XML 53 R22.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Stock Option Plan | 12 Months Ended
--- | ---
Dec. 31, 2024
Stock Option Plan |
Stock Option Plan | 16. Stock Option Plan The Company’s stock-based compensation program is designed to attract and retain certain key employees while also aligning employees’ interests with the interests of its stockholders. Stock options have been granted to employees under the stockholder-approved 2014 Stock Incentive Plan (“2014 Plan”). Our board of directors adopted the 2024 Stock Option and Incentive Plan (the “2024 Plan”) on August 14, 2024 and stockholder approval of the 2024 Plan became effective in October 2024. In connection with expiration of the 2014 Plan in July 2024, the available share reserve (including any awards outstanding under the 2014 Plan that lapsed prior to stockholder approval of the new 2024 Plan) were transferred to the 2024 Plan upon stockholder approval thereof. The 2024 Plan provided that the aggregate number of shares of common stock that initially may be issued pursuant to awards granted under the 2024 Plan may not exceed 1,916,011 shares (the “Share Reserve”), along with any awards that transfer over from the 2014 Plan. In addition, the Share Reserve automatically increases 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 2024 Plan became effective and ending on (and including) January 1, 2034, 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 may act prior to January 1st of a given year to provide that there will be no January 1st increase in the Share Reserve for such year or that the increase in the Share Reserve for such year will be a lesser number of shares of common stock than would otherwise occur. The Share Reserve is currently 3,172,399 shares as of December 31, 2024. ​ In light of stockholder approval of the 2024 Plan, the Company no longer grants equity awards under the 2014 Plan. As of December 31, 2024, there were no shares available for future stock-based compensation grants under the 2014 plan. 2,155,895 shares of an aggregate total of 3,172,399 shares, are available for future stock-based compensation grants under the 2024 Plan. Aggregate intrinsic value represents the difference between the closing market value as of December 31, 2024 of the underlying common stock and the exercise price of outstanding options. A summary of the Company’s stock option activity and related information for 2024 and 2023 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 |  | (497,385) | ​ | $ | 3.42 | ​ | — | ​ | ​ | —
Balance, December 31, 2024 |  | 691,450 | ​ | $ | 8.86 | ​ | 3.21 | ​ | $ | 31,209
Exercisable as of December 31, 2024 |  | 528,867 | ​ | $ | 4.43 | ​ | 1.88 | ​ | $ | 26,214
​ As of December 31, 2024, the fair value of unvested stock options was approximately $2,315. This unrecognized stock-based compensation expense is expected to be recorded over a weighted average period of 3.35 years. During the year ended December 31, 2024, the Company awarded stock options of 173,700 to employees as compensation pursuant to the 2014 Plan. Of these 119,700 options, 1/4th vest one year after the grant date and 1/48th 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. Grant date fair value of options granted to the employees for the year ended December 31, 2024 and 2023 was $1,792 and $316, respectively. Also during the year ended December 31, 2024, the Company awarded stock options of 54,000 to members of the board of directors pursuant to the 2014 Plan (the “Director Options”). Of these options, 1/24 vested immediately on the date of grant and 1/24 for each month thereafter contingent upon participant’s continued service beginning on the initial vesting date and ending when the vested ratio equals 1/1. The Director Options will be cancelled if not exercised by May 23, 2026. Grant date fair value of options granted to the non-employee directors for the year ended December 31, 2024 and 2023 was $559 and zero, respectively. No stock-based compensation was capitalized or included in inventories for the years ended December 31, 2024 and 2023. The fair value of each option grant is estimated using the Black-Scholes option pricing model. The weighted-average assumptions used, and the calculated weighted average fair values of options are as follows: ​
​ | ​ | ​ | ​ | ​ | ​
| ​ | December 31, | ​ | December 31, | ​
​ |  | 2024 |  | 2023 | ​
Expected term (in years) | ​ | 2-7 | ​ | 7 | ​
Risk-free interest rate | ​ | 4.5%-4.9% | ​ | 4.14%-4.41% | ​
Expected volatility | ​ | 62.3%-77.2% | ​ | 69.0%-79.5% | ​
Expected dividend rate | ​ | 0 | ​ | 0 | ​
Fair value of options granted | ​ | $10.35-$14.97 | ​ | $17.54-$19.04 | ​
​ Total tax benefit from the exercise of stock options was $4,428 and $2,133 for the years ended December 31, 2024 and 2023, respectively. ​ Stock grants The Company granted 10,500 and 18,048 shares of fully vested stock to employees and board of directors in the year ended December 31, 2024 and 2023, respectively. Grant date fair value of the stock was $300 and $860 for the year ended December 31, 2024 and 2023, respectively. The Company has recorded an expense of $862 and $944 as it relates to stock-based compensation for the years ended December 31, 2024 and 2023, respectively, which was allocated as follows based on the role and responsibility of the recipient in the Company: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | December 31 | ​ | ​ | December 31
​ |  |  | ​ | 2024 |  | 2023
Cost of Revenues | ​ | ​ | ​ | $ | 42 | ​ | $ | 8
Engineering and Product Development | ​ | ​ | ​ | ​ | 43 | ​ | ​ | 53
Sales and Marketing | ​ | ​ | ​ |  | 135 | ​ |  | 317
General and Administrative | ​ | ​ | ​ |  | 642 | ​ |  | 566
Total | ​ | ​ | ​ | $ | 862 | ​ | $ | 944
​

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