Stock Based Compensation

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

4. Stock-Based Compensation — Under the Company’s Stock Incentive Plan, as amended and restated on June 1, 2022 (“the 2022 Stock Incentive Plan”), all employees are eligible to receive non-assignable and non-transferable restricted stock (RSUs), options to purchase common stock, and other forms of equity. During the three months ended June 30, 2025 and 2024, the Company's stock-based compensation expense amounted to $422 and $747, respectively. During the six months ended June 30, 2025 and 2024, the Company's stock-based compensation expense amounted to $981and $2,752, respectively.

RSUs

A summary of nonvested RSUs outstanding is presented below:


	Six Months Ended June 30, 2025
	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested shares at January 1, 2025		682,853		$	13.77
Granted		20,000			5.50
Vested		(164,970	)		23.16
Forfeited		(19,630	)		22.09
Nonvested shares at June 30, 2025		518,253		$	10.15

As of June 30, 2025, the total unrecognized stock-based compensation expense related to RSUs outstanding was $2,059 and is expected to be recognized over a weighted-average period of 2.3 years

Stock Options

A summary of the incentive stock option activity for the six months ended June 30, 2025 is presented below:


	Options outstanding			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Balance as of January 1, 2025		424,511		$	10.28		6.1	$	—
Forfeited		(30,501	)	$	10.28		5.5	$	—
Balance as of June 30, 2025		394,010		$	10.28		5.5	$	—
Options vested and exercisable as of June 30, 2025		170,033		$	10.28		5.5	$	—

As of June 30, 2025, the total unrecognized stock-based compensation expense related to stock options outstanding was $703 and is expected to be recognized over a weighted-average period of 1.6 years.