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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Expenses

The following table shows stock-based compensation expense included in the condensed consolidated statements of operations for the three and six months ended June 29, 2024 and July 1, 2023 (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 29, 2024

 

 

July 1, 2023

 

 

June 29, 2024

 

 

July 1, 2023

 

Cost of revenues

 

$

73

 

 

$

34

 

 

$

133

 

 

$

95

 

Research and development

 

 

52

 

 

 

52

 

 

 

104

 

 

 

104

 

Sales and marketing

 

 

110

 

 

 

85

 

 

 

221

 

 

 

206

 

General and administrative

 

 

184

 

 

 

229

 

 

 

355

 

 

 

468

 

Total stock-based compensation expense

 

$

419

 

 

$

400

 

 

$

813

 

 

$

873

 

 

Summary of Stock Options

The following table summarizes stock options information during the six months ended June 29, 2024:

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price
Per Share

 

 

Aggregate
Intrinsic
Value
(thousands)

 

Outstanding as of December 30, 2023

 

 

2,757,921

 

 

$

3.60

 

 

 

 

Granted

 

 

20,300

 

 

$

2.94

 

 

 

 

Exercised

 

 

(135

)

 

$

2.32

 

 

 

 

Canceled or forfeited

 

 

(490,666

)

 

$

4.68

 

 

 

 

Outstanding as of June 29, 2024

 

 

2,287,420

 

 

$

3.37

 

 

$

36

 

Weighted Average Assumptions for Fair Value Estimate of Stock-Based Awards (Options)

The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock-based awards (options) with the following weighted-average assumptions:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 29, 2024

 

 

July 1, 2023

 

 

June 29, 2024

 

 

July 1, 2023

 

Average risk free interest rate

 

 

4.35

%

 

 

3.83

%

 

 

4.35

%

 

 

3.83

%

Expected life (in years)

 

 

4.40

 

 

 

4.40

 

 

 

4.40

 

 

 

4.40

 

Dividend yield

 

 

 

 

 

 

 

 

Average volatility

 

 

77

%

 

 

76

%

 

 

77

%

 

 

76

%

Summary of Stock Options Outstanding, Vested, Expected to Vest and Exercisable

Information regarding stock options outstanding, vested, expected to vest, and exercisable as of June 29, 2024 is summarized below:

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Remaining
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value
(thousands)

 

Options outstanding

 

 

2,287,420

 

 

$

3.37

 

 

 

4.29

 

 

$

36

 

Options vested and expected to vest

 

 

2,230,362

 

 

$

3.40

 

 

 

4.24

 

 

$

34

 

Options exercisable

 

 

1,258,699

 

 

$

4.03

 

 

 

3.03

 

 

$

12

 

Restricted Stock Units

Information regarding RSUs activity for the six months ended June 29, 2024 is summarized below:

 

 

 

Number
of Shares

 

Outstanding as of December 30, 2023

 

 

353,212

 

RSUs granted

 

 

120,000

 

RSUs released

 

 

(196,335

)

RSUs forfeited

 

 

(16,669

)

Outstanding as of June 29, 2024

 

 

260,208