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SHARE-BASED COMPENSATION | 9 Months Ended
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Sep. 30, 2024
SHARE-BASED COMPENSATION |
SHARE-BASED COMPENSATION | 9. SHARE-BASED COMPENSATION On February 23, 2021, the Company approved the 2021 Equity Incentive Plan (“2021 Plan”), in which a maximum aggregate number of shares of common stock that may be issued under the 2021 Plan is 65,000 shares. Subject to the adjustment provisions of the 2021 Plan, the number of shares of the Company’s common stock available for issuance under the 2021 Plan will also include an annual increase on the first day of each fiscal year beginning with 2022 fiscal year and ending on the Company’s 2031 fiscal year in an amount equal to the least of: 1) 65,000 shares of the Company’s common stock; 2) four percent (4%) of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year; or 3) such number of shares of the Company’s common stock as the administrator may determine. At the 2023 Annual Meeting, the Company’s stockholders approved an amendment (the “2021 Plan Amendment”) to the Company’s 2021 Plan, increasing the number of the shares of common stock reserved for issuance under the 2021 Plan from 125,045 shares to 743,106 shares. The Company’s Board of Directors had previously approved the 2021 Plan Amendment, subject to stockholder approval. Determining the appropriate fair value of share-based awards requires the input of subjective assumptions, including the fair value of the Company’s common stock, and for share options, the expected life of the option, and expected share price volatility. The Company uses the Black-Scholes option pricing model to value its share option awards. The assumptions used in calculating the fair value of share-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, the share-based compensation expense could be materially different for future awards. The Company did not issue any options during the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company issued options for 568,000 shares of common stock to employees, directors and consultants. The option vesting periods range from immediate to three years, have an exercise price of $6.50 and expire on the ten-year anniversary of the grant date. The following table reflects share activity under the share option plans for the nine months ended September 30, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ |  | Weighted- | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted- | ​ | Remaining | ​ | Weighted- | ​ | Aggregate
​ | ​ | ​ | ​ | Average | ​ | Contractual | ​ | Average | ​ | Intrinsic
​ | ​ | Number of | ​ | Exercise | ​ | Term | ​ | Fair Value at | ​ | Value
​ | ​ | Shares | ​ | Price | ​ | (Years) | ​ | Grant Date | ​ | (in thousands)
Options outstanding at January 1, 2024 |  | 70,411 |  | $ | 63.07 |  | 7.28 |  | $ | 33.98 |  | ​ | ​
Exercised | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cancelled/Forfeited |  | (5,865) |  |  | 70.00 |  |  |  |  |  |  | ​ | ​
Expired |  | — |  |  | — |  |  |  |  |  |  | ​ | ​
Granted |  | 568,000 |  |  | 6.50 |  |  |  |  |  |  | ​ | ​
Options outstanding at September 30, 2024 |  | 632,546 |  | $ | 12.21 |  | 9.44 |  | $ | 3.48 |  | ​ | ​
Options exercisable at September 30, 2024 | ​ | 241,831 | ​ | $ | 18.49 | ​ | 8.92 | ​ | ​ | ​ | ​ | $ | 29.47
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Stock-based compensation is included in the unaudited interim condensed consolidated statements of operations as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30, | ​
(in thousands) | ​ | 2024 |  | 2023 |  | 2024 |  | 2023 | ​
Research and development | ​ | $ | 79 | ​ | $ | 49 | ​ | $ | 175 | ​ | $ | 168 | ​
Selling, general and administration | ​ |  | 178 | ​ |  | 70 | ​ |  | 396 | ​ |  | 363 | ​
Total | ​ | $ | 257 | ​ | $ | 119 | ​ | $ | 571 | ​ | $ | 531 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Total compensation cost related to non-vested stock option awards not yet recognized as of September 30, 2024 was $2.0 million and will be recognized on a straight-line basis through the end of the vesting periods in June 2027. The amount of future stock option compensation expense could be affected by any future option grants or by any forfeitures.

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