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Stock-Based Compensation and Other Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Options | Stock option activity for the years ended December 31, 2024 and 2023, was as follows:
| Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Fair Value |  |  |  |  |  |  |  |
Outstanding as of December 31, 2022 | 693,650 |  |  |  |  |  |  |  |  |  |  |  |  |
Granted | 190,728 |  |  | $ | 3.42 |  |  | $ | 2.57 |  |  |  |  |  |  |  |  |
Exercised | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Forfeited | (457,815) |  |  | $ | 7.10 |  |  | $ | 7.28 |  |  |  |  |  |  |  |  |
Expired | (130,000) |  |  | $ | 7.97 |  |  | $ | 5.94 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2023 | 296,563 |  |  |  |  |  |  |  |  |  |  |  |  |
Granted | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Exercised | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Forfeited | (29,367) |  |  | $ | 6.58 |  |  | $ | 4.49 |  |  |  |  |  |  |  |  |
Expired | (47,918) |  |  | $ | 5.46 |  |  | $ | 5.47 |  |  |  |  |  |  |  |  |
Outstanding as of December 31, 2024 | 219,278 |  |  |  |  |  |  |  |  |  |  |  |  |
Vested or expected to vest at December 31, 2024 | 185,489 |  |  |  |  |  |  |  |  |  |  |  |  |
The below table shows the aggregate intrinsic value and weighted average remaining contractual term of share options outstanding, currently exercisable and vested or expected to vest.
| Share Options Outstanding |  | Share Options Currently Exercisable |  | Share Options Vested or Expected to Vest
Number | 219,278 |  | 34,306 |  | 185,489
Weighted-average exercise price | $ | 3.91 |  |  | $ | 6.49 |  |  | $ | 3.97 |
Aggregate intrinsic value ($000’s) | $ | 1,230 |  |  | $ | 102 |  |  | $ | 1,029 |
Weighted-average remaining contractual term in years | 8.12 |  | 4.64 |  | 8.03
Schedule of Valuation Assumptions | The following table sets forth significant assumptions used in the Monte Carlo model for market-based options to determine the fair value of the 61,984 options awarded in June 2023 at the date of grant.
|  |  | June 7, 2023 Awards |  |  |  |
Risk-free interest rate |  |  | 3.79 | % |  |  |  |
Expected volatility of common stock |  |  | 110.00 | % |  |  |  |
Expected life of options in years |  |  | 10.0 |  |  |  |
Dividend yield |  |  | — | % |  |  |  |
The following table sets forth significant assumptions used in the Black-Scholes model for performance options to determine the fair value of the 128,744 options awarded in December 2023 at the date of grant.
|  |  | December 5, 2023 Awards |  |  |  |
Risk-free interest rate |  |  | 4.13 | % |  |  |  |
Expected volatility of common stock |  |  | 90.60 | % |  |  |  |
Expected life of options in years |  |  | 6.5 |  |  |  |
Dividend yield |  |  | — | % |  |  |  |
The following table sets forth significant assumptions used in the Monte Carlo model to determine the grant date fair value of the 73,525 performance-based RSUs with a market-based vesting criteria awarded in 2024.
|  |  | October 30, 2024 Awards |  |  |  |
Risk-free interest rate |  |  | 4.20 | % |  |  |  |
Expected volatility of common stock |  |  | 53.10 | % |  |  |  |
Expected life of RSU in years |  |  | 1.2 |  |  |  |
Dividend yield |  |  | — | % |  |  |  |
The key inputs to the Black-Scholes Model used to estimate the fair value of the vested equity awards, as of the date of the termination were as follows:
|  |  | January 19, 2023 |  |  |  |
Risk-free interest rate |  |  | 3.79 | % |  |  |  |
Expected volatility of common stock |  |  | 90.00 | % |  |  |  |
Expected life of options in years |  |  | 6.92 |  |  |  |
Stock price (1) |  |  | $ | 1.37 |  |  |  |  |
Strike Price |  |  | $ | 1.93 |  |  |  |  |
(1)Stock price is based on the price of common shares prior to the Company’s 1-for-6 reverse stock split in September 2023. |  |  |  |
Schedule of Restricted Stock Activity | RSA activity for the years ended December 31, 2024 and 2023, are as follows:
Restricted Stock Shares |  | Shares |  | Weighted- Average Fair Value at Date of Grant
Non-vested RSAs at December 31, 2022 |  | 384,534 |  |  | $ | 8.23 |
Granted |  | 146,204 |  |  | $ | 4.52 |
Vested |  | (186,058) |  |  | $ | 7.81 |
Forfeited |  | (95,667) |  |  | $ | 9.25 |
Non-vested RSAs at December 31, 2023 |  | 249,013 |  |  | $ | 5.97 |
Granted |  | 93,760 |  |  | $ | 4.43 |
Vested |  | (182,319) |  |  | $ | 5.47 |
Forfeited |  | (11,528) |  |  | $ | 7.77 |
Non-vested RSAs at December 31, 2024 |  | 148,926 |  |  | $ | 5.46 |
Schedule of Restricted Stock Unit Activity | RSU activity for the years ended December 31, 2024 and 2023, was as follows:
Restricted Stock Units |  | Units |  | Weighted- Average Fair Value at Date of Grant
Non-vested RSUs at December 31, 2022 |  | 102,481 |  |  | $ | 11.42 |
Granted |  | 230,816 |  |  | $ | 3.82 |
Vested |  | (82,730) |  |  | $ | 10.64 |
Forfeited |  | (38,000) |  |  | $ | 11.58 |
Non-vested RSUs at December 31, 2023 |  | 212,567 |  |  | $ | 3.44 |
Granted |  | 459,054 |  | $ | 4.81 |
Vested |  | (71,476) |  |  | $ | 3.75 |
Forfeited |  | (48,098) |  |  | $ | 3.28 |
Non-vested RSUs at December 31, 2024 |  | 552,047 |  |  | $ | 4.55 |

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