Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

Stock Incentive Plan

The Company maintains a stock-based compensation plan, the 2011 Incentive Compensation Plan, as amended (the “2011 Plan”), to attract, motivate, retain and reward employees, directors and consultants by providing its Board or a committee of the Board the discretion to award equity incentives to these persons.

Stock Options

A summary of stock option activity for the three months ended March 31, 2024 is as follows:

	Number Outstanding			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Balance as of January 1, 2024		494,960		$	4.99		2.23	$	1,725,985
Granted		—			—
Cancelled or Expired		(7,500	)		8.97
Exercised		—			—
Balance as of March 31, 2024		487,460		$	4.93		2.01	$	1,583,118
Vested or expected to vest as of March 31, 2024		487,460		$	4.93		2.01	$	1,583,118
Exercisable as of March 31, 2024		487,460		$	4.93		2.01	$	1,583,118

The aggregate intrinsic value in the table above represents the difference between the fair value of the Company’s common stock as of March 31, 2024 and the exercise price of in-the-money stock options multiplied by the number of such stock options.

The following table summarizes information about stock options outstanding as of March 31, 2024:

	Stock Options Outstanding						Stock Options Exercisable
Range of Exercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$4.36 - $7.20		446,460		2.17	$	4.37		446,460	$	4.37
$10.93 - $16.40		41,000		0.25		10.93		41,000		10.93
$4.36 - $16.40		487,460		2.01	$	4.93		487,460	$	4.93

As of March 31, 2024, there was no unrecognized stock-based compensation expense related to stock options.

Restricted Stock Units

The following is a summary of RSU activity for the three months ended March 31, 2024:

	Number Outstanding			Weighted Average Fair Value
Unvested as of January 1, 2024		730,062		$	11.17
Granted		127,919			8.63
Vested		(106,761	)		10.16
Forfeited		—			—
Unvested as of March 31, 2024		751,220		$	10.88
RSUs vested but not released		65,568		$	10.72

The fair value of the Company’s RSUs is calculated based upon the fair market value of the Company’s common stock at the date of grant. As of March 31, 2024, there was $7.0 million of unrecognized compensation expense related to unvested RSUs granted, which is expected to be recognized over a weighted average period of 2.3 years. No tax benefit was realized from RSUs for the three months ended March 31, 2024.

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense related to stock options and RSUs included in the condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2024 and 2023 (in thousands):

	Three Months Ended March 31,
	2024		2023
Cost of revenue	$	47	$	45
Research and development		182		202
Selling and marketing		264		293
General and administrative		526		450
Total	$	1,019	$	990

Restricted Stock Unit Net Share Settlements

During the three months ended March 31, 2024 and 2023, the Company repurchased 32,608 and 24,812 shares, respectively, of common stock surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of RSUs issued to employees.