STOCK-BASED COMPENSATION (Tables)
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3 Months Ended |
12 Months Ended |
Mar. 31, 2025 |
Dec. 31, 2024 |
| 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 is classified as follows:
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Three Months Ended March 31, |
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2025 |
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2024 |
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Cost of revenue |
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$ |
105,734 |
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$ |
125,632 |
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Research and development |
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|
93,425 |
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|
139,050 |
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Selling and marketing |
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|
196,488 |
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|
80,925 |
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General and administrative |
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|
101,517 |
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|
268,508 |
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Total stock-based compensation expense |
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$ |
497,164 |
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$ |
614,115 |
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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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2024 |
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2023 |
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Cost of revenue |
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$ |
466,658 |
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$ |
640,847 |
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Research and development |
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|
476,666 |
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|
617,386 |
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Selling and marketing (1) |
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(181,160 |
) |
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|
266,675 |
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General and administrative |
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|
1,103,931 |
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|
965,501 |
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Total stock-based compensation expense |
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$ |
1,866,095 |
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$ |
2,490,409 |
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_______________ (1)Includes the reversal of stock compensation expense due to the departure of our Chief Marketing and Sales Officer in April 2024 and the resultant forfeiture of his unvested awards.
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| Schedule of Restricted Stock Units |
The following table shows a summary of the Company's RSUs outstanding as of March 31, 2025 and December 31, 2024 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, 2024 |
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4,562 |
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$ |
223.07 |
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RSUs vested (1) |
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(1,040 |
) |
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$ |
208.51 |
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RSUs forfeited |
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(275 |
) |
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$ |
36.42 |
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Unvested at March 31, 2025 |
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|
3,247 |
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$ |
243.54 |
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(1)Common stock underlying such vested RSUs was not yet formally issued by the Company.
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The following table shows a summary of the Company's RSUs outstanding as of December 31, 2024 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, 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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(52,789 |
) |
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$ |
24.33 |
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RSUs forfeited |
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(10,587 |
) |
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$ |
94.46 |
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Unvested at December 31, 2024 |
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|
4,562 |
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$ |
223.07 |
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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, 2024 |
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218,430 |
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$ |
40.80 |
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7.1 |
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$ |
7,375.15 |
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Options cancelled or forfeited |
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(31,492 |
) |
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$ |
10.14 |
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Options outstanding at March 31, 2025 |
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186,938 |
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$ |
45.96 |
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4.0 |
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$ |
— |
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Options exercisable at March 31, 2025 |
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122,446 |
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$ |
58.39 |
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2.4 |
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$ |
— |
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Options vested and expected to vest at March 31, 2025 |
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186,938 |
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$ |
45.96 |
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4.0 |
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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, 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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64,564 |
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$ |
2.77 |
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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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(34,999 |
) |
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$ |
152.01 |
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Options outstanding at December 31, 2024 |
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218,430 |
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$ |
40.80 |
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7.1 |
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$ |
7,375.15 |
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Options exercisable at December 31, 2024 |
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143,214 |
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$ |
49.70 |
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6.1 |
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$ |
7,375.15 |
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Options vested and expected to vest at December 31, 2024 |
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|
218,430 |
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$ |
40.80 |
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7.0 |
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$ |
7,375.15 |
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| Summary of Assumptions Utilized for Option Grants |
A summary of the weighted-average assumptions the Company utilized for option grants during the three months ended March 31, 2025 and 2024, respectively, are as follows:
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Three Months Ended March 31, |
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2025 |
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2024 |
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Expected term (in years) |
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N/A |
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4.0 |
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Expected volatility |
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N/A |
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47.8% |
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Risk-free interest rate |
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N/A |
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4.0% |
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Expected dividend yield |
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N/A |
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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, 2024 and 2023, respectively, are as follows:
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Year ended December 31, |
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2024 |
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2023 |
Expected term (in years) |
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4.0 |
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0.75-5.0 |
Expected volatility |
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47.8% - 55.0% |
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44.9%-47.6% |
Risk-free interest rate |
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4.0% - 4.5% |
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3.8%-5.5% |
Expected dividend yield |
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0.0% |
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0.0% |
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