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Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Weighted Average Assumptions for Options Granted
The Company used the following weighted average assumptions for options granted during the three months ended March 31, 2024:
Weighted Average: Three Months Ended March 31, 2024
Expected term6.5 years
Expected volatility73.6 %
Risk-free rate4.3 %
Expected dividends— %
Schedule of Service Based Stock Options Activity
The following table summarizes activity of service period-based stock options during the three months ended March 31, 2024:
Weighted Average
(In thousands except per share data and remaining contractual term)Number of
Options
Exercise
Price
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
Outstanding at December 31, 202310,581 $3.63 5.9$
Options Granted2,910 1.55 
Options Exercised— — — 
Options Forfeited(646)3.91 
Outstanding at March 31, 202412,845 $3.14 6.6$12,472 *
Exercisable at March 31, 20247,563 $4.08 4.6$3,189 *
*The aggregate intrinsic values in the table above are based on the Company’s stock price of $3.48, which is the closing price of the Company’s stock on the last trading day for the period ended March 31, 2024.
Summary of Activity of Performance Based Stock Options
The following table summarizes performance based stock options activity during the three months ended March 31, 2024:
 Weighted Average
(In thousands except per share data and remaining contractual term)Number of
Options
Exercise
Price
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
Outstanding at December 31, 202341 $4.34 0.1$— 
Options Granted— — 
Options Exercised— — $— 
Options Forfeited(41)4.34 
Outstanding at March 31, 2024— $— $— *
Exercisable at March 31, 2024— $— $— *
Summary of Activity of Restricted Stock Units
The following table summarizes activity of RSUs during the three months ended March 31, 2024:
(In thousands except per share fair value)Number of RSUsWeighted Average
Fair Value
Unvested shares at December 31, 2023589 $2.08 
Granted479 1.52 
Vested(147)2.34 
Forfeited(27)1.91 
Unvested shares at March 31, 2024894 $1.74 
Expected to vest at March 31, 2024894 $1.74 
Schedule of Share-Based Compensation
Total share-based compensation expense was as follows:
Three Months Ended March 31,
(In thousands)20242023
Share-based compensation expense
Cost of sales$87 $79 
Sales and marketing192 397 
Research and development242 240 
General and administrative (1)
463 557 
Total$984 $1,273 
(1) On March 1, 2024, the Company issued 25,000 shares of the Company’s common stock in exchange for services rendered. Such shares had a fair value of $40,250, or $1.61 per share, based upon the quoted closing trading price on the issuance date. The fair value of $40,250 was recognized as share-based compensation during the three months ended March 31, 2024 under the general and administrative classification. The shares issued were not registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. The Company relied on the exemption from the registration requirements of the Securities Act by virtue of Section 4(a)(2) thereof and Rule 506 of Regulation D thereunder.