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Stock Based Compensation | 9 Months Ended
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Sep. 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 nine months ended September 30, 2024 and 2023, the Company recognized compensation costs totaling: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2024 |  | 2023 | ​ | 2024 |  | 2023
Stock-based compensation costs related to RSUs | ​ | $ | 1,499 | ​ | $ | 1,248 | ​ | $ | 4,107 | ​ | $ | 2,839
Stock-based compensation costs related to stock options | ​ |  | 1,529 | ​ |  | 2,012 | ​ |  | 4,756 | ​ |  | 5,486
Stock-based compensation costs related to the ESPP | ​ | ​ | 45 | ​ | ​ | 42 | ​ | ​ | 124 | ​ | ​ | 122
Total stock-based compensation costs | ​ | $ | 3,073 | ​ | $ | 3,302 | ​ | $ | 8,987 | ​ | $ | 8,447
​ The unrecognized future compensation costs as of September 30, 2024 and 2023 were $22,407 and $31,843, respectively. The following table summarizes our award activity for RSUs and stock options for the three and nine months ended September 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
Granted | ​ | 562,463 | ​ | ​ | —
Vested or Exercised | ​ | (206,133) | ​ | ​ | (832,122)
Forfeited | ​ | (333,651) | ​ | ​ | (1,406,329)
Balance at September 30, 2024 | ​ | 7,726,558 | ​ | ​ | 22,042,557
​ ​ ​ Stock Options The fair value of each stock option grant during the nine months ended September 30, 2024 and 2023 was estimated on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions used: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine Months Ended September 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 | ​ | $ | 2.80 | ​ | ​
Estimated fair value of total stock options granted | ​ | $ | 5,175 | ​ | $ | 7,815 | ​ | ​
​

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