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STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Stock-based compensation expense is included in Selling, general and administrative expense on our Condensed Consolidated Statements of Operations and Comprehensive Loss.

We recognized stock-based compensation expense as follows:

Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)
2024202320242023
Stock-based compensation
$391 $428 $1,495 $2,067 

2018 Long-Term Incentive Equity Plan
Our 2018 Long-Term Incentive Equity Plan, as amended (the “2018 Plan”) provides for awards of options, stock appreciation rights, restricted stock, restricted stock units, warrants or other securities which may be convertible, exercisable or exchangeable for or into our common stock. As of September 30, 2024, there were 1,231,268 shares of common stock available to be issued under the 2018 Plan.

2019 Employee Stock Purchase Plan
We reserved a total of 900,000 shares of our common stock for purchase by participants in our 2019 Employee Stock Purchase Plan (the “ESPP”). Participants in the ESPP may purchase shares of our common stock at a purchase price which will not be less than the lesser of 85% of the fair value per share of our common stock on the first day of the purchase period or the last day of the purchase period. As of September 30, 2024, 570,999 shares remained available for future issuance. Stock-based compensation related to ESPP for the nine months ended September 30, 2024 was $56 thousand.

ESPP activity for the nine months ended September 30, 2024 was as follows:

Shares purchased pursuant to the ESPP37,295 
Weighted average per share price of shares purchased$3.03 
Weighted average per share discount from market value for shares purchased$0.45 
Stock-based compensation related to ESPP$55,598 
Stock Options
Stock option activity was as follows:
Shares Underlying
Options 		Weighted Average Per Share
Exercise Price		Weighted Average Remaining
Contractual Life		Aggregate Intrinsic
Value
(In Thousands)
Options outstanding at December 31, 2023376,940 $11.21 1.91 years$— 
Cancelled or terminated(144,172)8.94 
Options outstanding at September 30, 2024232,768 12.61 2.69 years— 
Options outstanding and vested at September 30, 2024203,626 12.64 1.09 years— 

Performance-Based Stock Options
In September 2024, an executive employee was granted a performance-based stock option for 1,500,000 shares of our common stock, with a strike price equal to $2.00 per share. The stock option will be subject to double trigger vesting as follows: (a) A 12 month period of your continuous employment with the Company and (b) then, thereafter, during his further continuous employment with the Company: (x) 50% of the shares will vest when the closing price of the common stock reaches or exceeds $4.00 per share for 20 consecutive trading days and (y) 50% of the shares will vest when the closing price of the common stock reaches or exceeds $6.00 for 20 consecutive trading days. The stock option will be exercisable by the executive only while employed by the Company and only to the extent vested. As an inducement grant under NASDAQ Listing Rule 5635(c)(4), the stock option will be issued outside of the 2018 Plan.

Restricted Stock Units
Restricted stock unit activity was as follows:
Number of Restricted Stock UnitsWeighted-Average Grant Date Fair Value
Outstanding at December 31, 2023238,275 $13.35 
Granted211,926 4.31 
Vested(107,180)12.54 
Forfeited(207,595)9.61 
Outstanding at September 30, 2024135,426 5.63 

Warrants
In connection with the Advance on our Coliseum Loan as discussed in Note 7 - Debt, we issued warrants to clients of Coliseum Capital Management as follows:
Shares Underlying Warrants Weighted Average
Exercise Price
Warrants outstanding December 31, 2023— $— 
Granted2,000,000 5.25 
Warrants outstanding September 30, 20242,000,000 5.25 

Prefunded Warrants
As of September 30, 2024, there were 300,357 perpetual non-redeemable prefunded warrants outstanding with an exercise price of $0.01 per share. There was no activity during the nine months ended September 30, 2024.