Stock-Based Compensation

9 Months Ended

Sep. 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 nine months ended September 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		(444,460	)		4.36		—		—
Exercised		—			—		—		—
Balance as of September 30, 2025		—		$	—		—	$	—
Vested or expected to vest as of September 30, 2025		—		$	—		—	$	—
Exercisable as of September 30, 2025		—		$	—		—	$	—

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

	Number Outstanding			Weighted Average Fair Value
Unvested as of January 1, 2025		806,985		$	6.31
Granted		561,304			3.51
Vested		(349,298	)		6.06
Forfeited		(142,911	)		8.31
Unvested as of September 30, 2025		876,080		$	4.29
RSUs vested but not released		145,873		$	5.19

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 September 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 1.83 years. No tax benefit was realized from RSUs for the nine months ended September 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 nine months ended September 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		(32,500	)		4.07
Unvested as of September 30, 2025		300,000		$	4.03

As of September 30, 2025, there was $608,000 of unrecognized compensation expense related to unvested PSUs, which is expected to be recognized over a period of 0.25 years. No tax benefit was realized from PSUs for the three and nine months ended September 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 income (loss) for the three and nine months ended September 30, 2025 and 2024 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue	$	5	$	5	$	15	$	17
Research and development		36		61		88		138
Selling and marketing		95		182		231		743
General and administrative		572		848		2,077		1,702
Stock-based compensation expense - continuing operations		708		1,096		2,411		2,600
Stock-based compensation expense - discontinued operations		—		4,264		—		5,254
Total	$	708	$	5,360	$	2,411	$	7,854

Restricted Stock Unit Net Share Settlements

During the nine months ended September 30, 2025 and 2024, the Company repurchased 118,726 and 412,121 shares, respectively, of common stock surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of RSUs issued to employees.