Effective February 12, 2021, the Board of Directors approved the adoption of the 2021 Incentive Award Plan (as amended, the "2021 Plan") as a successor to the 2014 Equity Incentive Plan (the "2014 Plan"), which permits the Company to grant options, stock appreciation rights, restricted stock, restricted stock units, performance bonus, performance stock unit, dividend equivalents, or other stock or cash based awards to employees, directors, or consultants. Shares remaining for issuance, forfeited, expired, or other manner available to issue under terms of the 2014 Plan roll over to and become available for awards under the 2021 Plan. As of December 31, 2025, 4,150,369 shares were authorized for issuance under the 2021 Plan. In addition, the shares authorized for the 2021 Plan may be increased on an annual basis beginning January 1, 2022, in an amount equal to 5% of the outstanding common stock on the last day of the immediately preceding fiscal year for a period of 10 years.

On January 1, 2022, the Company began offering an ESPP. The ESPP allows eligible employees to contribute a portion of their eligible earnings toward the semi-annual purchase of the Company's shares of common stock at a discounted price, subject to an annual maximum dollar amount. Employees can purchase stock at a 15% discount applied to the lower closing stock price on the first or last day of the six-month purchase period.


	Year Ended December 31,
	2025			2024
	Number of Options	Weighted Average Exercise Price		Number of Options	Weighted Average Exercise Price
Outstanding at January 1	427,555	$	17.02	463,168	$	16.03
Granted	—	—		—	—
Exercised	(72,913)	4.16		(33,963)	4.21
Canceled/Forfeited	(93,176)	41.96		(1,650)	4.21
Expired	(24,245)	99.82		—	—
Outstanding at December 31	237,221	2.71		427,555	17.02
Exercisable at December 31	237,221	$	2.71	427,040	$	16.92

Stock-based compensation expense related to options was $1 and $898 during the years ended December 31, 2025 and December 31, 2024, respectively. Generally, employees are subject to four year vesting terms of 25% after one year and monthly thereafter, with a maximum term of 10 years.

The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of options exercised was $247 during 2025 and $11 during 2024. At December 31, 2025, options outstanding, vested, and exercisable had an intrinsic value of $3,198 with a weighted average remaining life of 1.9 years. At December 31, 2024, options outstanding, vested, and exercisable had an intrinsic value of $442 with a weighted average remaining life of 3.5 years.

The total grant date fair value of options vested during 2025 and 2024 was $29 and $377, respectively. No options were granted during the years ended December 31, 2025 and December 31, 2024. Cash received from stock options exercised during 2025 and 2024 was $304 and $143, respectively.


	Year Ended December 31,
	2025			2024
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Unvested at January 1	1,451,643	$	5.84	1,464,073	$	7.64
Granted	1,210,885	8.27		1,338,850	4.62
Vested	(404,189)	8.96		(868,981)	7.08
Canceled/Forfeited(1)	(64,584)	5.54		(482,299)	5.71
Unvested at December 31	2,193,755	$	6.71	1,451,643	$	5.84

RSUs are valued at the market value on the date of grant and compensation expense for employees is expensed over the vesting period. RSUs are generally subject to a four year vesting term with 25% vesting after one year and quarterly thereafter, or on a two year vesting term with 50% after one year and the remaining after the second year, or a one year vesting term with 100% after one year, depending on grant reason. RSU grants to directors typically vest at the earlier of one year from the date of grant or the next annual shareholder meeting and, in certain circumstances, vest immediately.

Stock-based compensation expense related to RSU grants was $8,376 and $7,133 during the years ended December 31, 2025 and December 31, 2024, respectively. The aggregated fair value of RSUs granted during the years ended December 31, 2025 and 2024 was $10,014 and $6,192, respectively. The aggregated fair value of RSUs vested during the years ended December 31, 2025 and 2024 was $3,621 and $6,154, respectively.


	Year Ended December 31,
	2025			2024
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Unvested at January 1	326,153	$	0.39	—	$	—
Granted	—	—		387,309	0.40
Vested	(326,153)	0.39		(61,156)	0.40
Forfeited	—	—		—	—
Unvested at December 31	—	$	—	326,153	$	0.39

During the year ended December 31, 2024, the Company modified certain RSU awards for 11 employees and exchanged the RSUs previously granted for RSAs that vest within six months of the date of modification. The RSAs are valued at the market value on the date of grant. There were no RSAs granted for the year ended December 31, 2025.

As a result of the modification, the Company recognized $45 and $108 of incremental stock-based compensation expense during the year ended December 31, 2025 and December 31, 2024. The aggregated incremental fair value of RSAs vested during the year ended December 31, 2025 and December 31, 2024 was $129 and $24, respectively.


	Year Ended December 31,
	2025			2024
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Unvested at January 1	56,391	$	36.40	71,428	$	36.40
Granted	375,000	11.96		—	—
Vested	(14,098)	36.40		—	—
Forfeited	(42,293)	36.40		(15,037)	36.40
Unvested at December 31	375,000	$	11.96	56,391	$	36.40

The PSU awards function in the same manner as restricted stock units except that vesting terms are based on achievement of performance measures, such as the achievement of certain cumulative net revenue targets. PSUs are recognized as expense following a graded vesting schedule with their performance re-assessed and updated on a quarterly basis, or more frequently as changes in facts and circumstances warrant.

Stock-based compensation expense related to PSU grants was $569 and $74 during the years ended December 31, 2025 and December 31, 2024, respectively. The aggregated fair value of PSUs granted during the year ended December 31, 2025 was $4,485. The aggregated fair value of PSUs vested during the year ended December 31, 2025 was $513. There were no PSU grants or PSUs that vested during the year ended December 31, 2024.

Employees purchased 71,160 shares at an average price of $3.62 during the year ended December 31, 2025, and 59,325 shares at an average price of $3.71 during the year ended December 31, 2024. The intrinsic value of shares purchased was $234 and $51, respectively, for the years ended December 31, 2025 and 2024. The intrinsic value is calculated as the difference between the market value on the date of purchase and the purchase price of the shares.

As of December 31, 2025, the Company did not have any unrecognized stock-based compensation costs related to non-vested options or RSAs, $8,581 of unrecognized stock-based compensation costs related to unvested RSUs that will be recognized over a weighted average period of 0.95 years, and $3,538 of unrecognized stock-based compensation costs related to unvested PSUs that will be recognized over a weighted average period of 2.2 years.