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STOCK-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2022
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION |
6. | STOCK BASED COMPENSATION
Stock-based compensation awards consist of stock options, restricted stock units and bonus shares issued under the Company’s equity incentive plans, which include the 2013 Omnibus Incentive Plan, as amended (the “2013 Plan”) and the Amended and Restated 2004 Directors’ Stock Option and Restricted Stock Plan (the “2004 Directors’ Plan”). Under the 2013 Plan, the Company may grant awards of stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), unrestricted stock, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards and cash bonus awards to eligible persons. Equity awards under the 2013 Plan are granted from time to time at the discretion of the Compensation Committee of the Board (the “Committee”), with vesting periods and other terms as determined by the Committee with a maximum term of 10 years. The 2013 Plan is administered by the Committee, which can delegate the administration to the Board, other committees or to such other officers and employees of the Company as designated by the Committee and permitted by the 2013 Plan. ​ As of December 31, 2022, 215,025 shares were available for future issuances under the 2013 Plan. For the years ended December 31, 2022 and 2021, the Company recorded stock-based compensation expense of $1.0 million and $0.9 million, respectively. Stock compensation expense is recorded in general and administrative expenses. In addition to the plans above, on May 9, 2022, the Board of Directors adopted an Employment Inducement Incentive Award Plan (the “Inducement Plan”) and on May 13, 2022, the Company filed a registration statement on Form S-8 to register an aggregate of 250,000 shares of the Company’s common stock. These shares may be issued pursuant to the Inducement Plan as equity awards to be granted for the sole purpose of recruiting and hiring new employees. As of December 31, 2022, 61,947 restricted stock units have been issued under the Inducement Plan that vest over two years. ​ ​ Stock Options Stock options are valued using the Black-Scholes option pricing model on the date of grant. The Company accounts for forfeitures upon occurrence. The following table summarizes stock options outstanding and changes during the years ended December 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
​ |  | ​ |  | Weighted |  | ​ |  | Weighted
​ | ​ | Number of | ​ | Average | ​ | Number of | ​ | Average
​ | ​ | Stock | ​ | Exercise | ​ | Stock | ​ | Exercise
​ | ​ | Options | ​ | Price | ​ | Options | ​ | Price
Stock options outstanding at beginning of period |  | 277,576 | ​ | $ | 6.18 |  | 185,054 | ​ | $ | 7.70
Granted |  | 78,720 | ​ |  | 1.09 |  | 94,522 | ​ |  | 3.91
Expired |  | — | ​ |  | — |  | (2,000) | ​ |  | 73.54
Stock options outstanding at end of period |  | 356,296 | ​ | ​ | 5.06 |  | 277,576 | ​ | ​ | 6.18
Stock options exercisable at end of period |  | 277,576 | ​ | $ | 6.18 |  | 183,054 | ​ | $ | 7.35
​ The weighted average remaining term for stock options outstanding as of December 31, 2022, is approximately 7.9 years. The following table summarizes stock options outstanding and exercisable by stock option plan at December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Outstanding Stock Options | ​ | Exercisable Stock Options
​ |  | Number of |  | Weighted |  | Number of |  | Weighted
​ | ​ | Outstanding | ​ | Average | ​ | Stock Options | ​ | Average
Stock Option Plan | ​ | Stock Options | ​ | Exercise Price | ​ | Exercisable | ​ | Exercise Price
2004 Plan |  | 92 | ​ | $ | 1,638.00 |  | 92 | ​ | $ | 1,638.00
2004 Directors’ Plan |  | 3 | ​ |  | 10,380.00 |  | 3 | ​ |  | 10,380.00
2013 Plan |  | 356,201 | ​ |  | 4.55 |  | 277,481 | ​ |  | 5.53
​ |  | 356,296 | ​ | $ | 5.06 |  | 277,576 | ​ | $ | 6.18
​ The following table summarizes assumptions used to assess the fair value of stock options granted during the years ended December 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ |  | 2022 |  | 2021
Expected volatility | ​ | ​ | 105% | ​ | ​ | 113%
Expected term of options (years) | ​ | ​ | 6 | ​ | ​ | 6
Expected dividend rate | ​ | ​ | — | ​ | ​ | —
Risk-free interest rate | ​ | ​ | 2.95% | ​ | ​ | 0.82%
Expected forfeiture rate | ​ | ​ | — | ​ | ​ | —
Weighted-average grant-date fair value | ​ | $ | 0.89 | ​ | $ | 3.28
​ As of December 31, 2022, the Company had less than $0.1 million of unrecognized compensation costs related to non-vested stock options that will be recognized over a period of approximately five months. Restricted Stock Units Time-based and performance-based RSUs are valued using the closing share price of the Company’s common stock on the date of grant. The final number of shares issued under performance-based RSUs is generally based on the Company’s prior year performance as determined by the Committee at each vesting date, and the valuation of such awards assumes full satisfaction of all performance criteria. The following table summarizes RSU activity for the years ended December 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ | ​ | 2022 | ​ | 2021
​ |  | ​ |  | Weighted- |  | ​ |  | Weighted-
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Grant Date | ​ | Number of | ​ | Grant Date
​ | ​ | RSUs | ​ | Fair Value | ​ | RSUs | ​ | Fair Value
Unvested RSUs at beginning of period |  | 385,004 | ​ | $ | 3.18 |  | 236,403 | ​ | $ | 2.10
Granted |  | 1,229,950 | ​ | ​ | 1.16 |  | 227,402 | ​ |  | 3.93
Forfeited/Expired |  | (225,091) | ​ |  | 2.39 |  | — | ​ |  | —
Vested |  | (181,991) | ​ |  | 2.31 |  | (78,801) | ​ |  | 2.10
Unvested RSUs at end of period |  | 1,207,872 | ​ | $ | 1.40 |  | 385,004 | ​ | $ | 3.18
​ As of December 31, 2022, the Company had $0.6 million of unrecognized compensation costs related to non-vested restricted stock units that will be recognized over a period of approximately 2 years.

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