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Equity Incentive Plan
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement [Text Block] Equity Incentive Plan
As of December 31, 2024, a total of 1,204,004 common shares are authorized for issuance with respect to awards granted under the 2015 Plan. In addition, the share limit will automatically increase on the first trading day in January of each calendar year during the term of the 2015 Plan by an amount equal to the lesser of (i) 10% of the total number of common shares issued and outstanding on December 31 of the immediately preceding calendar year, or (ii) such number of common shares as may be established by the Board. The 2015 Plan authorizes the board of directors to grant stock and options awards to directors, employees and consultants. As of December 31, 2024, the Company had approximately 399,000 share-based awards available for future grant.
The Company’s Employee Stock Purchase Plan (“ESPP”) authorizes the purchase of up to 5,357 common shares by employees under the plan. As of December 31, 2024 and 2023, there were no offering periods available to employees.
Stock Options
The following table summarizes option activity during the year ended December 31, 2024:
 Shares
Subject to Options		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic
Value
(in thousands)
Outstanding — January 1, 2024395,241 $6.34 
Granted371,465 $2.16 
Exercised— $— 
Forfeited(323,536)$3.21 
Outstanding — December 31, 2024443,170 $5.11 4.3$— 
Vested and expected to vest — December 31, 2024443,170 $5.11 4.3$— 
Exercisable — December 31, 2024283,035 $6.16 3.9$— 
The weighted average grant date fair values of options granted during the years ended December 31, 2024 and 2023 were $1.67 per share and $0.58 per share, respectively. For the year ended December 31, 2023, the intrinsic value for stock options exercised was $0.1 million. Cash received from stock option exercises for the year ended December 31, 2023 was approximately $0.6 million.
The fair value of option awards are estimated on the date of grant using the Black-Scholes option pricing model. Expected volatility was based on historical volatility of the Company’s common shares. The expected term of options granted was based on the simplified formula. The risk-free interest rate was based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The dividend yield assumption was based on the expectation of no future dividend payments. Option awards can be granted for a maximum term of up to ten years. The assumptions used in the Black-Scholes model were as follows:
Year Ended December 31,
20242023
Expected volatility
124.3-126.1%
81.8-84.0%
Expected term (in years)3.50.5
Risk-free interest rate
4.1-4.6%
5.3-5.5%
Dividend yield——
Restricted Stock Units
The following table summarizes RSU activity during the year ended December 31, 2024:
 Number of
Shares		Weighted Average
Grant Date Fair Value
Outstanding — January 1, 202458,929 $9.51 
Granted1,757,250 $1.72 
Vested and released(1,055,345)$1.97 
Forfeited— $— 
Outstanding — December 31, 2024760,834 $1.98 
Vested and unreleased — December 31, 2024105,469 $1.87 
The estimated fair value of RSUs was based on the closing market value of the Company’s common shares on the date of grant. RSUs typically vest over a period of one year to three years from the original date of grant. The total grant date fair value of RSUs vested during the years ended December 31, 2024 and 2023 was approximately $2.3 million and $1.7 million, respectively. The fair value of RSUs vested during the years ended December 31, 2024 and 2023 was approximately $1.6 million and $0.7 million, respectively.
Restricted Stock Awards
The Company granted restricted stock awards (“RSA”) to certain employees and consultants in lieu of cash payment for services performed. The estimated fair value of the RSAs was based on the market value of the Company’s common shares on the date of grant. The RSAs were fully vested on the date of grant. The fair value of the RSAs vested during the years ended December 31, 2024 and 2023 was approximately $0.3 million and $0.2 million, respectively.
The following table summarizes RSA activity during the year ended December 31, 2024:
 Number of
Shares		Weighted Average
Grant Date Fair Value
Outstanding — January 1, 2024— $— 
Granted 199,597 $1.28 
Vested(199,597)$1.28 
Outstanding — December 31, 2024— $— 
Share-Based Compensation Expense
The Company recorded the following compensation expense related to its share-based compensation awards (in thousands):
Year Ended December 31,
20242023
Sales and marketing$— $103 
General and administrative2,838 2,327 
Total share-based compensation expense$2,838 $2,430 
Total unrecognized estimated compensation cost by type of award and the weighted-average remaining requisite service period over which such expense is expected to be recognized (in thousands, unless otherwise noted):
December 31, 2024
Unrecognized ExpenseRemaining Weighted-Average Recognition Period (years)
RSUs$985 0.9
Stock options$75 0.3