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STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2024
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

7.    STOCK-BASED COMPENSATION

The Company may issue stock-based compensation awards under the Helius Medical Technologies, Inc. 2022 Equity Incentive Plan (as amended, the “2022 Plan”) or the Helius Medical Technologies, Inc. 2021 Inducement Plan (as amended, the “Inducement Plan”), as described more fully in the 2023 10-K. On January 1, 2023, pursuant to the automatic increase provision of the 2022 Plan, the number of shares authorized for issuance increased from 264,319 to 319,941. On May 30, 2024, the Board adopted a First Amendment (the “Amendment”) to the 2022 Plan. On June 27,

2024, at the annual meeting of stockholders, the stockholders of the Company approved the Amendment. Pursuant to the terms and conditions of the Amendment, the 2022 Plan was amended to increase the aggregate number of shares of Common Stock that may be issued under the 2022 Plan to 2,089,000 new shares with an automatic increase on January 1st of each year by an amount equal to 5% of the Fully Diluted Shares (as defined in the 2022 Plan) as of the last day of the preceding calendar year. On July 2, 2024, the Company approved an amendment to the Inducement Plan pursuant to which, the Inducement Plan was amended to increase the aggregate number of shares of Common Stock that may be issued under the Inducement Plan to 150,000 new shares. As of September 30, 2024, the remaining shares available for grant were 17,155 under the 2022 Plan and 123,910 under the Inducement Plan.

During the nine months ended September 30, 2023, the Company granted 1,832,500 stock options out of the 2022 Plan and 23,500 stock options out of the Inducement Plan at a weighted average exercise price of $0.96 per share. The options vest over one to four years and expire ten years after the grant date.

The grant date fair values of the stock options were estimated using the Black-Scholes option pricing model using the following weighted average assumptions:

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Three Months Ended September 30, 

​

    

Nine Months Ended September 30, 

 

​

    

2024

    

2023

    

​

2024

    

2023

​

Risk-free interest rate

​

 

4.38

%

 

4.29

%

​

 

4.38

%  

​

3.93

%

Expected volatility

​

 

128.73

%

 

75.26

%

​

 

128.73

%

 

79.43

%

Expected term (years)

​

 

5.27

​

 

5.76

​

​

 

5.27

​

 

5.70

​

Expected dividend yield

​

​

0.00

%

​

0.00

%

​

​

0.00

%

 

0.00

%

Fair value, per share

​

$

0.84

​

$

6.40

​

​

$

0.84

​

$

10.17

​

​

There were no restricted stock units granted during the nine months ended September 30, 2024.

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As of September 30, 2024, there were an aggregate of 2,097,935 stock options outstanding with a weighted average exercise price of $9.75 per share and no unvested restricted stock units outstanding.

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Total stock-based compensation expense was as follows (in thousands):

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​

​

​

​

​

​

​

​

    

Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

​

​

2024

​

2023

​

2024

​

2023

Cost of sales

​

$

14

​

$

5

​

$

23

​

$

14

Selling, general and administrative

​

 

1,032

​

 

330

​

​

1,660

​

​

989

Research and development

​

​

281

​

​

68

​

​

411

​

​

225

Total stock-based compensation expense

​

$

1,327

​

$

403

​

$

2,094

​

$

1,228

​

As of September 30, 2024, the total remaining unrecognized compensation expense related to nonvested stock options and restricted stock units was $1.9 million which will be amortized over the weighted-average remaining requisite service period of 0.8 years.