XML 28 R15.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

STOCK-BASED COMPENSATION | 6 Months Ended
--- | ---
Jun. 30, 2024
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION |
6. | Stock-Based Compensation
​ Stock-based compensation for the periods presented was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | ​ | 2024 |  | 2023 | ​ | 2024 |  | 2023
Selling, general and administrative | ​ | $ | 2,223 | ​ | $ | 1,796 | ​ | $ | 6,707 | ​ | $ | 3,531
Research and development | ​ | ​ | 305 | ​ | ​ | 376 | ​ | ​ | 955 | ​ | ​ | 1,399
Total stock-based compensation expense | ​ | $ | 2,528 | ​ | $ | 2,172 | ​ | $ | 7,662 | ​ | $ | 4,930
​ During the six months ended June 30, 2024, we granted stock options to purchase 599,772 shares of common stock with weighted-average grant-date fair value of $9.64 per share, and 9,294 stock options were exercised. The stock options granted during the six months ended June 30, 2024 generally vest over 3 years. As of June 30, 2024, there were 3,691,139 stock options outstanding, of which, 132,250 are outstanding performance-based stock options wherein the achievement of the corresponding corporate-based milestones were assessed not probable as of June 30, 2024. Accordingly, none of the $2.5 million grant date fair value for these awards has been recognized as stock-based compensation expense as of June 30, 2024. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The following table summarizes the weighted-average assumptions relating to options granted pursuant to our Equity Incentive Plans (our 2018 Equity Incentive Plan and Inducement Plan, as amended) for the periods presented: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |
Risk-free interest rate | ​ | 4.5 | % | 3.7 | % | ​ | 4.2 | % | 3.7 | %
Expected term (in years) | ​ | 6.0 | ​ | 6.7 | ​ | ​ | 6.2 | ​ | 7.0 | ​
Dividend yield | ​ | 0.0 | % | 0.0 | % | ​ | 0.0 | % | 0.0 | %
Expected volatility | ​ | 88.1 | % | 86.0 | % | ​ | 87.4 | % | 83.1 | %
​ During the six months ended June 30, 2024, we granted 291,373 RSUs with a grant-date weighted-average fair value of $12.52 per share, and 66,408 RSUs were released. The RSUs granted during the six months ended June 30, 2024 generally vest over 3 years. As of June 30, 2024, there were 387,729 RSUs outstanding. As of June 30, 2024, there was approximately $14.0 million of unrecognized stock-based compensation cost which is expected to be recognized over a remaining weighted-average period of 2.15 years, related to time-based stock options, performance-based stock options wherein achievement of the corresponding corporate-based milestones was considered as probable, and RSUs. In March 2024 and April 2024, our Board of Directors approved additional 78,232 shares of common stock reserved for issuance under our Inducement Plan. In May 2024, our stockholders approved an amendment to our 2018 Plan, to, among other items, add an additional 650,000 shares to the number of shares of common stock authorized for issuance under our 2018 Plan. As of June 30, 2024, there were 1,412,669 shares of common stock available for future grant under our Equity Incentive Plans. Employee Stock Purchase Plan ​ Our Purchase Plan provides for a 24-month offering period comprises four six-month purchase periods with a look-back option. A look-back option is a provision in our Purchase Plan under which eligible employees can purchase shares of our common stock at a price per share equal to the lesser of 85% of the fair market value on the first day of the offering period or 85% of the fair market value on the purchase date. Our Purchase Plan also includes a feature that provides for a new offering period to begin when the fair market value of our common stock on any purchase date during an offering period falls below the fair market value of our common stock on the first day of such offering period. This feature is called a “reset.” Participants are automatically enrolled in the new offering period. Our 24-month offering period under our Purchase Plan ended on June 30, 2024, and a new 24-month offering period started on July 1, 2024. The fair value of awards under our Purchase Plan is estimated on the date of our new offering period using the Black-Scholes option pricing model, which is being amortized over the requisite service periods. As of June 30, 2024, there was no unrecognized stock-based compensation cost related to our Purchase Plan. ​ During the six months ended June 30, 2024, there were 35,902 shares purchased under the Purchase Plan. As of June 30, 2024, there were 213,681 shares reserved for future issuance under the Purchase Plan.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration