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Note 15 - Share-based Compensation | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | Note 15. Share-Based Compensation ​ Equity Plans ​ The Company’s board of directors and stockholders approved the following equity plans: ​
| ● | the 2013 Equity Incentive Plan ("2013 Plan")
| ● | the 2021 Equity Incentive Plan ("2021 Plan")
| ● | the 2023 Equity Inducement Plan ("Inducement Plan")
The Company has issued stock options, restricted stock awards ("RSAs") and restricted stock units ("RSUs") to employees, consultants and non-employee directors. Stock option awards generally vest over a four-year period and have a maximum term of ten years. Stock options under these plans have been granted with an exercise price equal to the fair market value on the date of the grant. Nonqualified and Incentive Stock Options, RSAs and RSUs may be granted from these plans. ​ ​ Performance Based Incentive Plan ​Starting in 2021, certain senior executives were granted performance stock units ("PSUs") under our Amended and Restated 2021 Equity Incentive Plan ("2021 Plan"), which generally vest over a three-year period subject to achievement of certain pre-established performance metrics. The number of shares of common stock that would ultimately be issued to settle PSUs granted ranged from 0% to 200% of the target number of shares granted. We estimate the fair value of the PSUs on the date of grant using a Monte Carlo simulation model, with stock-based compensation expense recognized ratably over the applicable three-year performance period. The Company recognized stock-based compensation expense for the PSUs for the three months ended March 31, 2025 and 2024 of $0.9 million and $1.0 million, respectively. The following is a summary of PSU activity for the three months ended March 31, 2025:
|  | ​ |  |  | Weighted |  |  | ​ |  |  | ​ |
​ |  | ​ |  |  | Average Share |  |  | Weighted |  |  | Aggregate |
​ |  | Number of |  |  | Price on Date |  |  | Average Fair |  |  | Intrinsic |
​ |  | shares |  |  | of Release |  |  | Value |  |  | Value |
​ |  | (in thousands, except price data) |
Outstanding, January 1, 2025 |  |  | 1,447 |  |  |  | — |  |  | $ | 7.82 |  |  | $ | 53,347 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Released |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cancelled/Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding, March 31, 2025 |  |  | 1,447 |  |  |  | — |  |  |  | 7.82 |  |  |  | 22,216 |
Vested and expected to vest |  |  | 1,447 |  |  |  | — |  |  | $ | 7.82 |  |  |  | 22,216 |
As of March 31, 2025, there was $4.8 million of unrecognized stock-based compensation expense related to outstanding PSUs, which expense is expected to be recognized over 1.5 years. Restricted Stock Units The following is a summary of RSU activity:
|  | ​ |  |  | Weighted |  |  | ​ |  |  | ​ |
​ |  | ​ |  |  | Average Share |  |  | Weighted |  |  | Aggregate |
​ |  | Number of |  |  | Price on Date |  |  | Average Fair |  |  | Intrinsic |
​ |  | shares |  |  | of Release |  |  | Value |  |  | Value |
​ |  | (in thousands, except price data) |
Outstanding, January 1, 2025 |  |  | 2,231 |  |  |  | — |  |  | $ | 6.04 |  |  | $ | 82,243 |
Granted |  |  | 7 |  |  |  | — |  |  |  | 27.04 |  |  |  | 184 |
Released |  |  | (339 | ) |  |  | 28.61 |  |  |  | 6.47 |  |  |  | 9,714 |
Cancelled/Forfeited |  |  | (1 | ) |  |  | — |  |  |  | 3.95 |  |  |  | 8 |
Outstanding, March 31, 2025 |  |  | 1,898 |  |  |  | — |  |  |  | 6.04 |  |  |  | 29,134 |
Vested and expected to vest |  |  | 1,898 |  |  |  | — |  |  | $ | 6.04 |  |  | $ | 29,134 |
​ As of March 31, 2025, there was $10.2 million of unrecognized compensation expense related to these RSUs. This expense is expected to be recognized over 2.3 years. Share-Based Compensation ​ Employee share-based compensation expenses recognized for the periods indicated (in thousands): ​
|  | Three months ended |
​ |  | March 31, |
​ |  | 2025 |  |  | 2024 |
Share-based compensation - by expense types |  | ​ |  |  | ​ |
Cost of goods sold |  | $ | 83 |  |  | $ | 102 |
Research and development |  |  | 276 |  |  |  | 280 |
Sales and marketing |  |  | 323 |  |  |  | 285 |
General and administrative |  |  | 1,880 |  |  |  | 2,172 |
Total share-based compensation expense |  | $ | 2,562 |  |  | $ | 2,839 |

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