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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Summary of Stock Options Activity

The following table summarizes the stock option activity for the year ended December 31, 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

 

Outstanding at January 1, 2024

 

 

4,041,807

 

 

$

6.41

 

 

 

7.53

 

 

$

5,159

 

Granted

 

 

756,400

 

 

$

2.97

 

 

 

—

 

 

 

—

 

Exercised

 

 

(8,865

)

 

$

3.33

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(470,592

)

 

$

9.13

 

 

 

—

 

 

 

—

 

Expired

 

 

(326,415

)

 

$

11.99

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2024

 

 

3,992,335

 

 

$

4.99

 

 

 

6.86

 

 

$

19,318

 

Exercisable at December 31, 2024

 

 

2,410,383

 

 

$

5.36

 

 

 

6.31

 

 

$

11,752

 

Vested and expected to vest at December 31, 2024

 

 

3,707,653

 

 

$

5.34

 

 

 

7.08

 

 

$

17,070

 
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block]

The following table summarizes the restricted stock unit activity for the year ended December 31, 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

 

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 December 31, 2024

 

 

127,611

 

 

$

3.47

 

 

 

0.84

 

 

$

1,066

 

Vested and expected to vest at December 31, 2024

 

 

127,611

 

 

$

3.47

 

 

 

0.84

 

 

$

1,066

 
Schedule of Stock-Based Compensation Expense

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

 

 

For the Year Ended December 31,

 

 

2024

 

 

2023

 

Cost of sales

 

$

112

 

 

$

142

 

Research and development

 

 

82

 

 

 

162

 

Sales and marketing

 

 

196

 

 

 

660

 

General and administrative

 

 

3,276

 

 

 

3,173

 

Total stock-based compensation expense

 

$

3,666

 

 

$

4,137

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

The weighted average assumptions used in the Black-Scholes option-pricing model were as follows:

 

 

 

For the Year Ended December 31,

 

 

 

Employee Stock Option Plans

 

 

Employee Stock Purchase Plan

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Estimated dividend yield

 

 

-

%

 

 

-

%

 

 

-

%

 

 

-

%

Weighted-average expected stock price volatility

 

 

35.91

%

 

 

35.10

%

 

 

30.00

%

 

 

32.00

%

Weighted-average risk-free interest rate

 

 

4.32

%

 

 

4.14

%

 

 

5.23

%

 

 

5.37

%

Expected average term of options (in years)

 

 

6.25

 

 

 

5.95

 

 

 

0.50

 

 

 

0.50

 

Weighted-average fair value of common stock

 

$

2.97

 

 

$

5.03

 

 

$

2.87

 

 

$

2.88

 

Weighted-average fair value per option

 

$

1.29

 

 

$

2.11

 

 

$

0.71

 

 

$

0.72

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

The weighted average assumptions used in the Black-Scholes option-pricing model were as follows:

 

 

 

For the Year Ended December 31,

 

 

 

Employee Stock Option Plans

 

 

Employee Stock Purchase Plan

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Estimated dividend yield

 

 

-

%

 

 

-

%

 

 

-

%

 

 

-

%

Weighted-average expected stock price volatility

 

 

35.91

%

 

 

35.10

%

 

 

30.00

%

 

 

32.00

%

Weighted-average risk-free interest rate

 

 

4.32

%

 

 

4.14

%

 

 

5.23

%

 

 

5.37

%

Expected average term of options (in years)

 

 

6.25

 

 

 

5.95

 

 

 

0.50

 

 

 

0.50

 

Weighted-average fair value of common stock

 

$

2.97

 

 

$

5.03

 

 

$

2.87

 

 

$

2.88

 

Weighted-average fair value per option

 

$

1.29

 

 

$

2.11

 

 

$

0.71

 

 

$

0.72