Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Options Activity

The following table summarizes the stock option activity for the three months ended March 31, 2023 (in thousands, except share and per share data):

	Number of Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2023		3,846,532		$	7.02		8.31	$	9,083
Granted		542,052		$	5.41
Exercised		(10,769	)	$	0.84
Forfeited		(118,161	)	$	12.69
Expired		(780	)	$	15.09
Outstanding at March 31, 2023		4,258,874		$	6.68		8.10	$	3,783
Exercisable at March 31, 2023		1,584,270		$	5.30		7.46	$	2,187
Vested and expected to vest at March 31, 2023		3,974,192		$	7.12		8.26	$	3,070

Schedule of Weighted-Average Assumptions used in Black-Scholes Option-Pricing Model

The weighted average assumptions used in the Black-Scholes pricing model for stock options granted during the three months ended March 31, 2023, were as follows:

	For the Three Months Ended March 31,
	2023			2022
Estimated dividend yield		-	%		-	%
Weighted-average expected stock price volatility		35.04	%		33.10	%
Weighted-average risk-free interest rate		4.11	%		2.01	%
Expected average term of options (in years)		6.25			6.25
Weighted-average fair value of common stock	$	5.41		$	15.07
Weighted-average fair value per option	$	2.29		$	5.48

Schedule of restricted stock unit activity

The following table summarizes the restricted stock unit activity for the three months ended March 31, 2023 (in thousands, except share and per share data):

	Number of Shares		Weighted Average Grant Date Fair Value per Share		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2023		28,071	$	7.43		0.42	$	158
Granted		118,150	$	5.41
Vested		—	$	—
Forfeited		—	$	—
Outstanding at March 31, 2023		146,221	$	5.80		1.98	$	433
Vested and expected to vest at March 31, 2023		142,221	$	5.80		1.98	$	433

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense included in the accompanying condensed financial statements was as follows (in thousands):

	For the Three Months Ended March 31,
	2023		2022
Cost of sales	$	36	$	19
Research and development		37		65
Sales and marketing		152		99
General and administrative		785		604
Total stock-based compensation expense	$	1,010	$	787