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Stock Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Stock Based Compensation |
Schedule of valuation assumptions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, |  | ​ | Six Months Ended June 30, |
​ |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |
Dividend yield |  | — | % | — | % |  | — | % | — | %
Expected volatility |  | 65 | % | 70 | % |  | 65 | % | 70 | %
Risk-free interest rate |  | 4.35 | % | 3.60 | % |  | 4.35 | % | 3.60 | %
Expected term |  | 5.79 years | ​ | 5.79 years | ​ |  | 5.79 years | ​ | 5.79 years | ​
Schedule of stock option activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted |  | Weighted | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | Average | ​ | Aggregate
​ | ​ | ​ | ​ | Exercise | ​ | Contractual | ​ | Intrinsic
​ | ​ | Number of | ​ | Price | ​ | Remaining Term | ​ | Value
​ | ​ | shares | ​ | Per Share | ​ | (in years) | ​ | (in thousands)
Outstanding as of January 1, 2024 | ​ | ​ | 2,730,068 | ​ | $ | 20.88 |  | ​ | 6.29 | ​ | $ | 10,638
Granted |  | ​ | 34,170 | ​ |  | 24.71 |  | ​ | ​ |  | ​ |
Exercised |  | ​ | (149,759) | ​ |  | 5.82 |  | ​ | ​ |  | ​ |
Forfeited, expired or cancelled | ​ | ​ | (32,376) | ​ |  | 160.48 |  | ​ | ​ |  | ​ |
Outstanding as of June 30, 2024 | ​ | ​ | 2,582,103 | ​ | $ | 20.06 |  | ​ | 6.08 | ​ | $ | 16,980
Exercisable as of June 30, 2024 | ​ | ​ | 2,065,010 | ​ | $ | 19.09 |  | ​ | 5.48 | ​ | $ | 15,685
Schedule of grant date fair values of PSUs granted | The range of grant date fair values of the PSUs granted in 2023 was estimated as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Derived
Hurdle Price | ​ | Number of | ​ | Fair Value | ​ | Service Period
Per PSU | ​ | PSUs | ​ | Per Share | ​ | (in years)
$ | 30.00 | ​ | ​ | 243,550 |  | $ | 11.42-17.45 | ​ | ​ | 0.69-2.59
$ | 35.00 | ​ | ​ | 91,239 |  | $ | 10.16-16.07 |  | ​ | 0.93-2.59
$ | 40.00 | ​ | ​ | 60,024 |  | $ | 9.07-14.84 |  | ​ | 1.12-2.59
$ | 45.00 | ​ | ​ | 53,787 |  | $ | 8.12-13.72 |  | ​ | 1.27-2.59
​ | ​ | ​ | ​ | 448,600 |  | ​ | ​ | ​ | ​ | ​
​ The grant date fair values of the PSUs granted in January 2024 and April 2024 was estimated as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Derived
Hurdle Price | ​ | Number of | ​ | Fair Value | ​ | Service Period
Per Share | ​ | PSUs | ​ | Per Share | ​ | (in years)
$ | 30.00 | ​ | ​ | 165,900 |  | $ | 18.42-19.71 | ​ | ​ | 0.46-0.74
$ | 35.00 | ​ | ​ | 55,290 |  | $ | 17.24-17.67 | ​ | ​ | 0.66-0.96
$ | 40.00 | ​ | ​ | 34,029 |  | $ | 15.85-16.14 | ​ | ​ | 0.82-1.15
$ | 45.00 | ​ | ​ | 29,781 | ​ | $ | 14.20-15.13 | ​ | ​ | 0.95-1.31
​ | ​ | ​ | ​ | 285,000 |  | ​ | ​ | ​ | ​ | ​
​
Schedule of performance shares, outstanding activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant Date
​ | ​ | Number of | ​ | Fair Value
​ | ​ | Unvested PSUs | ​ | Per Share
Unvested balance as of January 1, 2024 | ​ | ​ | 448,600 | ​ | $ | 15.40
Granted |  | ​ | 285,000 | ​ |  | 17.60
Vested |  | ​ | — | ​ |  | —
Forfeited | ​ | ​ | — | ​ |  | —
Unvested balance as of June 30, 2024 | ​ | ​ | 733,600 | ​ | $ | 16.26
Summary of stock-based compensation expense | The following table shows total stock-based compensation expense for stock options, PSUs, RSUs and ESPP in the condensed consolidated statements of operations and comprehensive income (loss) (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Total stock-based compensation expense | ​ | $ | 2,690 | ​ | $ | 2,163 | ​ | $ | 5,546 | ​ | $ | 3,733
​

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