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Stock Based Compensation

6 Months Ended

Jun. 30, 2024

Stock Based Compensation

Stock Based Compensation

Note 9 – Stock-Based Compensation

There have been no changes to our equity incentive plans, the ESPP, or our accounting methodology for stock-based compensation, as disclosed in our 2023 Form 10-K.

The fair value of stock options and 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 based on Company personnel costs incurred. 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 and six months ended June 30, 2024 and 2023, the Company recognized compensation costs totaling:

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Three Months Ended June 30,

​

Six Months Ended June 30,

​

2024

2023

​

2024

2023

Stock-based compensation costs related to RSUs

​

$

1,397

​

$

954

​

$

2,609

​

$

1,589

Stock-based compensation costs related to stock options

​

1,612

​

1,889

​

3,226

​

3,476

Stock-based compensation costs related to the ESPP

​

​

42

​

​

80

​

​

79

​

​

80

Total stock-based compensation costs

​

$

3,051

​

$

2,923

​

$

5,914

​

$

5,145

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The unrecognized future compensation costs as of June 30, 2024 and 2023, were $25,868 and $34,327, respectively.

The following table summarizes our award activity for RSUs and stock options for the three and six months ended June 30, 2024:

​	​	​	​	​	​
​	​	​		​
​	​	RSUs	​	Stock Options
Balance at December 31, 2023	​	4,473,016		​	24,264,016
Granted	​	3,159,872	​	​	4,566,167
Vested or Exercised	​	(264,754)	​	​	(2,360,316)
Forfeited	​	(72,619)	​	​	(842,395)
Balance at March 31, 2024	​	7,295,515	​	​	25,627,472
Granted	​	2,162,222	​	​	1,757,960
Vested or Exercised	​	(867,515)	​	​	(1,230,581)
Forfeited	​	(886,343)	​	​	(1,873,843)
Balance at June 30, 2024	​	7,703,879	​	​	24,281,008

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Stock Options

The fair value of each stock option grant during the six months ended June 30, 2024 and 2023 was estimated on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions used:

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​	​	​	​	​	​	​	​	​
​		Six Months Ended June 30,						​
​		2024			2023			​
Approximate risk‑free rate		​	4.23	%	​	4.17	%	​
Volatility		​	48.10	%	​	46.91	%	​
Average expected life (in years)		​	6	​	​	6	​	​
Dividend yield		​	—	%	​	—	%	​
Weighted‑average grant date fair value	​	$	1.59	​	$	2.8	​	​
Estimated fair value of total stock options granted	​	$	5,175	​	$	7,815	​	​

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