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Stock-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Weighted Average Assumptions Utilized

The weighted-average assumptions utilized to determine the weighted-average fair value of options are presented in the following table:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average fair value of options granted during the period

 

$

—

 

 

$

1.75

 

 

$

—

 

 

$

1.75

 

Risk-free interest rate

 

 

—

 

 

3.4 - 4.8%

 

 

 

—

 

 

3.4 - 4.8%

 

Expected volatility

 

 

—

 

 

47.9 - 55.5%

 

 

 

—

 

 

47.9 - 55.5%

 

Expected dividend yield

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 
Summary of Stock-based Compensation Expense The following table summarizes stock-based

compensation expense as included in the consolidated statement of operations for the three and six months ended June 30, 2024 and 2023:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of subscription and support revenue

 

$

122

 

 

$

129

 

 

$

228

 

 

$

267

 

Cost of professional services and other revenue

 

 

71

 

 

 

92

 

 

 

111

 

 

 

192

 

Research and development

 

 

476

 

 

 

551

 

 

 

791

 

 

 

1,239

 

Sales and marketing

 

 

1,183

 

 

 

931

 

 

 

1,537

 

 

 

2,100

 

General and administrative

 

 

1,307

 

 

 

1,784

 

 

 

2,705

 

 

 

3,232

 

 

 

$

3,159

 

 

$

3,487

 

 

$

5,372

 

 

$

7,030

 
Summary of Stock Option Activity

The following is a summary of the stock option activity during the six months ended June 30, 2024.

 

 

 

Number of
Shares

 

 

Weighted-Average
Exercise Price

 

 

Weighted-Average
Remaining
Contractual
Term (In Years)

 

 

Aggregate
Intrinsic
Value (1)

 

Outstanding at December 31, 2023

 

 

2,247,951

 

 

$

7.73

 

 

7.11

 

 

$

—

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

—

 

Canceled

 

 

(153,746

)

 

 

9.78

 

 

 

 

 

 

 

Outstanding at June 30, 2024

 

 

2,094,205

 

 

$

7.58

 

 

 

6.93

 

 

 

—

 

Exercisable at June 30, 2024

 

 

1,143,051

 

 

$

7.98

 

 

 

5.47

 

 

$

—

 

 

(1)
The aggregate intrinsic value was calculated based on the positive difference between the fair value of the Company’s common stock on June 30, 2024 of $2.37 per share, or the date of exercise, as appropriate, and the exercise price of the underlying options.
Restricted Stock Units Activity

The following table summarizes the restricted stock unit activity for our service-based awards (“S-RSU”) and our performance-based awards (“P-RSU”) during the six months ended June 30, 2024:

 

 

 

S-RSU Shares

 

 

Weighted
Average Grant
Date Fair Value

 

 

P-RSU Shares

 

 

Weighted
Average Grant
Date Fair Value

 

 

Total RSU Shares

 

 

Weighted
Average Grant
Date Fair Value

 

Unvested at December 31, 2023

 

 

5,102,268

 

 

$

6.04

 

 

 

517,170

 

 

$

4.54

 

 

 

5,619,438

 

 

$

5.90

 

Granted

 

 

4,238,499

 

 

 

1.89

 

 

 

—

 

 

 

—

 

 

 

4,238,499

 

 

 

1.89

 

Vested and issued

 

 

(1,213,777

)

 

 

6.54

 

 

 

—

 

 

 

—

 

 

 

(1,213,777

)

 

 

6.54

 

Canceled

 

 

(1,012,110

)

 

 

5.39

 

 

 

(17,186

)

 

 

18.33

 

 

 

(1,029,296

)

 

 

5.60

 

Unvested at June 30, 2024

 

 

7,114,880

 

 

$

3.57

 

 

 

499,984

 

 

$

4.06

 

 

 

7,614,864

 

 

$

3.60