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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Arrangement, Option, Activity
A summary of the status of the 2015 Plan and 2021 Plan as of December 31, 2023 and September 30, 2024, and changes during the nine month period ended September 30, 2024, is presented below:
Options Outstanding
Number of OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
(in years)
Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 2023662,499 $72.00 6.50$927 
Granted— — 
Exercised(1,251)25.40 
Forfeited(7,559)81.26 
Cancelled(71,096)79.30 
Outstanding at September 30, 2024582,593 $71.09 6.02$415 
Vested and exercisable at September 30, 2024434,848 $77.97 5.28$415 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The following weighted average assumptions were used for issuances during the three and nine months ended September 30, 2023, for employees and non-employees:
Three Months Ended September 30,Nine Months Ended September 30,
20232023
Risk-free interest rate4.29 %3.77 %
Dividend yield— — 
Volatility43.12 %42.43 %
Expected lives (in years)6.136.04
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
The following table summarizes the weighted-average assumptions used in estimating the fair value of the 2021 ESPP grants for the following offering periods presented, using the Black Scholes option-pricing model:
Offering Period - May 3, 2024 to November 2, 2024
Offering Period - November 3, 2023 to May 2, 2024
Offering Period - May 3, 2023 to November 2, 2023
Risk-free interest rate5.41 %5.45 %5.08 %
Dividend yield— — — 
Volatility37.13 %43.12 %45.59 %
Expected lives (years)0.50.50.5
Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity
RSU activity during the nine months ended September 30, 2024 was as follows:
Number of SharesWeighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2023
513,205 $38.60 
Granted212,508 13.47 
Vested(160,217)41.94 
Forfeited(75,523)41.63 
Unvested at September 30, 2024
489,973 $26.70 
Schedule of Share-Based Payment Arrangement, Performance Shares, Activity
PSU activity during the nine months ended September 30, 2024 was as follows:
Target Number of SharesWeighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2023
26,255 $105.80 
Granted32,743 2.61 
Vested— — 
Forfeited(13,128)102.20 
Unvested at September 30, 2024
45,870 $33.17 
Schedule of Stock-based Compensation Expense
Stock-based compensation expense, recognized as selling, general, and administrative expense in the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023, was comprised of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Stock-based compensation, net of amounts capitalized$2,620 $4,690 $8,893 $15,662 
Capitalized stock-based compensation54 248 228 677 
Total stock-based compensation$2,674 $4,938 $9,121 $16,339