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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Weighted Average Grant Fair Value of Stock Options using Black-Scholes Option-pricing Model

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the three months ended March 31, 2025 and 2024:

 

  

Three Months Ended

March 31, 2025

  

Three Months Ended

March 31, 2024

 
Risk-free interest rate       5.0%
Expected term (in years)       5.0 
Expected volatility       110.5%
Expected dividend yield       0%
           
Schedule of Stock Option Activity

The following table summarizes option activity with service conditions under the 2021 Plan and the 2017 Plan:

 

   Options   Weighted
Average
Exercise Price
   Weighted
Average
Contract Term
(years)
   Aggregate
Intrinsic
Value
 
Outstanding at January 1, 2025   3,961,525   $27.27    6.4     
Granted                
Exercised                
Forfeited   (20,388)            
Outstanding at March 31, 2025*   3,941,137   $27.38    6.0   $7,250 
Exercisable at March 31, 2025   2,645,145   $37.44    4.5   $ 

 

*Options outstanding at March 31, 2025, under the 2021 Plan and 2017 Plan were 2,548,641 and 1,437,496, respectively. Options outstanding at March 31, 2025 under the 2021 Plan include 45,000 awards with performance conditions (see below).
Schedule of Warrants Purchase Agreement

Tranche  Shares   Exercise Price   Vesting Conditions
1   600,000   $3.00   50,000 warrants vest monthly from Feb 1, 2025, with the first 50,000 warrants vesting immediately upon execution.
2   200,000   $5.00   Vest upon the closing of a specified transaction.
3   200,000   $6.00   Vest upon the closing of the same transaction.
4   500,000   $12.00   Vest ratably over 12 months from May 19, 2025.
    1,500,000         
Schedule of Activity Related to RSU Stock-Based Payment Awards

The following table summarizes activity related to RSU stock-based payment awards under the 2021 Plan:

   Number of Shares  

Weighted

Average

Grant Date Fair Value

 
Outstanding at January 1, 2025   659,439   $9.29 
Granted   78,802   $2.17 
Released   (145,531)  $11.15 
Forfeited/Expired   (10,878)  $17.03 
Outstanding at March 31, 2025   581,832   $7.71 
Schedule of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss:

 

       
   Three Months Ended March 31, 
   2025   2024 
Cost of revenues  $63   $106 
Research and development   188    376 
Selling, general and administrative   2,386    2,484 
Stock-based compensation expense  $2,637   $2,966