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Stockholders’ Equity and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

A summary of the Company’s warrant activity during the three months ended March 31, 2024 was as follows:


	Shares of Stock under Warrants	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2024	21,696,000	$	4.38	4.78	$	—
Granted	—	—		—	—
Exercised	—	—		—	—
Canceled	—	—		—	—
Outstanding at March 31, 2024	21,696,000	$	4.38	4.54	$	—

Schedule of Stock Option Activity

A summary of the Company’s stock option activity during the three months ended March 31, 2024 was as follows:


	Shares of Stock under Stock Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2024	3,268,000	$	24.79	7.80	$	3,000
Granted	51,000	1.18		—
Exercised	—	—		—	—
Canceled	(258,000)	25.47		—
Outstanding and expected to vest at March 31, 2024	3,061,000	$	24.34	7.92	$	—
Vested and exercisable at March 31, 2024	1,563,000	$	29.48	7.34	$	—

Schedule of Recognized Stock-Based Compensation Expense

The Company recognized stock-based compensation expense for the periods presented as follows:


	Three Months Ended March 31,
	2024		2023
Cost of product revenue	$	81,000	$	102,000
Cost of service and other revenue	47,000		44,000
Research and development	1,171,000		1,357,000
General and administrative	1,716,000		2,379,000
Total stock-based compensation expense	$	3,015,000	$	3,882,000

Schedule of Weighted-Average Assumptions in Black -Scholes Option Pricing Model

The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants during the periods presented were as follows:


	Three Months Ended March 31,
	2024		2023
Risk-free interest rate	4.0	%	4.0	%
Expected volatility	80.8	%	72.7	%
Expected term (in years)	6.1		6.0
Expected dividend yield	0.0	%	0.0	%

Schedule of Restricted Stock Units and Performance Stock Units

The following table summarizes RSU activity during the three months ended March 31, 2024:


	Stock Units	Weighted- Average Grant Date Fair Value per Share
Outstanding at January 1, 2024	239,000	$	16.30
Granted	—	—
Released	(48,000)	16.30
Forfeited	(7,000)	16.30
Outstanding at March 31, 2024	184,000	$	16.30

The following table summarizes PSU activity during the three months ended March 31, 2024:


	Stock Units	Weighted- Average Grant Date Fair Value per Share
Outstanding at January 1, 2024	29,000	$	47.4
Granted	—	—
Released	—	—
Forfeited	—	—
Outstanding at March 31, 2024	29,000	$	47.4