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Stock Options and Restricted Stock Units | 3 Months Ended
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Mar. 31, 2025
Stock Options and Restricted Stock Units |
Stock Options and Restricted Stock Units | 8.Stock Options and Restricted Stock Units The stock-based compensation expense related to the Innodata Inc. 2013 Stock Plan, as amended and restated effective June 7, 2016 (the “2013 Plan”) and the Innodata Inc. 2021 Equity Compensation Plan, as amended and restated effective as of April 11, 2022 (the “2021 Plan”, and together with the 2013 Plan, collectively, the “Equity Plans”) were allocated as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended
​ | ​ | March 31,
​ |  | 2025 |  | 2024
Direct operating costs | ​ | $ | 427 | ​ | $ | 84
Selling and administrative expenses | ​ |  | 2,454 | ​ |  | 950
Total stock-based compensation | ​ | $ | 2,881 | ​ | $ | 1,034
​ Stock Options ​ 2013 Plan A summary of option activity under the 2013 Plan and changes during each of the three-month periods ended March 31, 2025 and 2024 are presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Weighted-Average |  | ​
​ | ​ | Number of |  | Weighted - Average |  | Remaining Contractual | ​ | Aggregate
​ |  | Options |  | Exercise Price |  | Term (years) |  | Intrinsic Value
Outstanding at January 1, 2025 |  | 3,165,193 | ​ | $ | 3.67 |  | 6.32 |  | $ | 113,458,326
Granted |  | - | ​ |  | - |  | - |  | ​ | -
Exercised |  | (188,150) | ​ |  | 3.74 |  | - |  | ​ | -
Forfeited/Expired |  | - | ​ |  | - |  | - |  | ​ | -
Outstanding at March 31, 2025 |  | 2,977,043 | ​ | $ | 3.67 |  | 6.11 | ​ | $ | 95,948,739
​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​
Exercisable at March 31, 2025 |  | 2,878,708 | ​ | $ | 3.68 | ​ | 6.06 | ​ | $ | 92,753,835
​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  | ​
Vested and Expected to vest at March 31, 2025 |  | 2,977,043 | ​ | $ | 3.67 |  | 6.11 | ​ | $ | 95,948,739
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted-Average |  | ​ | ​
​ | ​ | Number of | ​ | Weighted - Average | ​ | Remaining Contractual | ​ | Aggregate
​ | ​ | Options | ​ | Exercise Price | ​ | Term (years) | ​ | Intrinsic Value
Outstanding at January 1, 2024 | ​ | 5,339,162 | ​ | $ | 3.22 | ​ | 6.38 | ​ | $ | 28,640,009
Granted |  | - |  | ​ | - |  | - |  | ​ | -
Exercised |  | - |  | ​ | - |  | - |  | ​ | -
Forfeited/Expired |  | (2,334) |  | ​ | 6.96 |  | - |  | ​ | -
Outstanding at March 31, 2024 |  | 5,336,828 | ​ | $ | 3.21 |  | 6.13 | ​ | $ | 18,364,840
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at March 31, 2024 |  | 3,552,030 | ​ | $ | 2.28 |  | 5.22 | ​ | $ | 15,528,015
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to vest at March 31, 2024 |  | 5,336,828 | ​ | $ | 3.21 |  | 6.13 | ​ | $ | 18,364,840
​ 2021 Plan A summary of option activity under the 2021 Plan and changes during the three-month periods ended March 31, 2025 and 2024 are presented below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted-Average | ​ | ​
​ | ​ | Number of | ​ | Weighted - Average | ​ | Remaining Contractual | ​ | Aggregate
​ |  | Options |  | Exercise Price |  | Term (years) |  | Intrinsic Value
Outstanding at January 1, 2025 |  | 842,271 | ​ | $ | 15.86 |  | 8.46 |  | $ | 20,847,471
Granted |  | - | ​ |  | - |  | - |  | ​ | -
Exercised |  | (73,232) | ​ |  | 3.57 |  | - |  | ​ | -
Forfeited/Expired |  | (334) | ​ |  | 3.41 |  | - |  | ​ | -
Outstanding at March 31, 2025 |  | 768,705 | ​ | $ | 17.04 |  | 8.28 | ​ | $ | 16,375,435
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at March 31, 2025 |  | 242,512 | ​ | $ | 3.34 |  | 7.49 | ​ | $ | 7,897,315
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to vest at March 31, 2025 |  | 768,705 | ​ | $ | 17.04 |  | 8.28 | ​ | $ | 16,375,435
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted-Average |  | ​ | ​
​ | ​ | Number of | ​ | Weighted - Average | ​ | Remaining Contractual | ​ | Aggregate
​ | ​ | Options | ​ | Exercise Price | ​ | Term (years) | ​ | Intrinsic Value
Outstanding at January 1, 2024 |  | 923,571 | ​ | $ | 3.41 | ​ | 8.76 |  | $ | 4,786,252
Granted |  | - | ​ |  | - | ​ | - |  | ​ | -
Exercised |  | - | ​ |  | - | ​ | - |  | ​ | -
Forfeited/Expired |  | (5,334) | ​ |  | 3.41 | ​ | - |  | ​ | -
Outstanding at March 31, 2024 |  | 918,237 | ​ | $ | 3.41 | ​ | 8.52 | ​ | $ | 2,946,506
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at March 31, 2024 |  | 386,209 | ​ | $ | 3.34 | ​ | 8.49 | ​ | $ | 1,258,907
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Vested and Expected to vest at March 31, 2024 |  | 918,237 | ​ | $ | 3.41 | ​ | 8.52 | ​ | $ | 2,946,506
​ There were no options granted during the three months ended March 31, 2025 and 2024. During the three months ended March 31, 2025, a total of 261,382 options were exercised at an average exercise price of $3.68. The compensation cost related to non-vested stock options not yet recognized as of March 31, 2025 totaled approximately $8.2 million. The weighted-average period over which these costs will be recognized is 31 months. Restricted Stock Awards There were no outstanding awards of restricted stock under the Equity Plans during each of the three-month periods ended March 31, 2025 and 2024. ​ Restricted Stock Units Restricted stock unit activity under the Equity Plans during each of the three-month periods ended March 31, 2025 and 2024 are presented below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of |  | Weighted-Average
​ | ​ | Restricted Stock | ​ | Grant Date
​ |  | Units |  | Fair Value
Unvested at January 1, 2025 | ​ | 1,249,079 | ​ | $ | 20.98
Granted |  | 2,751 |  | ​ | 41.23
Vested |  | (184,200) |  | ​ | 4.99
Forfeited/Expired |  | (530,950) |  | ​ | 6.37
Unvested at March 31, 2025 |  | 536,680 | ​ | $ | 41.03
​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of |  | Weighted-Average
​ | ​ | Restricted Stock | ​ | Grant Date
​ | ​ | Units | ​ | Fair Value
Unvested at January 1, 2024 |  | 749,756 | ​ | $ | 5.77
Granted |  | - | ​ |  | -
Vested |  | - | ​ |  | -
Forfeited/Expired |  | (995) | ​ |  | 8.29
Unvested at March 31, 2024 |  | 748,761 | ​ | $ | 5.78
​ There were no restricted stock units granted to non-employee directors during the three months ended March 31, 2025. The compensation cost related to non-vested restricted stock units not yet recognized as of March 31, 2025 totaled approximately $19.6 million. The weighted-average period over which these costs will be recognized is 31 months.

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