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STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
We maintain, as approved by the board of directors and the stockholders, the 2017 Incentive Stock Plan, the 2019 Incentive Stock Plan, and 2023 Long-Term Incentive Plan (collectively, the “Plans”) providing for the issuance of stock-based awards to employees, officers, directors or consultants of the Company. Non-qualified stock options may only be granted with an exercise price equal to the market value of our Common Stock on the grant date. Shares reserved for stock awards under the plans total 17.5 million. Total shares remaining available for stock incentive grants under the Plans totaled approximately 3.1 million as of June 30, 2024. We have granted stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), and performance share units (“PSUs”) under the Plans.
On June 17, 2024, the Company effected the Reverse Split. The authorized number of shares of Common Stock was not affected by the Reverse Split.
The Company adjusted the exercise price, number of shares issuable on exercise or vesting and/or other terms of its outstanding stock options, warrants, restricted stock, and restricted stock units to reflect the effects of the Reverse Split. The number of shares of Common Stock available for issuance under the Company’s equity incentive plans was not affected.

Stock-based compensation expense
The following table summarizes stock-based compensation expense for the periods indicated:

Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Stock options$242,243 $242,571 $484,468 $483,109 
Restricted stock awards1,887,501 2,505,234 3,874,151 4,567,072 
Restricted stock units(82,221)— 139,675 — 
Performance-based restricted stock awards848,689 1,029,291 1,768,122 1,751,304 
Total stock-based compensation expense$2,896,212 $3,777,096 $6,266,416 $6,801,485 


Stock options
A summary of stock option activity for the six months ended June 30, 2024 is as follows:

Number of OptionsWeighted
Average
Exercise Price
per Option		Weighted
Average
Remaining
Contractual Life
(Years)
Balance, December 31, 202314,822 $205.4 7.5
Exercised— — — 
Balance, June 30, 202414,822 $205.4 7.5
Number of options exercisable at June 30, 202412,352 $205.4 7.5

As of June 30, 2024, unrecognized compensation expense was $0.2 million for unvested options which is expected to be recognized over the next 0.2 years.
Restricted stock awards
A summary of restricted stock award activity for the six months ended June 30, 2024 is as follows:

Number of Unvested Shares Weighted Average Grant Date Fair Value per Share
Balance, December 31, 2023256,416 $52.3 
Granted— — 
Vested(96,976)59.1 
Forfeited(9,177)50.0
Balance, June 30, 2024150,263 $48.0 

As of June 30, 2024, unrecognized compensation expense was $4.8 million for unvested restricted stock awards which is expected to be recognized over the next 0.3 years.

Restricted stock units
A summary of restricted stock unit activity for the six months ended June 30, 2024 is as follows:

Number of Unvested Shares Weighted Average Grant Date Fair Value per Share
Balance, December 31, 2023— $— 
Granted759,120 6.34 
Vested— — 
Forfeited(9,484)— 
Balance, June 30, 2024749,636 $6.34 

As of June 30, 2024, unrecognized compensation expense was $1.2 million for unvested restricted stock units which is expected to be recognized over the next 2.21 years.


Performance share units

As of June 30, 2024, the number of unvested PSUs was 0.7 million. The vesting of PSUs is conditioned upon achievement of certain performance objectives over a performance period ending December 31, 2024, 2025 and 2026 as defined in each award agreement. For the PSUs issued in 2022 and 2023 with a performance period ending December 31, 2024 and 2025, fifty percent of the PSUs vest based upon the Company’s total shareholder return as compared to a group of peer companies (“TSR PSUs”), and fifty percent of the PSUs vest based upon our performance on certain measures including a cumulative adjusted EBITDA target (“EBITDA PSUs”). For the PSUs issued in 2024 with a performance period ending December 31, 2026, one hundred percent of the PSUs vest based upon our performance on a cumulative revenue target (“Revenue PSUs”). Depending on the actual achievement on the performance objectives, the grantee may earn between 0% and 200% of the target PSUs.

A summary of the activity for PSU awards with total shareholder return performance objectives for the six months ended June 30, 2024 is as follows:
Number of Unvested SharesWeighted Average Grant Date Fair Value per Share
Balance, December 31, 202383,598 $88.00 
Granted— — 
Forfeited(1,369)37.60
Balance, June 30, 202482,229 $88.93 
As of June 30, 2024, unrecognized compensation expense was $2.3 million, performance measures are expected to be met and vest and be recognized over the next 0.3 years.


A summary of the PSU awards with cumulative adjusted EBITDA targets for the three months ended June 30, 2024 is as follows:
Number of Unvested Shares
Balance, December 31, 202368,288 
Granted— 
Forfeited(1,369)
Balance, June 30, 202466,919 
The fair value of PSUs is calculated based on the stock price on the date of grant. The stock-based compensation expense recognized each period is dependent upon our estimate of the number of shares that will ultimately vest based on the achievement of EBITDA-based performance conditions. Future stock-based compensation expense for unvested EBITDA PSUs will be based on the fair value of the awards as of the grant date. During the quarter ended June 30, 2024, we recorded an expense of $0.1 million related to unvested 2022 issued EBITDA PSUs. This expense reflects the fair value of the EBITDA PSUs that is expected to vest based on the achievement of the established performance targets. The future stock-based compensation expense for the 2023 issued unvested revenue PSUs will be based on the fair value of the awards as of the grant date which has not yet occurred, as the cumulative adjusted EBITDA target condition is not yet defined.
As of June 30, 2024, there were no PSU awards expensed as cumulative revenue targets outstanding. The stock-based compensation expense recognized each period is dependent upon our estimate of the number of shares that will ultimately vest based on the achievement of revenue-based performance conditions. Future stock-based compensation expense for unvested revenue PSUs will be based on the fair value of the awards as of the grant date, which has not yet occurred, as the cumulative adjusted revenue target condition is not yet defined.