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13. STOCK-BASED COMPENSATION | 3 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
STOCK-BASED COMPENSATION | 13. STOCK-BASED COMPENSATION The Company sponsors a stock-based incentive compensation plan known as the 2017 Incentive Plan, as amended, (the “Plan”). As of December 31, 2024, there were 8,021,006 shares available and authorized for issuance under the Plan. STOCK OPTIONS The following is a summary of stock option activity during the three months ended December 31, 2024:
|  | Number of Option Shares |  |  | Weighted Average Exercise Price ($) |
Balance, September 30, 2024 |  |  | 2,285,462 |  |  | $ | 15.58 |
Options granted |  |  | 193,280 |  |  | $ | 10.19 |
Options expired |  |  | (68,122 | ) |  | $ | 19.08 |
Options forfeited |  |  | (25,554 | ) |  | $ | 12.80 |
Options exercised |  |  | (17,864 | ) |  | $ | 6.17 |
Balance, December 31, 2024 |  |  | 2,367,202 |  |  | $ | 15.15 |
As of December 31, 2024, there were options exercisable to purchase 1,424,951 shares of common stock in the Company. As of December 31, 2024, the outstanding options had a weighted average remaining term of 7.5 years and an intrinsic value of $2,296. For the three months ended December 31, 2024, the Company also granted 193,280 options to purchase shares of common stock to employees with a total fair value of $1,749. The Black-Scholes model utilized the following inputs to value the options granted during the three months ended December 31, 2024:
Fair value assumptions Options: |  | December 31, 2024 |
Risk free interest rate |  | 3.56% - 4.48% |
Expected term (years) |  | 1.0 - 6.21 |
Expected volatility |  | 121.86% - 123.02% |
Expected dividends |  |  | 0 | %
The Company recognized stock-based compensation expense relating to stock options of $1,078 and $1,812 for the three months ended December 31, 2024 and 2023, respectively. As of December 31, 2024, the Company expects to recognize $8,883 of stock-based compensation for the non-vested outstanding options over a weighted-average period of 2.27 years. RESTRICTED STOCK UNITS The following table summarizes the activity for all restricted stock units (“RSUs”) during the three months ended December 31, 2024:
|  | Number of Shares |  |  | Weighted Average Fair Value Per Share |  |  | Aggregate Intrinsic Value |
Outstanding at September 30, 2024 |  |  | 1,674,211 |  |  | $ | 7.56 |  |  | $ | 12,649 |
Granted |  |  | 148,715 |  |  | $ | 8.78 |  |  |  |
Vested |  |  | - |  |  |  | - |  |  |  |
Outstanding at December 31, 2024 |  |  | 1,822,926 |  |  | $ | 7.65 |  |  | $ | 16,789 |
On October 1, 2024, the Company granted 136,520 time-based RSUs to its board members as part of their annual compensation. These RSUs vest 25% quarterly and have a combined grant-date fair value of $1,200. The 25% quarterly vesting will occur on February 13, 2025, May 13, 2025, August 13, 2025 and December 3, 2025. As of December 31, 2024, the Company had 1,822,926 outstanding unvested time-based restricted stock awards, which will vest over the weighted average 2.0 years. As of December 31, 2024, the unrecognized compensation costs related to all RSU awards is 11,603. The Company recognized stock-based compensation expense relating to restricted stock units of $1,943 and $8,141 for the three months ended December 31, 2024 and 2023, respectively. 2025 Long-Term Incentive Plan On October 1, 2024, the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) approved the establishment of the Company’s Long-Term Incentive Program (the “2025 LTIP”), which permits the issuance of RSUs to executive officers and other executives . Awards granted pursuant to the 2025 LTIP are in addition to cash annual bonus awards and annual time-based RSU awards, if any, and are a key element of the Company’s compensation program. On October 2, 2024, the Compensation Committee, with the consultation of independent compensation firm, performed an analysis to evaluate the structure of the 2025 LTIP with the combined goal of retention and performance of the senior leadership team. The number of awards will vary based on a year-end evaluation of the Compensation Committee against a currently undetermined group of metrics and the range of the awards can be between 0% and 200% at the discretion of the Compensation Committee. The number of awards at 100% is 5,381,021. The awards will vest over a 4-year period, whereby 40% will vest at the end of fiscal 2025, and the remaining 60% will vest quarterly over the subsequent 3-years based on continuing employment of the grantee. In addition, the number of awards that will vest depends on the achievement of certain performance metrics. As of December 31, 2024, the specific performance metrics have not been determined with enough specificity to allow for a mutual understanding of the terms, and hence, there is no grant date nor service inception date. Therefore, as of December 31, 2024, there is no stock-based compensation expense recorded under the 2025 LTIP, until such time as the performance metrics are finalized and determined.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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