STOCK-BASED COMPENSATION (Tables)
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9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock-Based Compensation Expense |
Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations and comprehensive loss is classified as follows:
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Three Months Ended
September 30, |
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Nine months ended September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Cost of revenue |
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$ |
118,774 |
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$ |
167,899 |
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$ |
364,286 |
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$ |
522,627 |
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Research and development |
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$ |
112,528 |
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$ |
145,848 |
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$ |
378,442 |
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$ |
480,131 |
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Selling and marketing |
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$ |
9,371 |
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$ |
81,901 |
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$ |
(189,828 |
) |
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$ |
181,413 |
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General and administrative |
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$ |
206,932 |
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$ |
239,380 |
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$ |
959,392 |
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$ |
711,618 |
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Total stock-based compensation expense |
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$ |
447,605 |
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$ |
635,028 |
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$ |
1,512,292 |
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$ |
1,895,789 |
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Total stock-based compensation expense recognized in the Company’s consolidated statements of operations is classified as follows:
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Year ended December 31, |
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2023 |
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2022 |
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Cost of revenue |
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$ |
640,847 |
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$ |
988,003 |
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Research and development |
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617,386 |
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143,439 |
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Selling and marketing |
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266,675 |
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46,299 |
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General and administrative |
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965,501 |
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1,184,599 |
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Total stock-based compensation expense |
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$ |
2,490,409 |
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$ |
2,362,340 |
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| Schedule of Restricted Stock Units |
The Company grants Restricted Stock Units ("RSUs") to its employees for their services with a liquidity event requirement. The RSUs granted to employees vest over a period of time from the grant date and are subject to the participants continuing service to the Company over the period.
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RSUs |
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Number of Shares |
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Weighted Average Grant Date Fair Value |
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Unvested at December 31, 2023 |
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22,213 |
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$ |
208.80 |
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RSUs granted |
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45,725 |
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$ |
5.38 |
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RSUs vested |
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(51,507 |
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$ |
20.37 |
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RSUs forfeited |
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(9,811 |
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$ |
95.42 |
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Unvested at September 30, 2024 |
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6,620 |
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$ |
198.87 |
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The following table shows a summary of the Company's RSUs outstanding as of December 31, 2023 as well as activity the year then ended:
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RSUs |
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Number of Shares |
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Weighted Average Grant Date Fair Value |
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Unvested at December 31, 2022 |
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542,706 |
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$ |
6.11 |
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RSUs granted |
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887,997 |
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$ |
1.92 |
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RSUs vested |
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(391,651 |
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$ |
4.42 |
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RSUs forfeited |
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(150,679 |
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$ |
1.47 |
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Unvested at December 31, 2023 |
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888,373 |
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$ |
5.22 |
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| Summary of Stock Options Activity |
A summary of stock option activity is as follows:
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Number of Stock Options Outstanding |
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Weighted-Average Exercise Price |
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Weighted-Average Remaining Contractual Life (Years) |
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Aggregate Intrinsic Value |
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Options outstanding at December 31, 2023 |
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188,865 |
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$ |
74.41 |
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7.9 |
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$ |
— |
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Options granted |
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29,841 |
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$ |
5.46 |
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Options exercised |
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— |
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$ |
— |
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Options cancelled or forfeited |
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(33,064 |
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$ |
151.39 |
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Options outstanding at September 30, 2024 |
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185,642 |
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$ |
49.61 |
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8.3 |
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$ |
— |
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Options exercisable at September 30, 2024 |
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96,311 |
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$ |
71.87 |
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7.7 |
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$ |
— |
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Options vested and expected to vest at September 30, 2024 |
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185,642 |
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$ |
49.61 |
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8.3 |
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$ |
— |
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A summary of stock option activity is as follows:
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Number of Stock Options Outstanding |
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Weighted-Average Exercise Price |
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Weighted-Average Remaining Contractual Life (Years) |
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Aggregate Intrinsic Value |
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Options outstanding at December 31, 2022 |
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3,133,270 |
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$ |
4.35 |
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7.9 |
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$ |
5,484,316 |
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Options granted |
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5,315,917 |
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$ |
0.48 |
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Options exercised |
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(5,153 |
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$ |
1.36 |
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Options cancelled or forfeited |
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(896,284 |
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$ |
2.27 |
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Options outstanding at December 31, 2023 |
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7,547,750 |
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$ |
1.86 |
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7.9 |
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$ |
— |
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Options exercisable at December 31, 2023 |
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2,954,137 |
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$ |
3.10 |
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5.4 |
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$ |
— |
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Options vested and expected to vest at December 31, 2023 |
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7,547,750 |
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$ |
1.86 |
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7.9 |
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$ |
— |
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| Summary of Assumptions Utilized for Option Grants |
A summary of the weighted-average assumptions the Company utilized for option grants are as follows:
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Nine Months Ended September 30, |
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2024 |
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2023 |
Expected term (in years) |
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4 |
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1.0 - 5.0 |
Expected volatility |
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47.8% - 55.0% |
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44.9% - 47.4% |
Risk-free interest rate |
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4.0% - 4.5% |
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3.8% - 5.4% |
Expected dividend yield |
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0.0% |
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0.0% |
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A summary of the assumptions the Company utilized for option grants during the years ended December 31, 2023 and 2022, respectively, are as follows:
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Year Ended December 31, |
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2023 |
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2022 |
Expected term (in years) |
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0.75-5.0 |
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5.8 |
Expected volatility |
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44.9%-47.6% |
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42.0% |
Risk-free interest rate |
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3.8%-5.5% |
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2.6% |
Expected dividend yield |
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0.0% |
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0.0% |
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