Stock-Based Compensation

6 Months Ended

Jun. 30, 2025

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

Note 9. Stock-Based Compensation

Stock Options

A summary of stock option activity for the six months ended June 30, 2025 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, 2025		444,460	$	4.36		1.43	$	—
Granted		—		—		—		—
Cancelled or Expired		—		—		—		—
Exercised		—		—		—		—
Balance as of June 30, 2025		444,460	$	4.36		0.93	$	—
Vested or expected to vest as of June 30, 2025		444,460	$	4.36		0.93	$	—
Exercisable as of June 30, 2025		444,460	$	4.36		0.93	$	—

The aggregate intrinsic value in the table above represents the difference between the fair value of the Company’s common stock as of June 30, 2025 and the exercise price of in-the-money stock options multiplied by the number of such stock options. As of June 30, 2025, 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 six months ended June 30, 2025:

	Number Outstanding			Weighted Average Fair Value
Unvested as of January 1, 2025		806,985		$	6.31
Granted		196,500			3.47
Vested		(253,853	)		6.26
Forfeited		(72,911	)		6.75
Unvested as of June 30, 2025		676,721		$	5.46
RSUs vested but not released		134,204		$	5.41

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 June 30, 2025, there was $3.0 million of unrecognized compensation expense related to unvested RSUs granted, which is expected to be recognized over a weighted average period of 2.06 years. No tax benefit was realized from RSUs for the six months ended June 30, 2025.

Performance Stock Units

The Company grants to certain key employees PSUs that are subject to the attainment of performance goals established by the Company’s Compensation Committee, the periods during which performance is to be measured, and other limitations and conditions. Performance goals are based on pre-established objectives that specify the manner of determining the number of PSUs that will vest if performance goals are attained. If an employee terminates employment, the non-vested portion of the PSUs will not vest and all rights to the non-vested portion terminate.

The following is a summary of PSU activity for the six months ended June 30, 2025:

	Number Outstanding			Weighted Average Fair Value
Unvested as of January 1, 2025		417,500		$	4.07
Granted		20,000			3.51
Vested		(105,000	)		4.07
Forfeited		—			—
Unvested as of June 30, 2025		332,500		$	4.04

As of June 30, 2025, there was $890,000 of unrecognized compensation expense related to unvested PSUs, which is expected to be recognized over a period of 0.5 years. No tax benefit was realized from PSUs for the three and six months ended June 30, 2025.

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense related to stock options, RSUs and PSUs included in the condensed consolidated statements of comprehensive loss for the three and six months ended June 30, 2025 and 2024 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cost of revenue	$	5	$	5	$	10	$	12
Research and development		32		43		52		77
Selling and marketing		77		443		136		561
General and administrative		793		494		1,505		854
Stock-based compensation expense - continuing operations		907		985		1,703		1,504
Stock-based compensation expense - discontinued operations		—		490		—		990
Total	$	907	$	1,475	$	1,703	$	2,494

Restricted Stock Unit Net Share Settlements

During the six months ended June 30, 2025 and 2024, the Company repurchased 105,862 and 86,340 shares, respectively, of common stock surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of RSUs issued to employees.