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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2024
Stockholders' Equity |
Stockholders' Equity | 4. Stockholders’ Equity Authorized Capital Stock The Company’s authorized capital stock consists of an unlimited number of common shares, no par value per share. Warrants to Purchase Common Stock During the three months ended March 31, 2024, and 2023, there were no warrants issued or exercised. Outstanding warrants have a weighted average life of 3.80 years on March 31, 2024. The following tables detail the Company’s warrant activity for the three months ended March 31, 2024, and 2023, respectively:
​ | ​ | ​ | ​ | ​ | ​
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​ | ​ | ​ | ​ | ​ | ​
​ |  | Common Shares | ​ |  | ​
​ | ​ | Issuable Upon Exercise | ​ | ​ | ​
​ | ​ | of Outstanding | ​ | ​ | Weighted-Average
Investor Warrants | ​ | Warrants | ​ | ​ | Exercise Price
Outstanding December 31, 2023 |  | 150 | ​ | $ | 7.71
Issued |  | — | ​ |  | —
Outstanding March 31, 2024 | ​ | 150 | ​ | $ | 7.71
​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Common Shares | ​ |  | ​
​ | ​ | Issuable Upon Exercise | ​ | ​ | ​
​ | ​ | of Outstanding | ​ | ​ | Weighted-Average
Investor Warrants | ​ | Warrants | ​ | ​ | Exercise Price
Outstanding December 31, 2022 |  | 150 | ​ | $ | 7.71
Issued |  | — | ​ |  | —
Outstanding March 31, 2023 | ​ | 150 | ​ | $ | 7.71
​ ​ Equity Incentive Plan The Compensation Committee of the Board of Directors administers the Company’s equity incentive plan (the “Plan”). The Compensation Committee designates eligible participants to be included under the Plan and approves the number of equity instruments to be granted from time to time under the Plan. Currently, the maximum number of equity instruments issuable under the Plan, together with the Company’s prior stock option plan, is twenty-five percent (25%) of the total number of issued and outstanding common shares. Based upon shares outstanding as of March 31, 2024, a maximum of 6,776 shares of common stock are authorized for issuance pursuant to stock options or other equity awards granted under the Plan. For all options issued under the Plan, the exercise price is the fair value of the underlying shares on the date of grant. All options vest within three years or less and are exercisable for a period of ten years from the date of grant. The Plan allows the issuance of Canadian and U.S. dollar grants. The table below outlines recognized employee expense from equity awards for the three-month period ended March 31, 2024, and 2023. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2024 |  | 2023
Employee options expense recognized | ​ | $ | 1,191 | ​ | $ | 1,089
Total option expense recognized | ​ | $ | 1,191 | ​ | $ | 1,089
​ Stock Option Activity The following is a summary of option activity for the three months ended March 31, 2024, and 2023. ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Weighted-Average
​ | ​ | Options (thousands) |  | Exercise Price
Outstanding at December 31, 2023 | ​ | 4,798 | ​ | $ | 6.27
Granted | ​ | 45 | ​ |  | 7.29
Exercised | ​ | (75) | ​ |  | 5.81
Forfeited | ​ | — | ​ | ​ | —
Outstanding at March 31, 2024 | ​ | 4,768 | ​ | $ | 6.29
​ ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of |  | Weighted-Average
​ |  | Options (thousands) | ​ | Exercise Price
Outstanding at December 31, 2022 | ​ | 4,539 | ​ | $ | 5.43
Granted | ​ | 580 | ​ |  | 8.12
Exercised | ​ | (47) | ​ |  | 4.36
Forfeited |  | (40) | ​ | ​ | 6.98
Outstanding at March 31, 2023 | ​ | 5,032 | ​ | $ | 5.43
​ Of the 4,768 options granted and outstanding at March 31, 2024, 3,857 are fully vested and exercisable. The value of options issued was estimated using the Black-Scholes option pricing model using the assumptions in the table below. The expected volatility was determined using historical volatility of our stock based on the expected term of the award. ​
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​ | ​ | Valuation Assumptions
Black-Scholes Model Assumptions | ​ | March 31, 2024
Expected dividend |  | - | %
Risk free rate |  | 4.73 | %
Expected volatility | ​ | 48 | %
Expected life | ​ | 1.50 years | ​
​ Restricted Share Units Activity ​ The Plan allows for the issuance of restricted share units (“RSUs”). The following is a summary of RSU activity for the three months ended March 31, 2024, and 2023. During the three months ended March 31, 2024, 17 RSUs were awarded, 21 were released from restriction and none were forfeited. For the same period in 2023, 264 RSUs were awarded, 1 was released from restriction and none were forfeited. The Company recognized $0.3 million in RSU expense for the three months ended March 31, 2024, and $0.03 million for the same period in 2023. Standard vesting of RSUs is over three years with 1/3 vesting on the first anniversary date of the grant and then 1/24 on the last day of each subsequent month. The Compensation Committee may also award RSUs with alternative vesting. ​
​ | ​ | ​
​ | ​ | Number of Restricted
RSUs Current Year | ​ | Share Units (thousands)
Outstanding at December 31, 2023 |  | 218
Awarded |  | 17
Released | ​ | (21)
Outstanding at March 31, 2024 | ​ | 214
​ | ​ | ​
​ ​
​ | ​ | ​
​ | ​ | Number of Restricted
RSUs Past Year | ​ | Share Units (thousands)
Outstanding at December 31, 2022 |  | 35
Awarded | ​ | 264
Released | ​ | (1)
Outstanding at March 31, 2023 | ​ | 298
​ | ​ | ​
​ The value of RSUs issued was estimated using the share price on the date of the award multiplied by the number of shares granted.

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