Stock Plans (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Schedule of Fair Value Assumptions |
The following assumptions were used to compute the fair value of the warrants issued during the year ended December 31, 2023:
|
|
|
|
|
|
|
Year Ended |
|
|
|
December 31, 2023 |
|
Expected term (in years) |
|
|
5.0 |
|
Expected volatility |
|
95% |
|
Risk-free interest rate |
|
5.5% |
|
Expected dividend yield |
|
|
— |
|
|
| Schedule of Stock-based Compensation Expense |
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Stock-based compensation expense by type of award: |
|
|
|
|
|
|
Restricted stock units |
|
$ |
5,653 |
|
|
$ |
13,044 |
|
Performance-based stock options |
|
|
667 |
|
|
|
— |
|
Stock options |
|
|
3,609 |
|
|
|
5,304 |
|
Employee stock purchase plan |
|
|
897 |
|
|
|
728 |
|
Common stock issued for services |
|
|
— |
|
|
|
39 |
|
Total stock-based compensation expense |
|
$ |
10,826 |
|
|
$ |
19,115 |
|
|
|
|
|
|
|
|
Stock-based compensation expense by operating expense grouping: |
|
|
|
|
|
|
Cost of revenue |
|
$ |
52 |
|
|
$ |
116 |
|
Sales and marketing |
|
|
1,301 |
|
|
|
2,263 |
|
Research and development |
|
|
4,445 |
|
|
|
5,056 |
|
General and administrative |
|
|
5,028 |
|
|
|
11,680 |
|
Total stock-based compensation expense |
|
$ |
10,826 |
|
|
$ |
19,115 |
|
S
|
| Schedule of Performance Stock Unit Activity |
The Company’s performance stock unit activity for the year ended December 31, 2023 was as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
Average Grant |
|
|
|
Shares |
|
|
Date Fair Value |
|
Unvested at December 31, 2022 |
|
|
— |
|
|
N/A |
|
Granted |
|
|
288,862 |
|
|
$ |
5.88 |
|
Vested |
|
|
(59,229 |
) |
|
$ |
5.94 |
|
Unvested at December 31, 2023 |
|
|
229,633 |
|
|
$ |
5.86 |
|
|
| Schedule of Restricted Stock Unit Activity |
The Company’s restricted stock unit activity for the year ended December 31, 2023 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
Average Grant |
|
|
|
Shares |
|
|
Date Fair Value |
|
Unvested at December 31, 2022 |
|
|
1,048,834 |
|
|
$ |
15.28 |
|
Granted |
|
|
1,823,074 |
|
|
$ |
3.94 |
|
Forfeited |
|
|
(199,715 |
) |
|
$ |
18.91 |
|
Vested |
|
|
(722,679 |
) |
|
$ |
14.56 |
|
Unvested at December 31, 2023 |
|
|
1,949,514 |
|
|
$ |
5.40 |
|
|
| Schedule of Stock Option Activity |
The activity during the year ended December 31, 2023 related to all other stock options was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
|
|
|
|
|
Remaining |
|
Aggregate |
|
|
|
|
|
|
Exercise |
|
|
Contractual |
|
Intrinsic |
|
|
|
Options |
|
|
Price |
|
|
Term |
|
Value |
|
Outstanding at December 31, 2022 |
|
|
5,867,785 |
|
|
$ |
14.53 |
|
|
|
|
|
|
Granted |
|
|
288,893 |
|
|
$ |
5.02 |
|
|
|
|
|
|
Exercised |
|
|
(19,312 |
) |
|
$ |
4.99 |
|
|
|
|
|
|
Forfeited |
|
|
(333,794 |
) |
|
$ |
17.60 |
|
|
|
|
|
|
Expired |
|
|
(297,198 |
) |
|
$ |
15.27 |
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
|
5,506,374 |
|
|
$ |
13.81 |
|
|
4.6 years |
|
$ |
27 |
|
Exercisable at December 31, 2023 |
|
|
4,782,721 |
|
|
$ |
14.05 |
|
|
4.0 years |
|
$ |
27 |
|
|
| Employee Stock Purchase Plan [Member] |
|
| Summary of Fair Value Assumptions of Stock Purchase Plan |
The assumptions used in calculating the fair values of purchase rights granted under the ESPP during the years ended December 31, 2023 and 2022 are set forth in the table below:
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Expected term (in years) |
|
0.5 - 2.0 |
|
|
0.5 - 2.0 |
|
Expected volatility |
|
71% - 101% |
|
|
67% - 119% |
|
Risk-free interest rate |
|
0.1% - 5.5% |
|
|
0.1% - 3.0% |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
|
| Stock Options [Member] |
|
| Schedule of Fair Value Assumptions |
The following assumptions were used to compute the grant date fair values of the stock options granted during the years ended December 31, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Expected term (in years) |
|
6.0 - 6.8 |
|
|
5.5 - 6.1 |
|
Expected volatility |
|
91% - 100% |
|
|
82% - 92% |
|
Risk-free interest rate |
|
3.6% - 4.1% |
|
|
1.7% - 3.5% |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
|
| Performance-based Stock Options [Member] |
|
| Schedule of Stock Option Activity |
The activity during the year ended December 31, 2023 related to stock options that are subject to performance-based vesting conditions tied to the achievement of stock price goals by the Company was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
|
|
|
|
|
Remaining |
|
Aggregate |
|
|
|
|
|
|
Exercise |
|
|
Contractual |
|
Intrinsic |
|
|
|
Options |
|
|
Price |
|
|
Term |
|
Value |
|
Outstanding at December 31, 2022 |
|
|
3,762,679 |
|
|
$ |
11.15 |
|
|
|
|
|
|
Exercised |
|
|
(7,000 |
) |
|
$ |
6.11 |
|
|
|
|
|
|
Expired |
|
|
(84,369 |
) |
|
$ |
5.75 |
|
|
|
|
|
|
Outstanding at December 31, 2023 |
|
|
3,671,310 |
|
|
$ |
11.29 |
|
|
6.5 years |
|
$ |
0 |
|
Exercisable at December 31, 2023 |
|
|
3,671,310 |
|
|
$ |
11.29 |
|
|
6.5 years |
|
$ |
0 |
|
|