Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024 (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, 2024		4,041,807		$	6.41		7.53	$	5,159
Granted		727,500		$	2.85
Exercised		—		$	—
Forfeited		(425,900	)	$	9.57
Expired		(315,750	)	$	11.94
Outstanding at June 30, 2024		4,027,657		$	5.00		7.37	$	1,005
Exercisable at June 30, 2024		2,177,898		$	5.10		6.71	$	708
Vested and expected to vest at June 30, 2024		3,742,975		$	5.35		7.58	$	744

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 and six months ended June 30, 2024, were as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024	2023			2024			2023
Estimated dividend yield	n/a		-	%		-	%		-	%
Weighted-average expected stock price volatility	n/a		35.35	%		35.91	%		35.04	%
Weighted-average risk-free interest rate	n/a		3.47	%		4.33	%		4.11	%
Expected average term of options (in years)	n/a		6.25			6.25			6.25
Weighted-average fair value of common stock	n/a	$	1.97		$	2.85		$	5.37
Weighted-average fair value per option	n/a	$	0.81		$	1.24		$	2.28

Schedule of Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity for the six months ended June 30, 2024 (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, 2024		155,780		$	5.05		1.36	$	581
Granted		60,000		$	1.29
Vested		(67,169	)	$	4.58
Forfeited		(21,000	)	$	5.41
Outstanding at June 30, 2024		127,611		$	3.47		1.34	$	175
Vested and expected to vest at June 30, 2024		127,611		$	3.47		1.34	$	175

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 June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Cost of sales	$	30	$	40	$	79	$	76
Research and development		17		40		47		77
Sales and marketing		33		172		129		324
General and administrative		753		818		1,885		1,603
Total stock-based compensation expense	$	833	$	1,070	$	2,140	$	2,080