Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

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

	Year Ended December 31,
(in thousands)	2023		2022
Research and development	$	648	$	154
Sales and marketing		1,387		318
Cost of sales		125		65
General and administrative		1,648		276
Total stock-based compensation(1)	$	3,808	$	813

(1)A portion of the stock-based compensation in the table above pertains to Incentive Stock Options, which are nondeductible and the balance that is related to stock-based compensation is offset by valuation allowance. Therefore, we have excluded the income tax effect associated with the stock-based compensation in the calculation above.

Schedule of Stock Option Activity

The following table summarizes stock option activity for the Plans for the year ended December 31, 2023:

	Number of shares			Weighted average exercise price per share		Weighted average remaining contractual term (years)		Aggregate intrinsic value (in 000's)
Outstanding at December 31, 2022		4,269,402		$	1.07		6.07
Granted		1,549,314		$	10.29
Exercised		(433,915	)	$	0.47
Forfeited/expired		(512,274	)	$	5.12
Outstanding at December 31, 2023		4,872,527		$	3.64		6.10	$	3,938
Exercisable at December 31, 2023		2,780,985		$	0.89		4.15	$	3,604
Vested and expected to vest at December 31, 2023		4,872,527		$	3.64		6.10

Schedule of Fair Value of Each Stock Option Estimated Using Weighted Average Assumptions

The fair value of each stock option was estimated on the date of grant using the weighted average assumptions in the table below:

	December 31, 2023			December 31, 2022
Expected volatility		68.1	%		71.8	%
Risk-free interest rate		4.1	%		3.3	%
Expected term (in years)		6.0			6.0
Expected dividend yield		—	%		—	%

Restricted Stock Units

The following table summarizes RSU activity for the Plans for the year ended December 31, 2023:

	Number of shares			Weighted average grant date fair value per share
Outstanding at December 31, 2022		—		$	—
Granted		955,721		$	11.25
Vested		—		$	—
Forfeited/expired		(83,684	)	$	11.07
Outstanding at December 31, 2023		872,037		$	11.27

As of December 31, 2023, the total unrecognized compensation expense related to unvested RSU’s was $8.3 million, which the Company expects to recognize over a weighted-average period of 2.5 years.

Schedule of Summary of Restricted Stock Units Activity

The following table summarizes RSU activity for the Plans for the year ended December 31, 2023:

	Number of shares			Weighted average grant date fair value per share
Outstanding at December 31, 2022		—		$	—
Granted		955,721		$	11.25
Vested		—		$	—
Forfeited/expired		(83,684	)	$	11.07
Outstanding at December 31, 2023		872,037		$	11.27