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] |
|
|
| Schedule of Weighted Average Grant Fair Value of Stock Options using Black-Scholes Option-pricing Model |
The
following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the
grant-date fair value of stock options granted during the nine months ended September 30, 2024 and 2023:
Schedule
of Weighted Average Grant Fair Value of Stock Options using Black-Scholes Option-pricing Model
| | |
Nine Months Ended September 30, | |
| | |
2024 | | |
2023 | |
| Risk-free interest rate | |
| 4.5 | % | |
| 4.1 | % |
| Expected term (in years) | |
| 5.5 | | |
| 5.6 | |
| Expected volatility | |
| 110.8 | % | |
| 86.5 | % |
| Expected dividend yield | |
| 0 | % | |
| 0 | % |
|
The
following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the
grant-date fair value of stock options granted during the years ended December 31, 2023 and 2022:
Schedule
of Weighted Average Grant Fair Value of Stock Options using Black-Scholes Option-pricing Model
| | |
Year Ended
December 31, | |
| | |
2023 | | |
2022 | |
| Risk-free interest rate | |
| 4.1 | % | |
| 2.7 | % |
| Expected term (in years) | |
| 5.6 | | |
| 5.9 | |
| Expected volatility | |
| 86.5 | % | |
| 77.1 | % |
| Expected dividend yield | |
| — | % | |
| — | % |
|
| Schedule of Stock Option Activity |
The
following table summarizes option activity with service conditions under the 2021 Plan and the 2017 Plan:
Schedule of Stock Option Activity
| | |
Options | | |
Weighted
Average
Exercise Price | | |
Weighted
Average
Contract Term
(years) | | |
Aggregate
Intrinsic
Value | |
| Outstanding at January 1, 2024 | |
| 2,820,187 | | |
$ | 40.16 | | |
| 5.6 | | |
$ | — | |
| Granted | |
| 879,664 | | |
| 3.76 | | |
| | | |
| | |
| Exercised | |
| — | | |
| — | | |
| | | |
| | |
| Forfeited | |
| (289,802 | ) | |
| 31.47 | | |
| | | |
| | |
| Outstanding at September 30, 2024* | |
| 3,410,049 | | |
$ | 31.51 | | |
| 6.0 | | |
$ | 115 | |
| Vested and expected to vest September 30, 2024 | |
| 3,410,049 | | |
$ | 31.51 | | |
| 6.0 | | |
$ | 115 | |
| Exercisable at September 30, 2024 | |
| 2,513,584 | | |
$ | 38.00 | | |
| 4.9 | | |
$ | 113 | |
| * | | Options outstanding
at September 30, 2024 under the 2021 Plan and 2017 Plan were 1,979,953 and 1,475,096, respectively. Options outstanding at September
30, 2024 under the 2021 Plan include 45,000 awards with performance conditions (see below). |
|
The
following table summarizes option activity with service conditions under the 2021 Plan and the 2017 Plan:
Schedule of Stock Option Activity
| | |
Options | | |
Weighted
Average
Exercise Price | | |
Weighted
Average
Contract Term
(years) | | |
Aggregate
Intrinsic
Value | |
| Outstanding at December 31, 2022 | |
| 2,514,452 | | |
$ | 49.08 | | |
| 6.1 | | |
$ | 7,851 | |
| Granted | |
| 741,634 | | |
| 5.35 | | |
| | | |
| | |
| Exercised | |
| (108,637 | ) | |
| 2.80 | | |
| | | |
| | |
| Forfeited/Expired | |
| (327,262 | ) | |
| 42.23 | | |
| | | |
| | |
| Outstanding at December 31, 2023 | |
| 2,820,187 | | |
$ | 40.16 | | |
| 5.6 | | |
$ | — | |
| Vested and expected to vest December 31, 2023 | |
| 2,820,187 | | |
$ | 40.16 | | |
| 5.6 | | |
$ | — | |
| Exercisable at December 31, 2023 | |
| 2,025,287 | | |
$ | 46.01 | | |
| 4.5 | | |
$ | — | |
|
| Schedule of Activity Related to RSU Stock-Based Payment Awards |
The
following table summarizes activity related to RSU stock-based payment awards under the 2021 Plan:
Schedule
of Activity Related to RSU Stock-Based Payment Awards
| | |
Number of Shares | | |
Weighted
Average
Grant Date Fair Value | |
| Outstanding at January 1, 2024 | |
| 823,332 | | |
$ | 13.77 | |
| Granted | |
| — | | |
| — | |
| Vested | |
| (395,996 | ) | |
| 11.50 | |
| Forfeited | |
| (99,977 | ) | |
| 13.24 | |
| Outstanding at September 30, 2024 | |
| 327,359 | | |
$ | 16.68 | |
|
The
following table summarizes activity related to RSU stock-based payment awards:
Schedule
of Activity Related to RSU Stock-Based Payment Awards
| | |
Number of Shares | | |
Weighted
Average
Grant Date Fair Value | |
| Outstanding at December 31, 2022 | |
| 227,013 | | |
$ | 73.35 | |
| Granted | |
| 954,931 | | |
$ | 6.29 | |
| Released | |
| (83,759 | ) | |
$ | 65.05 | |
| Forfeited | |
| (274,853 | ) | |
$ | 21.37 | |
| Outstanding at December 31, 2023 | |
| 823,332 | | |
$ | 13.77 | |
|
| Schedule of Stock-based Compensation Expense |
The
Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations
and comprehensive loss:
Schedule
of Stock-based Compensation Expense
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Cost of revenues | |
$ | 90 | | |
$ | 166 | | |
$ | 285 | | |
$ | 462 | |
| Research and development | |
| 182 | | |
| 379 | | |
| 903 | | |
| 1,384 | |
| Selling, general and administrative | |
| 2,400 | | |
| 3,053 | | |
| 7,440 | | |
| 9,596 | |
| Stock-based
compensation expense | |
$ | 2,672 | | |
$ | 3,598 | | |
$ | 8,628 | | |
$ | 11,442 | |
|
The
Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations:
Schedule
of Stock-based Compensation Expense
| | |
2023 | | |
2022 | |
| | |
Year Ended December 31, | |
| | |
2023 | | |
2022 | |
| Cost of revenues | |
$ | 580 | | |
$ | 410 | |
| Research and development | |
| 1,832 | | |
| 2,118 | |
| Selling, general and administrative | |
| 12,605 | | |
| 13,328 | |
| Stock-based
compensation expense | |
$ | 15,017 | | |
$ | 15,856 | |
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