On April 9, 2019, the Company’s Board of Directors authorized a stock repurchase program to acquire up to $15.0 million of its common stock. Any repurchases under the program will be made from time to time on the open market at prevailing market prices. On April 1, 2021, the Board of Directors approved an extension and expansion of this stock repurchase program up to $25.0 million of its common shares, expiring April 9, 2023. On March 3, 2023, the Company’s Board of Directors approved a two-year extension of this stock repurchase plan. On April 9, 2024, the Board of Directors approved an additional expansion of this stock repurchase program to up to $55 million of the Company’s common shares. During the three months ended March 31, 2025, the Company repurchased 0.1 million shares of its common stock for a total cost of $1.8 million. As of March 31, 2025, the total cost of repurchased common stock was $29.6 million.

Total estimated stock-based compensation expense for employees and non-employees, related to all of the Company’s stock-based awards, was as follows (in thousands):


	Three Months Ended
	March 31,
	2025		2024

Cost of revenue	$	175	$	131
Selling and marketing		868		487
Research and development		469		224
General and administrative		400		263
Total stock-based compensation	$	1,912	$	1,105

The following table presents the stock activity and the total number of shares available for grant as of March 31, 2025 (in thousands):



Balance at December 31, 2024	727
Options Cancelled	2
Restricted Stock Granted	(110	)
Balance at March 31, 2025	619


	Options Outstanding
	Number of Shares Underlying Outstanding Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)
Outstanding at December 31, 2024		637,916		$	9.38		4.55	$	5,483,767
Options Granted		—			—
Options Exercised		(640	)		8.03
Options Forfeited		(2,372	)		13.55
Outstanding at March 31, 2025		634,904		$	9.37		4.32	$	3,703,702
Vested and expected to vest at March 31, 2025		634,904		$	9.45		4.32	$	3,703,702
Exercisable at March 31, 2025		634,904		$	9.45		4.32	$	3,703,702

Stock options are time-based and the majority are exercisable within 10 years of the date of grant, but only to the extent they have vested. The options generally vest as specified in the option agreements subject to acceleration in certain circumstances. In the event participants in the plan cease to be employed or engaged by the Company, all vested options would be forfeited if they are not exercised within 90 days. Forfeitures on option grants are estimated at 10% for non-executives and 0% for executives based on evaluation of historical and expected future turnover. Stock-based compensation expense was recorded net of estimated forfeitures, such that expense was recorded only for those stock-based awards expected to vest. The Company reviews this assumption periodically and will adjust it if it is not representative of future forfeiture data and trends within employee types (executive vs. non-executive).


	Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested restricted stock at December 31, 2024		605,356		$	15.92
Granted		109,716			16.87
Vested		(10,433	)		21.65
Shares forfeited		—			—
Nonvested restricted stock at March 31, 2025		704,639		$	15.99

As of March 31, 2025, total unrecognized compensation cost related to the nonvested restricted stock granted was $7.0 million, which is expected to be recognized over a remaining weighted average vesting period of 2.1 years.

As of March 31, 2025, the Company had 550,000 wholly funded warrants related to a series of transactions pursuant to which the previously outstanding Series B Preferred Stock were retired. The warrants do not expire.