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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has two stock incentive plans, the Cognical Holdings, Inc. 2014 Stock Incentive Plan, (the “2014 Plan”) and the Katapult Holdings, Inc. 2021 Stock Incentive Plan, (the “2021 Plan”). 2014 Plan In accordance with the 2014 Plan, the board of directors of Legacy Katapult could grant equity awards to officers, employees, directors and consultants for common stock. There were no stock options or other equity awards granted during 2024 and 2023. The 2014 Plan has specific vesting for each stock option grant allowing vesting of the options over one to four years. No equity awards have been granted under the 2014 Plan since October 2020 and no new equity awards are expected to be granted under the 2014 Plan. Stock Options A summary of the status of the stock options under the 2014 Plan as of March 31, 2024, and changes during the three months then ended is presented below:
| Number of Shares |  | Weighted- Average Exercise Price |  | Weighted-Average Remaining Contractual Term (In Years) |  | Aggregate Intrinsic Value
Balance - December 31, 2023 | 322,405 |  |  | $ | 7.30 |  |  | 5.3 |  | $ | 1,539 |
Granted | — |  |  | — |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  |
Forfeited | — |  |  | $ | — |  |  |  |  |
Balance - March 31, 2024 | 322,405 |  |  | $ | 7.30 |  |  | 5.1 |  | $ | 1,731 |
Exercisable - March 31, 2024 | 322,291 |  |  | $ | 7.27 |  |  | 5.1 |  | $ | 1,731 |
Unvested - March 31, 2024 | 114 |  |  | $ | — |  |  | 5.1 |  | $ | — |
No stock options were exercised during either the three months ended March 31, 2024 or 2023. 2021 Plan On June 9, 2021, the 2021 Plan, which was previously approved by the board of directors and stockholders, became effective. In accordance with the 2021 Plan, directors may issue equity awards, including restricted stock awards (“RSA”), restricted stock unit awards (“RSU”) and stock options to officers, employees, directors and consultants to purchase common stock. The awards granted are subject to either service-based and/or performance-based vesting conditions. Awards granted under the 2021 Plan generally vest over one to four years depending upon the grantee. The total number of common stock authorized for issuance under our 2021 Plan is 639,467. Stock Options A summary of the status of the stock options under the 2021 Plan as of March 31, 2024, and changes during the three months then ended is presented below:
| Number of Shares |  | Weighted- Average Exercise Price |  | Weighted-Average Remaining Contractual Term (In Years) |  | Aggregate Intrinsic Value
Balance - December 31, 2023 | 13,865 |  |  | $ | 261.25 |  |  | 7.5 |  | $ | — |
Granted | — |  |  | — |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  |
Forfeited | — |  |  | — |  |  |  |  |
Balance - March 31, 2024 | 13,865 |  |  | $ | 261.25 |  |  | 7.3 |  | $ | — |
Exercisable - March 31, 2024 | 11,554 |  |  | $ | 261.25 |  |  | 7.3 |  | $ | — |
Unvested - March 31, 2024 | 2,311 |  |  | $ | 261.25 |  |  | 7.3 |  | $ | — |
As of March 31, 2024, total compensation cost not yet recognized related to unvested stock options was $335, which is expected to be recognized over a period of 0.6 years. No stock options were granted under the 2021 Plan during the three months ended March 31, 2024 and 2023. Restricted Stock Units Restricted stock units (“RSUs”) are equity awards granted to employees that entitle the holder to shares of common stock when the awards vest. RSUs are measured based on the fair value of the Company’s common stock on the date of grant. A summary of the status of the RSUs under the 2021 Plan as of March 31, 2024, and changes during the three months then ended is presented below:
| Number of RSUs |  | Weighted Average Grant Date Fair Value
Outstanding - December 31, 2023 | 278,290 |  | $ | 34.05 |
Granted | 30 |  | 11.66 |
Vested | (54,638) |  | 34.21 |
Forfeited | (882) |  | 27.95 |
Outstanding - March 31, 2024 | 222,800 |  | $ | 34.04 |
Stock-Based Compensation Expense— We recognized stock-based compensation expense of $1,391 and $2,090 for the three months ended March 31, 2024 and 2023, respectively. Stock-based compensation expense is included in operating expenses in our condensed consolidated statements of operations and comprehensive loss. As of March 31, 2024, there was $6,466 of unrecognized compensation costs related to unvested RSU’s. This amount is expected to be recognized over a weighted-average period of 1.7 years. The total fair value of vested RSUs as of their respective vesting dates were $782.

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