Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 9

Stock-Based Compensation:

The Company’s 2016 Omnibus Incentive Stock Plan (“2016 Plan”), as amended, has reserved up to 7,832,651 shares of common stock for future issuance. As of March 31, 2024, there were 2,034,437 shares of common stock remaining available for issuance for awards under the 2016 Plan.

The Company measures share‑based awards at their grant‑date fair values and records compensation expense on a straight‑line basis over the requisite service period of the awards. The Company recorded share‑based compensation expense (for all awards and modifications, if any) in the accompanying condensed consolidated statements of operations as follows:

	Three Months Ended March 31,
	2024			2023
Selling and marketing*		(37	)		43
General and administrative		149			282
	$	112		$	325

*Selling and marketing expense was negative during the three months ended March 31, 2024 due to the forfeiture of awards during the period.

Stock Options

The following table summarizes stock option activity for the three months ended March 31, 2024:

	Number of Shares Under Option Plan			Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Term (in years)
Outstanding at January 1, 2024		7,728,721		$	1.11
Granted		100,000			0.54
Forfeited and expired		(2,437,652	)		1.55
Outstanding at March 31, 2024		5,391,069		$	0.89		8.7
Exercisable at March 31, 2024		1,231,465		$	1.70		6.1
Vested and expected to vest at March 31, 2024		5,391,069		$	0.89		8.7

As of March 31, 2024, the total unrecognized compensation expense related to unvested stock option awards was $1,687, which the Company expects to recognize over a weighted average period of approximately 2.9 years. The options outstanding and exercisable at March 31, 2024 had no intrinsic value.

For the three months ended March 31, 2024, the grant date fair value of all option grants was estimated at the time of grant using the Black-Scholes option-pricing model using the following weighted average assumptions:

Expected volatility	77.0	%
Risk‑free rate	4.1	%
Expected term (in years)	6.3
Dividend rate	0.00	%

Restricted Stock Units

Restricted stock units have been issued to certain board members. Activity in restricted stock units is summarized in the following table:

	Number of Units			Weighted- Average Grant Date Fair Value
Unvested at January 1, 2024		22,654		$	1.03
Vested		(5,663	)		1.03
Unvested at March 31, 2024		16,991		$	1.03

As of March 31, 2024, the total unrecognized compensation expense related to unvested restricted stock units was $9, which the Company expects to recognize over a weighted average period of approximately 0.3 years.