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STOCK-BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION As of June 30, 2025, 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 may grant equity awards to officers, employees, directors and consultants for common stock. 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 June 30, 2025, and changes during the six 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, 2024 | 256,689 |  |  | $ | 6.96 |  | 4.4 |  | $ | 415 |
Granted | — |  |  | — |  |  |  |
Exercised | — |  |  | — |  |  |  |
Forfeited | — |  |  | — |  |  |  |
Expired | — |  |  | — |  |  |  |
Balance - June 30, 2025 | 256,689 |  |  | $ | 6.96 |  | 3.9 |  | $ | 672 |
No stock options were exercised during either the six months ended June 30, 2025 or 2024. 2021 Plan On June 9, 2021, the approved 2021 Plan became effective. In accordance with the 2021 Plan, directors may issue equity awards, including restricted stock awards (“RSA”), restricted stock unit awards (“RSU”), performance share awards, performance share unit awards (“PSU”), stock appreciation rights and stock options to officers, employees, directors and consultants to purchase common stock. The Plan also allows for providing cash-based awards and other stock-based awards. The awards granted are subject to either service-based and/or performance-based vesting conditions. 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. Awards granted under the 2021 Plan generally vest over one to four years. As of June 30, 2025, the total number of common stock authorized for issuance under the 2021 Plan is 772,864. The following table summarizes the Company’s RSA activity under the 2021 Plan during the six months ended June 30, 2025:
| Stock Options |  | Restricted Stock Units
| Number of Options |  | Weighted- Average Exercise Price |  | Weighted-Average Remaining Contractual Term (In Years) |  | Aggregate Intrinsic Value |  | Shares |  | Weighted- Average Grant Date Fair Value
Balance - December 31, 2024 | 13,865 |  |  | $ | 261.25 |  |  | 6.5 |  | $ | — |  |  | 264,812 |  | $ | 22.83 |
Granted | — |  |  | — |  |  |  |  |  |  | 71,055 |  | 9.74 |
Exercised / Vested | — |  |  | — |  |  |  |  |  |  | (125,672) |  | 23.93 |
Forfeited | — |  |  | — |  |  |  |  |  |  | (22,451) |  | 12.81 |
Balance - June 30, 2025 | 13,865 |  |  | $ | 261.25 |  |  | 0.05 |  | $ | — |  |  | 187,744 |  | $ | 18.34 |
Stock-Based Compensation Expense— Stock-based compensation expense of $0.9 million and $1.6 million for the three months ended June 30, 2025 and 2024, respectively, and $1.9 million and $2.9 million for the six months ended June 30, 2025 and 2024, respectively. Stock-based compensation expense is included in operating expenses in the condensed consolidated statements of operations. As of June 30, 2025, there was $3.0 million of unrecognized compensation costs. This amount is expected to be recognized over a weighted-average period of 1.2 years. The total fair value of vested RSUs as of their respective vesting dates were $1.2 million.

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