Schedule of RSU Activity

The following table summarizes RSU activity for the Plans for the nine months ended September 30, 2024:

 

 

Number
of
shares

 

 

Weighted
average
grant date fair value per share

 

Outstanding at December 31, 2023

 

 

872,037

 

 

$

11.27

 

Granted

 

 

2,369,213

 

 

$

1.43

 

Vested

 

 

(1,047,671

)

 

$

4.31

 

Forfeited

 

 

(91,369

)

 

$

8.84

 

Outstanding at September 30, 2024

 

 

2,102,210

 

 

$

3.75

 
Schedule of PSU Activity

The following table summarizes the PSU activity for the Plans for the nine months ended September 30, 2024:

 

 

Number
of
shares

 

 

Weighted
average
grant date fair value per share

 

Outstanding at December 31, 2023

 

 

—

 

 

$

—

 

Granted

 

 

1,869,602

 

 

$

1.60

 

Vested

 

 

—

 

 

$

—

 

Forfeited

 

 

—

 

 

$

—

 

Outstanding at September 30, 2024

 

 

1,869,602

 

 

$

1.60