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Stock Incentive Plan | 9 Months Ended
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Sep. 30, 2024
Stock Incentive Plan |
Stock Incentive Plan | 17.Stock Incentive Plan The Company’s stock-based compensation program is designed to attract and retain employees while also aligning employees’ interests with the interests of its stockholders. Stock options have been granted to employees under the stockholder-approved 2007 Key Person Stock Option Plan (the “2007 Plan”) and stock options and stock have been granted to employees under the stockholder-approved 2014 Stock Incentive Plan (the “2014 Plan”). As of September 30, 2024, there were no longer any awards outstanding options under the 2007 Plan. Stockholder approval of the 2014 Plan (which expired per its terms on July 24, 2024) became effective in September 2014. The 2014 Plan originally provided that the aggregate number of shares of common stock that may be issued pursuant to awards granted under the 2014 Plan may not exceed 450,000 shares (the “2014 Share Reserve”), however in October 2015, the stockholders approved a 1,500,000 increase to the 2014 Share Reserve. In addition, the 2014 Share Reserve automatically increased on January 1st of each year, for a period of not more than 10 years, beginning on January 1st of the year following the year in which the 2014 Plan became effective and ending on (and including) January 1, 2024, in an amount equal to 4% of the total number of shares of common stock outstanding on December 31st of the preceding calendar year. The Company’s board of directors could have acted prior to January 1st of a given year to provide that there would be no January 1st increase in the 2014 Share Reserve for such year or that the increase in the 2014 Share Reserve for such year would have been a lesser number of shares of common stock than would otherwise occur. On January 1, 2024, the 2014 Share Reserve increased by 275,401. The 2014 Share Reserve was 3,858,289 shares as of September 30, 2024. Following stockholder approval of the 2024 Plan, no future awards will be made under the 2014 Plan. As of September 30, 2024, there were 1,832,289 shares of an aggregate total of 3,858,289 shares available for future stock-based compensation grants under the 2014 Plan. On August 14, 2024, the board of directors of the Company adopted a new stock option and incentive Plan (the “2024 Plan”), which was subsequently approved by the Company’s stockholders at the Annual Meeting of Stockholders held on October 4, 2024. The 2024 Plan is the successor to the 2014 Plan. The maximum number of shares of common stock to be issued under the 2024 Plan is 1,916,011, plus on January 1, 2025 and on each January 1 thereafter prior to the expiration of the 2024 Plan, the number of shares of common stock reserved and available for issuance under the 2024 Plan shall be automatically and cumulatively increased by four (4%) percent of the number of shares of common stock issued and outstanding on the immediately preceding December 31 (inclusive of the number of shares issuable pursuant to the exercise of any outstanding, pre-funded warrants to acquire common stock for a nominal exercise price), or such lesser number of shares as approved by the board of directors or its compensation committee. Shares underlying awards under the 2024 Plan or the 2014 Plan that are tendered, canceled or held back upon an exercise of an option or settlement of an award to cover the exercise price or tax withholding after August 1, 2024 will be added back to the reserved pool under the 2024 Plan. Upon the exercise of a stock appreciation right that is settled in shares of common stock, the full number of shares underlying the award will be charged to the reserved pool. Stock Awards The Company granted fully vested stock awards of 6,546 shares of common stock to the non-employee members of the board of directors during the nine months ended September 30, 2024. The fair value of these stock awards on grant date was $150. The Company granted fully vested stock awards of 23,868 shares of common stock to non-employee members of the board of directors and employees as compensation during the nine months ended September 30, 2023. Net shares issued after deducting taxes paid on these grants were 15,229. The fair value of these stock awards on grant date was $846. Stock Options Aggregate intrinsic value represents the difference between the closing market value as of September 30, 2024 of the underlying common stock and the exercise price of outstanding, in-the-money options. A summary of the Company’s stock option activity and related information for the nine months ended September 30, 2024 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Options Outstanding
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | ​ | ​
​ | ​ | Number of | ​ | Weighted | ​ | Remaining | ​ | Aggregate
​ | ​ | Stock Options | ​ | Average | ​ | Contractual | ​ | Intrinsic Value
​ |  | Outstanding |  | Exercise Price |  | Term (In Years) |  | (In Thousands)
Balance, December 31, 2023 |  | 1,021,785 | ​ | $ | 3.84 |  | 3.76 | ​ | $ | 41,333
Options granted | ​ | 173,700 | ​ | $ | 23.04 | ​ | — | ​ | ​ | —
Options forfeited/cancelled | ​ | (6,650) | ​ | ​ | — | ​ | — | ​ | ​ | —
Options exercised |  | (176,285) | ​ | $ | 2.68 | ​ | — | ​ | ​ | —
Balance, September 30, 2024 |  | 1,012,550 | ​ | $ | 7.21 | ​ | 2.61 | ​ | $ | 16,615
Exercisable as of September 30, 2024 |  | 840,815 | ​ | $ | 3.92 | ​ | 1.62 | ​ | $ | 16,534
​ As of September 30, 2024, the fair value of unvested stock options was approximately $2,418. This unrecognized stock-based compensation expense is expected to be recorded over a weighted average period of 3.28 years. During the nine months ended September 30, 2024, the Company granted 173,700 stock options to the employees and non-executive members of the board of directors with an exercise price ranging from $22.92 to $23.32 and grant date fair value ranging from $10.35 to $14.97. In applying the Black-Scholes options pricing model, following assumptions were used: 1) expected price volatility range of 62.3%-77.2%; risk-free interest rate range of 4.5%-4.9%; expected term range of 2-7 years; and no dividend yield. Employee options have vesting terms of 1/4 th of options being vested one year after the grant date and 1/48 th for each month thereafter contingent upon the participant’s continued service beginning on the initial vesting date and ending when the vested ratio equals 1/1. Non-executive members of board of directors have vesting terms of 1/24 th of options being vested per month over a period of two years. The following table represents the stock based compensation for the three and nine months ended September 30, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30 | ​
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023 | ​
Cost of Revenues | ​ | $ | 14 | ​ | $ | 4 | ​ | $ | 28 | ​ | $ | 4 | ​
Engineering and Product Development | ​ | ​ | 15 | ​ | ​ | 6 | ​ | ​ | 27 | ​ | ​ | 51 | ​
Sales and Marketing | ​ |  | 47 | ​ | ​ | 3 | ​ | ​ | 81 | ​ | ​ | 301 | ​
General and Administrative | ​ |  | 128 | ​ | ​ | 34 | ​ | ​ | 362 | ​ | ​ | 551 | ​
Total | ​ | $ | 204 | ​ | $ | 47 | ​ | $ | 498 | ​ | $ | 907 | ​
​

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