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STOCK BASED COMPENSATION EXPENSE | 3 Months Ended
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Mar. 31, 2026
STOCK BASED COMPENSATION EXPENSE |
STOCK BASED COMPENSATION EXPENSE |
7. | STOCK BASED COMPENSATION EXPENSE
Equity incentive plans As of March 31, 2026, the Company had adopted three equity incentive plans in 2007 (the “2007 Plan”), 2017 (the “2017 Plan”) and 2024 (the “2024 Plan, and together with the 2007 Plan and the 2017 Plan, the “Stock Plans”) to provide for the grant of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units and other stock or cash-based awards to our directors, employees, non-employee directors and service providers. Equity awards are granted with an exercise price per share equal to at least the estimated fair value of the underlying common stock on the date of grant. The vesting period is determined through individual award agreements. Awards generally expire 10 years from the date of grant. As of March 31, 2026, a total of 347,695 shares were authorized for issuance under the Stock Plans. As of March 31, 2026, 300,760 shares have been granted or issued under the Stock Plans, leaving 46,935 shares available for future awards. As of December 31, 2025, there were 239,208 shares granted under the 2007 Plan and the 2017 Plan. The shares available for issuance under the 2024 Plan may consist, in whole or in part, of authorized and unissued shares or reacquired shares. Shares from the 2024 Plan which are forfeited due to employee termination or expiration are returned to the share pool. Similarly, shares from the 2024 Plan which are withheld upon exercise to provide for the exercise price and/or taxes due and shares repurchased by the Company are also returned to the pool. Since December 6, 2024, we have not granted and do not intend to grant any further awards under the 2007 Plan or the 2017 Plan. Time-Based Restricted Stock Time-based restricted stock units (RSUs) granted to employees under the 2024 Plan typically vest over one to three years and are subject to forfeiture if employment terminates prior to the vesting or lapse of restrictions, as applicable. RSUs are not considered outstanding Common Stock until they vest. The value of RSUs is determined by the stock price on the grant date. The following table summarizes the activity related to RSUs subject to time-based vesting requirements for the three months ended March 31, 2026:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | RSUs
​ | ​ | Number of Shares | ​ | ​ | Weighted Average Grant Date Fair Value
Non-vested as of December 31, 2025 | ​ | 35,818 | ​ | $ | 328.25
Vested | ​ | (5,725) | ​ | ​ | 352.25
Forfeited | ​ | (2,708) | ​ | ​ | 317.66
Non-vested as of March 31, 2026 | ​ | 27,385 | ​ | $ | 324.25
​ As of March 31, 2026, total unrecognized stock-based compensation cost for RSUs was approximately $7.3 million which is expected to be recognized on a straight-line basis over a weighted average period of 1.4 years. The intrinsic value of RSUs as of March 31, 2026 was $0.1 million. Determination of fair value of stock options As of March 31, 2026 and December 31, 2025, the Company had approximately 0.2 million options outstanding under the 2007 Plan and the 2017 Plan. As of March 31, 2026 and December 31, 2025, all options outstanding were granted solely with time-based vesting requirements. A summary of the Company’s stock option plan and the changes during the period ended March 31, 2026 is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | Weighted | ​ ​ ​ | ​ | ​ |
​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | ​ | ​ |
​ | ​ | Number of | ​ | Average | ​ | Remaining | ​ | Aggregate |
​ | ​ | Outstanding | ​ | Exercise | ​ | Contractual | ​ | Intrinsic |
​ | ​ | Options | ​ | Price | ​ | Years | ​ | Value |
Balance, December 31, 2025 |  | 234,147 | ​ | $ | 75.00 |  | 7.00 |  | ​ | ​ | ​
Expired |  | (5) | ​ | ​ | 15,000.00 |  | ​ |  | ​ | ​ | ​
Forfeited | ​ | (20,252) | ​ | ​ | 67.45 | ​ | ​ | ​ | ​ | ​ | ​
Balance, March 31, 2026 |  | 213,890 | ​ | $ | 75.72 |  | 6.75 | ​ | $ | — | (1)
Vested and Exercisable, March 31, 2026 |  | 204,488 | ​ | $ | 75.25 |  | 6.66 | ​ | $ | — | (1)
Vested and Expected to Vest, March 31, 2026 |  | 213,890 | ​ | $ | 75.72 |  | 6.75 | ​ | $ | — | (1)
​ (1) The Company’s closing stock price as of March 31, 2026 is $2.85 per share. As all outstanding options have an exercise price greater than the closing price, there does not exist any intrinsic value as of March 31, 2026. As of March 31, 2026, there was no significant unrecognized stock-based compensation cost for stock options granted. Stock-based compensation included in the condensed consolidated statements of operations was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ | ​ | 2026 | ​ ​ ​ | 2025
Cost of goods sold | ​ | $ | 19 | ​ | $ | 7
Research and development | ​ | ​ | 81 | ​ | ​ | 55
Selling and marketing | ​ |  | 383 | ​ |  | 305
General and administrative | ​ |  | 1,068 | ​ | ​ | 606
Total stock-based compensation expense | ​ | $ | 1,551 | ​ | $ | 973
​

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