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Stock Based Compensation | 3 Months Ended
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Mar. 31, 2023
Stock Based Compensation |
Stock Based Compensation | Note 8 – Stock Based Compensation There have been no significant changes to our equity incentive plans, Employee Stock Purchase Plan, or accounting methodology for stock based compensation, as disclosed in our 2022 Form 10-K. The fair value of stock options and Restricted Stock Units (“RSUs”) issued to employees and directors is recognized as compensation expense over the period of service that generally coincides with the vesting period of the award. The Company allocated compensation ratably across Operating Expenses within the following financial statement lines. When calculating the amount of annual compensation expense, the Company has elected not to estimate forfeitures and instead accounts for forfeitures as they occur. For the three months ended March 31, 2023, the Company recognized compensation costs totaling: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended March 31,
​ | ​ | 2023 |  | 2022
Equity-based compensation costs related to RSUs | ​ | $ | 635 | ​ | $ | —
Equity-based compensation costs related to stock options | ​ |  | 1,587 | ​ |  | 1,596
Total equity-based compensation costs | ​ | $ | 2,222 | ​ | $ | 1,596
Unrecognized future compensation cost | ​ | ​ | 59,945 | ​ | ​ | 21,455
​ The following table summarizes our award activity for stock options and RSUs for the three months ended March 31, 2023:
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​
​ | ​ | RSUs | ​ | Stock Options
Balance at December 31, 2022 |  | 1,057,980 |  | ​ | 25,998,172
Granted |  | 1,797,034 | ​ | ​ | 3,272,873
Vested or Exercised |  | — | ​ | ​ | (1,679,954)
Forfeited |  | (88,441) | ​ | ​ | (1,494,020)
Outstanding at March 31, 2023 |  | 2,766,573 | ​ | ​ | 26,097,071
​ Stock Options The fair value of each option grant during the three months ended March 31, 2023 and 2022 was estimated on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions used: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended March 31, |  | ​
​ |  | 2023 |  | 2022 |  | ​
Approximate risk‑free rate |  | ​ | 4.28 | % | ​ | 1.02 | % | ​
Volatility |  | ​ | 46.86 | % | ​ | 59.97 | % | ​
Average expected life (years) |  | ​ | 6 years | ​ | ​ | 6 years | ​ | ​
Dividend yield |  | ​ | — | % | ​ | — | % | ​
Weighted‑average grant date fair value | ​ | $ | 3.11 | ​ | $ | 0.95 | ​ | ​
Estimated fair value of total options granted | ​ | $ | 5,165 | ​ | $ | 31 | ​ | ​
​

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