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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2023
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | 8. Stockholders’ Equity Equity Incentive Plans A total of 4,000,000 shares of common stock are eligible for issuance under the Company’s 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan provides for the grant of any or all of the following types of awards: stock options (incentive or non-qualified), restricted stock, restricted stock units, performance awards, or cash awards. The 2021 Plan is administered by the Company’s Board of Directors, or, at the Board’s discretion, a committee of the Board. In addition, stock-based awards (including options, warrants, and restricted stock) previously granted under the Company’s 2011 Equity Incentive Plan (the “2011 Plan”) remain outstanding and shares of common stock may be issued to satisfy options or warrants previously granted under the 2011 Plan, although no new awards may be granted under the 2011 Plan. Stock-based Compensation The Company accounts for stock-based compensation in accordance with Accounting Standards Codification (“ASC”) Topic 718, “Compensation - Stock Compensation,” by recognizing the fair value of stock-based compensation as an operating expense over the service period of the award or term of the corresponding contract, as applicable. Forfeitures are accounted for as a reduction of compensation cost in the period when such forfeitures occur. For stock option awards for which vesting is contingent upon the achievement of certain performance targets, the timing and amount of compensation expense recognized is based upon the Company’s projections and estimates of the relevant performance metric(s) until the time the performance obligation is satisfied. Expense for such awards is recognized only to the extent that the achievement of the specified performance target(s) has been met or is considered probable. Total expense recognized in the current quarter and prior year quarter for all forms of stock-based compensation was approximately $0.06 million and $0.58 million, respectively. Of the current quarter expense amount, substantially all of the expense related to directors and consultants, and was recorded within “other selling, general and administrative expenses” in the accompanying condensed consolidated statements of operations. Of the prior year quarter expense amount, approximately $0.39 million related to employees and approximately $0.19 million related to directors and consultants. Approximately $0.48 million of the prior year quarter expense was recorded as operating costs, and approximately $0.10 million was recorded as a reduction to other income. Total expense recognized in the current six months and prior year six months for all forms of stock-based compensation was approximately $0.12 million and $0.61 million, respectively. Of the current six months expense amount, substantially all of the expense related to directors and consultants, and was recorded within “other selling, general and administrative expenses” in the accompanying condensed consolidated statements of operations. Of the prior year six months expense amount, approximately $0.40 million related to employees and approximately $0.21 million related to directors and consultants. Approximately $0.51 million of the prior year six months expense was recorded as operating costs, and approximately $0.10 million was recorded as a reduction to other income. Stock Options A summary of the Company’s stock options activity for the current six months is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Remaining | ​ | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | Contractual | ​ | Aggregate
​ | ​ | Number of | ​ | Exercise | ​ | Life | ​ | Intrinsic
​ |  | Options |  | Price |  | (in Years) |  | Value
Outstanding at January 1, 2023 |  | 5,614,310 | ​ | $ | 2.12 |  | 4.76 | ​ | $ | —
Granted |  | — | ​ |  | — |  |  | ​ |  |
Exercised |  | (22,750) | ​ |  | 1.00 |  |  | ​ |  |
Expired/Forfeited |  | (472,140) | ​ |  | 3.84 |  |  | ​ |  |
Outstanding at June 30, 2023, and expected to vest |  | 5,119,420 | ​ | $ | 2.04 |  | 4.59 | ​ | $ | —
Exercisable at June 30, 2023 |  | 1,556,920 | ​ | $ | 2.76 |  | 2.19 | ​ | $ | —
​ Compensation expense related to stock options for the current quarter and the prior year quarter was approximately $0.02 million and $0.38 million, respectively. Compensation expense related to stock options for the current six months and the prior year six months was approximately $0.05 million and $0.40 million, respectively. Total unrecognized compensation expense related to unvested stock options at June 30, 2023 was approximately $0.05 million and is expected to be recognized over a weighted average period of approximately 0.79 years. A summary of the Company’s non-vested stock options activity for the current six months is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Grant Date
​ |  | Options |  | Fair Value
Balance at January 1, 2023 |  | 3,697,500 | ​ | $ | 0.05
Granted |  | — | ​ |  | —
Vested |  | (135,000) | ​ | ​ | 0.68
Forfeited or Canceled |  | — | ​ |  | —
Balance at June 30, 2023 |  | 3,562,500 | ​ | $ | 0.02
​ Warrants A summary of the Company’s warrants activity for the current six months is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Remaining | ​ | ​ | ​
​ | ​ | ​ |  | Average |  | Contractual | ​ | Aggregate
​ | ​ | Number of | ​ | Exercise |  | Life | ​ | Intrinsic
​ |  | Warrants |  | Price |  | (in Years) |  | Value
Outstanding and exercisable at January 1, 2023 |  | 116,065 | ​ | $ | 3.15 |  | 1.57 | ​ | $ | —
Granted |  | 1,000,000 | ​ |  | 1.50 |  | ​ | ​ |  |
Exercised |  | — | ​ |  | — |  | ​ | ​ |  |
Expired/Forfeited |  | — | ​ |  | — |  | ​ | ​ |  |
Outstanding at June 30, 2023 |  | 1,116,065 | ​ | $ | 1.67 |  | 8.97 | ​ | $ | 88,009
Exercisable at June 30, 2023 |  | 116,065 | ​ | $ | 3.15 |  | 1.09 | ​ | $ | —
​ On May 15, 2023, in connection with the Halston Master License (see Note 4), the Company issued to a licensee a ten-year warrant to purchase up to 1,000,000 shares of the Company’s common stock at an exercise price of $1.50 per share, which vest based upon certain annual royalty targets being satisfied under the license agreement. The fair value of the warrants will be recognized as a reduction of revenue over the term of the related license agreement, with an offsetting increase to stockholders’ equity as additional paid-in capital. No compensation expense related to warrants was recognized in the current quarter, prior year quarter, current six months, or prior year six months. Stock Awards A summary of the Company’s restricted stock activity for the current six months is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | Number of | ​ | Average
​ | ​ | Restricted | ​ | Grant Date
​ |  | Shares |  | Fair Value
Outstanding at January 1, 2023 |  | 333,333 | ​ | $ | 3.71
Granted |  | 66,668 | ​ |  | 0.67
Vested |  | (66,668) | ​ |  | 0.67
Expired/Forfeited |  | — | ​ |  | —
Outstanding at June 30, 2023 |  | 333,333 | ​ | $ | 3.71
​ On January 1, 2023, the Company issued 8,334 shares of common stock to a consultant, which vested immediately. On April 17, 2023, the Company issued 8,334 shares of common stock to a consultant, which vested immediately. On May 15, 2023, the Company issued 50,000 shares of common stock to a consultant, which vested immediately. Compensation expense related to stock awards was approximately $0.05 million for the current quarter and approximately $0.20 million for the prior year quarter. Compensation expense related to stock awards was approximately $0.08 million for the current six months and approximately $0.21 million for the prior year six months. Total unrecognized compensation expense related to unvested restricted stock grants at June 30, 2023 was approximately $0.03 million and is expected to be recognized over a weighted average period of approximately 0.79 years. Restricted Stock Units There were no restricted stock units outstanding as of June 30, 2023 and December 31, 2022, and no restricted stock units have been issued since the inception of the 2021 Plan. Shares Available Under the Company’s Equity Incentive Plans As of June 30, 2023, there were 3,302,241 shares of common stock available for award grants under the 2021 Plan. Shares Reserved for Issuance As of June 30, 2023, there were 8,537,726 shares of common stock reserved for issuance, including 4,898,135 shares reserved pursuant to unexercised warrants and stock options previously granted under the 2011 Plan, 337,350 shares reserved pursuant to unexercised stock options granted under the 2021 Plan, and 3,302,241 shares available for issuance under the 2021 Plan.

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