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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2024
Stock-Based Compensation |
Stock-Based Compensation | Note 16. Stock-Based Compensation Stock Options During the three months ended March 31, 2024 and 2023, we granted stock options at exercise prices equal to or higher than the quoted market price of our common stock on the grant date. The fair value of each option grant was estimated on the date of grant using Black-Scholes with the following weighted average assumptions: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​
​ |  | 2024 |  | 2023 |
Expected life (years) | ​ | 3.8 - 4.9 | ​ | 4.2 - 5.2 | ​
Risk-free interest rate |  | 4.3% - 4.4% | ​ | 3.5% - 3.6% | ​
Volatility | ​ | 69.5% - 69.5% | ​ | 73.0% | ​
Dividend yield |  | 0% | ​ | 0% | ​
​ The expected option life assumption is estimated based on the simplified method as the Company’s history is not indicative of future expected lives. Accordingly, the Company has utilized the average of the contractual term of the options and the weighted average vesting period for all options to calculate the expected option term. The risk-free interest rate assumption is based upon observed interest rates appropriate for the expected term of our employee stock options. The expected volatility is based on the average of the historical volatility and the implied volatility of our stock commensurate with the expected life of the stock-based award. We do not anticipate paying dividends on the common stock in the foreseeable future. We recognize stock-based compensation cost on a straight-line basis over the vesting period. Stock-based compensation expense is recognized only for those awards that ultimately vest. Forfeitures are recorded when recognized. Total stock-based compensation expense related to all of our share-based payment awards is comprised of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​
​ |  | 2024 |  | 2023 |
Cost of revenue | ​ | $ | 669 | ​ | $ | 475 | ​
Selling, general and administrative | ​ |  | 4,378 | ​ | ​ | 4,304 | ​
Engineering and development | ​ |  | 409 | ​ | ​ | 405 | ​
​ | ​ | $ | 5,456 | ​ | $ | 5,184 | ​
​ A summary of stock option activity is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted- | ​ | Average | ​ | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | Remaining | ​ | Aggregate
​ | ​ | Number of | ​ | Exercise | ​ | Contractual | ​ | Intrinsic
​ |  | Shares |  | Price/Share |  | Term (Years) |  | Value (1)
Outstanding — December 31, 2023 | ​ | 7,224,820 | ​ | $ | 15.88 | ​ | — | ​ | ​ | —
Granted (weighted-average fair value of $8.72 per share) | ​ | 168,611 | ​ | ​ | 15.88 | ​ | — | ​ | ​ | —
Exercised |  | (115,864) |  | ​ | 5.34 |  | — | ​ | ​ | —
Forfeited | ​ | (37,639) | ​ | ​ | 36.91 | ​ | — | ​ | ​ | —
Outstanding — March 31, 2024 |  | 7,239,928 | ​ | $ | 15.94 |  | 4.1 | ​ | $ | 43,542
Vested (exercisable) — March 31, 2024 |  | 6,422,781 | ​ | $ | 14.34 |  | 3.9 | ​ | $ | 43,122
Expected to vest after March 31, 2024 (unexercisable) |  | 817,147 | ​ | $ | 28.49 |  | 4.1 | ​ | $ | 419
(1) | Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of our common stock on March 28, 2024 (the last trading day of the quarter), which was $17.70 per share.
Total intrinsic value of options exercised during the three months ended March 31, 2024 and 2023 was $1.1 million and $0.1 million, respectively. As of March 31, 2024, there was unrecognized compensation expense of $12.6 million related to unvested stock options, which we expect to recognize over a weighted average period of 2.0 years. As of March 31, 2024, the Company had 441,898 shares available for future awards under the Cryoport Inc. 2018 Omnibus Equity Incentive Plan. Restricted stock units A summary of our restricted stock unit activity is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted Average
​ | ​ | Number of Restricted | ​ | Fair Value per
​ | ​ | Stock Units | ​ | Share
Outstanding – December 31, 2023 |  | 1,076,629 | ​ | $ | 27.73
Granted |  | 334,820 | ​ |  | 15.18
Share issuance |  | (169,904) | ​ |  | 17.03
Forfeited |  | (34,222) | ​ |  | 26.38
Outstanding – March 31, 2024 |  | 1,207,323 | ​ | $ | 22.74
​ For the three months ended March 31, 2024 and 2023, we recorded stock-based compensation expense on our issued restricted stock units of $2.6 million and $2.1 million, respectively. As of March 31, 2024, there was unrecognized compensation expense of $24.0 million related to unvested restricted stock units, which we expect to recognize over a weighted average period of 2.7 years.

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