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Stockholders' Equity and Stock-based Compensation Expense
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity and Stock-based Compensation Expense Stockholders’ Equity and Stock-based Compensation Expense
The Company’s equity incentive plans are broad-based, long-term programs intended to attract and retain talented employees and align stockholder and employee interests. The 2019 Equity Incentive Plan (the "2019 Plan") and the 2023 Inducement Equity Plan (the "2023 Plan") provides for the grant of incentive stock options, non-statutory stock options, restricted stock units (“RSUs”), performance stock units ("PSUs"), and other stock or cash awards.
Activity under the Company's equity incentive plans is summarized as follows:
Shares Available
for Grant
Balance, December 31, 20233,554,537 
Options and stock awards granted(1,304,378)
Stock awards canceled / forfeited / expired142,537 
Options canceled / forfeited / expired135,107 
Balance, June 30, 20242,527,803 
The equity plans deduct the shares available for issuance by the gross number of shares for which an award is exercised or vests, not the net number of shares actually issued upon exercise, in the event the exercise price is paid in shares of the Company's common stock or shares are withheld to satisfy tax withholding obligations. Any RSU or PSU shares granted on or after July 13, 2023 were counted against the shares available for grant at a ratio of 1.65 shares for every one share granted.
At the Company’s Annual Stockholder Meeting on July 15, 2024, the Company’s stockholders voted to increase the total number of shares of common stock available for issuance under the 2019 Plan by 2,395,273 shares. The 2023 Plan was terminated effective July 15, 2024, and had 2,304,580 shares available for issuance at that date.
On May 22, 2024, the Company’s Compensation Committee approved a modification of the vesting targets related to three PSU grants and one stock option grant issued to senior management employees. The original vesting targets were based on the closing price of the Company’s common stock. These targets were modified to targets based on the Company’s market capitalization. The incremental stock compensation expense related to this modification was not material.
Options Outstanding
Number of Stock Options OutstandingWeighted Average Exercise PriceWeighted Average Remaining Term
 (in Years)
Balance, December 31, 20231,282,240 $17.97 8.21
Options granted1,154,500 $2.18 
Options exercised— $— 
Options canceled / forfeited / expired(135,107)$18.86 
Balance, June 30, 20242,301,633 $10.00 7.46
Stock Awards Outstanding
Number of Awards OutstandingWeighted Average Grant Date Fair Value per Share
Balance, December 31, 2023909,862$20.46 
Stock awards granted127,739$2.13 
Awards vested(188,072)$25.38 
Stock awards canceled / forfeited / expired(132,537)$22.16 
Balance, June 30, 2024716,992$15.66 
Stock-based Compensation Expense
Stock-based compensation expense by financial statement line item recognized during the six months ended June 30, 2024 and 2023 was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Cost of revenue$144 $361 $293 $725 
Sales and marketing404 1,283 970 2,431 
Research and development264 415 569 1,108 
General and administrative781 (509)1,870 672 
Total stock-based compensation expense$1,593 $1,550 $3,702 $4,936