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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Stock-Based Compensation |
Stock-Based Compensation | 7. Stock-Based Compensation ​ Summary of Stock Option and Award Activity ​ The following table summarizes the stock option and award activity for the six months ended June 30, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Options Outstanding
​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | Weighted- | ​ | ​ | ​
​ | ​ | Options and | ​ | ​ | ​ | Average | ​ | Average | ​ | Aggregate
​ | ​ | Awards | ​ | ​ | ​ | Exercise | ​ | Remaining | ​ | Intrinsic
​ | ​ | Available for | ​ | Number of | ​ | Price Per | ​ | Contractual | ​ | Value
​ | ​ | Grant |  | Options |  | Share |  | Life (years) |  | (In thousands)
Balance—December 31, 2023 |  | 598,397 | ​ | 1,829,428 | ​ | $ | 5.96 | ​ | 6.9 | ​ | $ | 5,676
Authorized |  | 632,414 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
RSUs granted | ​ | (977,783) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
RSUs cancelled/forfeited | ​ | 10,007 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Warrants exercised | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Options granted | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Options exercised |  | — | ​ | (106,741) | ​ | $ | 3.67 | ​ | ​ | ​ | $ | 498
Options cancelled/forfeited |  | 3,951 | ​ | (4,565) | ​ | $ | 6.22 | ​ | ​ | ​ | ​ | ​
Balance—June 30, 2024 |  | 266,986 | ​ | 1,718,122 | ​ | $ | 6.10 | ​ | 6.5 | ​ | $ | 1,255
Options exercisable—June 30, 2024 |  | ​ | ​ | 1,369,585 | ​ | $ | 5.86 | ​ | 6.2 | ​ | $ | 1,197
​ The total grant date fair value of options vested was $0.3 million and $0.4 million during the three months ended June 30, 2024 and 2023, respectively, and $0.7 million and $1.3 million during the six months ended June 30, 2024 and 2023, respectively. ​ The weighted-average grant date fair value of options granted was $4.43 per share during the three months ended June 30, 2023 and $3.85 per share during the six months ended June 30, 2023. No shares were granted in the three and six months ended June 30, 2024. ​ As of June 30, 2024, there was $1.6 million of total unrecognized stock-based compensation expense related to unvested options which is expected to be recognized over a weighted-average period of 1.28 years. Stock-based compensation cost for options capitalized within inventory at June 30, 2024 and 2023 was not material. ​ 2016 Employee Stock Purchase Plan ​ In January 2024, there was an increase of 210,804 shares reserved for issuance under the Company’s Employee Stock Purchase Plan (ESPP) pursuant to the terms of the ESPP. The Company had 1,063,270 shares available for future issuance under the Company’s ESPP as of June 30, 2024. Employees purchased 37,696 shares for $241,000 during the three and six months ended June 30, 2024. Employees purchased 40,894 shares for $181,000 during the three and six months ended June 30, 2023. ​ Restricted Stock Units ​ The following table summarizes restricted stock units (RSUs) activity for the six months ended June 30, 2024: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | RSUs Outstanding
​ | ​ | ​ |  | Weighted-
​ | ​ | ​ |  | Average
​ | ​ | Number of |  | Grant Date
​ | ​ | Restricted Stock |  | Fair Value Per
​ |  | Units |  | Share
Balance—December 31, 2023 | ​ | 905,781 | ​ | $ | 6.59
Granted |  | 977,783 | ​ | $ | 8.62
Vested | ​ | (433,100) | ​ | $ | 6.69
Cancelled/forfeited | ​ | (10,007) | ​ | $ | 7.12
Balance—June 30, 2024 |  | 1,440,457 |  | $ | 7.93
​ The fair value of RSUs is determined on the date of grant based on the market price of the Company’s common stock on that date. ​ As of June 30, 2024, there was $10.1 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 2.6 years. Stock-based compensation cost related to RSUs capitalized within inventory at June 30, 2024 and 2023 was not material.

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