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Stock Options

12 Months Ended

Dec. 31, 2024

Stock Options

Stock Options

9.Stock Options

The Company has adopted a stock option plan covering the issuance of up to 11,200,000 shares of Common Stock to qualified individuals. Options granted under this plan vest over four to seven years and expire ten years from the date of the grant. The following table summarizes stock option activity for the years ended December 31, 2024 and 2023:

​

​	​	​	​	​	​	​	​	​
​		Option		Weighted-Average		​	Weighted-Average
​	​	Number of	​	Exercise		​	Remaining
​		Shares		Price Per Share			Contractual Term
Options outstanding at January 1, 2023		4,851,666	​	$	1.91	​	​	8.4
Granted		113,500	​	$	2.19	​	​	—
Exercised		—	​	​	—	​	​	—
Canceled		(60,900)	​	$	0.78	​	​	—
Options outstanding at December 31, 2023		4,904,266	​	$	1.93	​	​	7.5
Granted	​	973,000	​	$	2.09	​	​	—
Exercised	​	—	​	​	—	​	​	—
Canceled	​	(886,439)	​	$	3.36	​	​	—
Options outstanding at December 31, 2024	​	4,990,827	​	$	1.71	​	​	7.0
Options exercisable at December 31, 2024		2,894,417	​	$	1.58	​	​	5.8

​

Stock-based compensation expense related to stock option grants was $1.2 million and $1.6 million for the years ended December 31, 2024 and 2023, respectively. Unrecognized stock-based compensation expense of $5.1 million at December 31, 2024 will be recognized in future periods as the related stock options continue to vest over a weighted-average period of 2.74 years. The aggregate intrinsic value of all outstanding stock options was $3.5 million at December 31, 2024. The aggregate intrinsic value of exercisable stock options was $2.4 million at December 31, 2024.

On July 1, 2024, the Company offered each holder of previously issued stock options a one-time, 45-day choice to void the holder’s previously issued stock option grant or grants and receive a replacement stock option grant exercisable into an equivalent number of shares of Common Stock at a reduced exercise price of $2.02 per share. In total, the Company issued replacement stock option grants exercisable into 797,500 shares of Common Stock. The Company accounted for the issuance of the replacement stock option grants as a repricing and accordingly, the difference between the fair value of the replacement stock option on July 1, 2024 and the fair value of the previously issued stock options on July 1, 2024 will be recognized over the vesting term of the replacement stock option. Provided the holder continues to have a service relationship with the Company at each vesting date, the replacement stock options grants have a vesting schedule as follows: 25% vest and become exercisable after one year and the remaining 75% vest and become exercisable in twelve equal 6-month installments over the six-year period thereafter.

Stock-based compensation included in research and development, marketing and advertising, and general and administrative expenses was as follows for the years ended December 31, 2024 and 2023 (in thousands):

​	​	​	​	​	​	​
​		2024			2023
Research and development	​	$	701	​	$	847
Marketing and advertising	​		12	​		18
General and administrative	​		460	​		694
Total stock-based compensation expense	​	$	1,173	​	$	1,559

​

The weighted average grant-date fair values of stock options granted in 2024 and 2023 was $1.33 and $4.76, respectively, and were estimated using a Black-Scholes valuation model with the following assumptions:

​

​	​	​	​	​	​
​		2024		2023
Expected term		6.83	years	6.72	years
Volatility		26.31	%	26.05	%
Dividend rate		0.0	%	0.0	%
Discount rate		4.32	%	3.56	%

​

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- Definition

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