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STOCK-BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2025
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION | 10. 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 Plan and the Inducement Plan. The Company’s stockholders approved amendments to the 2013 Plan to increase the authorized number of shares of Common Stock available and reserved for issuance under the 2013 Plan by 3,000,000 shares on May 30, 2024, and an additional 20,000,000 shares on May 27, 2025. 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 June 30, 2025, 48,281 shares were available for future issuances under the 2013 Plan. The Inducement Plan provides for the grant of equity-based awards, including RSUs, restricted stock, performance shares and performance units. Under the Inducement Plan, the Company may grant equity awards for the sole purpose of recruiting and hiring new employees. As of June 30, 2025, 114,429 shares were available for future issuances under the Inducement Plan. The Company has elected to account for forfeitures as they occur rather than estimating forfeitures. Expense associated with an award that is forfeited prior to vesting will be reversed accordingly. For the three and six months ended June 30, 2025, the Company recorded stock-based compensation expense of $0.8 million and $0.9 million, respectively. For the three and six months ended June 30, 2024, the Company recorded stock-based compensation expense of $0.3 million and $0.5 million, respectively. Stock compensation expense is recorded in the “General and administrative expenses” line item within the Condensed Consolidated Statements of Operations. 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 for the six months ended June 30, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025 | ​ | June 30, 2024
​ |  | ​ |  | Weighted |  | ​ |  | Weighted
​ | ​ | Number of | ​ | Average | ​ | Number of | ​ | Average
​ | ​ | Stock | ​ | Exercise | ​ | Stock | ​ | Exercise
​ | ​ | Options | ​ | Price | ​ | Options | ​ | Price
Stock options outstanding at beginning of period |  | 649,345 | ​ | $ | 1.91 |  | 424,826 | ​ | $ | 2.66
Granted |  | 16,390 | ​ |  | 0.48 |  | 224,519 | ​ | ​ | 0.49
Stock options outstanding at end of period |  | 665,735 | ​ | ​ | 1.88 |  | 649,345 | ​ | ​ | 1.91
Stock options exercisable at end of period |  | 665,735 | ​ | $ | 1.88 |  | 424,826 | ​ | $ | 2.66
​ All options outstanding for the six months ended June 30, 2025, were issued and vested under the 2013 Plan. The weighted average remaining term for stock options outstanding as of June 30, 2025, is approximately 9.2 years. ​ As of June 30, 2025, the Company did not have any non-vested stock options. ​ Restricted Stock Units RSUs are granted with vesting conditions determined by the Compensation Committee of the Board. Vesting conditions may include criteria such as time-based, performance-based, and/or a total shareholder return market condition. RSUs are valued at the fair value of the award on the date of grant, which is typically based on the closing share price of the Company’s Common Stock on the date of grant or using an advanced option-pricing model, such as a lattice model. The final number of shares issued under performance-based RSUs is generally based on the Company’s prior year performance as determined by the Compensation Committee at each vesting date. The Company accounts for forfeitures upon occurrence and forfeited awards are available again for issuance under to the 2013 Plan. The following table summarizes RSU activity for the six months ended June 30, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | June 30,
​ | ​ | 2025 | ​ | 2024
​ |  | ​ |  | Weighted- |  | ​ |  | Weighted-
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Grant Date | ​ | Number of | ​ | Grant Date
​ | ​ | RSUs | ​ | Fair Value | ​ | RSUs | ​ | Fair Value
Unvested RSUs at beginning of period |  | 4,090,639 | ​ | $ | 0.60 |  | 1,773,058 | ​ | $ | 1.03
Granted |  | 20,101,991 | ​ | ​ | 0.48 |  | 3,235,731 | ​ |  | 0.49
Forfeited/Expired |  | (142,139) | ​ |  | 0.92 |  | (6,784) | ​ |  | 3.93
Vested |  | (1,826,582) | ​ |  | 0.51 |  | (884,817) | ​ |  | 1.03
Unvested RSUs at end of period |  | 22,223,909 | ​ | $ | 0.49 |  | 4,117,188 | ​ | $ | 0.60
​ As of June 30, 2025, the Company had $6.1 million of unrecognized compensation costs related to non-vested RSUs that will be recognized over a period of approximately 2.5 years.

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