Stock-based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Note 5 – Stock-based Compensation

As of March 31, 2025, the Company had four stock-based compensation plans, which are described more fully in Note 16 – Stockholders' Equity - Stock-Based Compensation Plans of the Company's audited consolidated financial statements for the year ended December 31, 2024 contained in the Company’s Form 10-K.

Stock Options

During the three months ended March 31, 2025, the Company issued options to purchase 70,000 shares of common stock to certain of the Company’s employees. During the same period, the Company canceled 60,000 options to purchase common stock as a result of employee resignations.

The following summarizes the changes in common stock options for the three months ended March 31, 2025:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (In thousands)
Outstanding as of December 31, 2024		2,231,600		$	1.77		6.0	$	1,455
Granted		70,000		$	2.11
Exercised		—		$	—
Forfeited		(60,000	)	$	3.05
Outstanding as of March 31, 2025		2,241,600		$	1.75		5.8	$	1,457

Options exercisable as of March 31, 2025		1,626,725		$	1.52		4.9	$	1,339

The Company recognized stock-based compensation expense related to common stock options of $0.1 million for the three months ended March 31, 2025 and $0.1 million for the three months ended March 31, 2024. As of March 31, 2025, there was approximately $0.8 million of unrecognized stock-based compensation expense related to unvested common stock options outstanding, which is expected to be recognized over a weighted average period of 1.6 years.

Restricted Stock

Restricted stock awards represent a right to receive shares of common stock at a future date determined in accordance with the participant’s award agreement. There is no exercise price and no monetary payment required for receipt of restricted stock awards or the shares issued in settlement of the award. Instead, consideration is furnished in the form of the participant’s services to the Company. Compensation cost for these awards is based on the fair value of the shares of common stock on the date of grant and recognized as compensation expense on a straight-line basis over the requisite service period.

The following summarizes the restricted stock awards and related stock-based compensation expense (in thousands, except share count and award fair value):


							Compensation Expense for the three months ended March 31,				Unrecognized Compensation Expense as of,
	Grant Date	Vesting Date	Restricted Stock Granted		Per Share Grant Date Fair Value		2024		2025		March 31, 2025
Employees	March 1, 2023	March 1, 2024		97,290	$	2.53		—		—		—
Non-executive directors	March 31, 2023	March 31, 2024		90,000	$	2.87		39		—		—
Employees	March 7, 2024	March 7, 2025		128,044	$	2.93		29		67		—
Non-executive directors	March 7, 2024	March 7, 2025		75,000	$	2.93		17		40		—
Employees	January 1, 2025	December 31, 2028 [1]		125,000	$	1.85		—		14		217
Employees	March 6, 2025	March 6, 2026		128,044	$	2.11		—		10		133
Non-executive directors	March 6, 2025	March 6, 2026 [2]		100,000	$	2.11		—		15		197
Total							$	85	$	146	$	547

[1] These restricted stock awards vest 25% annually over four years, until fully vested on December 31, 2028.

[2] These restricted stock awards vest 25% quarterly over one year, until fully vested on March 6, 2026.

The Company determined the fair value of the shares awarded by using the closing price of our common stock as of the grant date. Stock-based compensation expense related to the restricted stock awards was approximately $0.1 million for both the three months ended March 31, 2025 and 2024. The unrecognized stock-based compensation expense as of March 31, 2025 was approximately $0.5 million, which is expected to be recognized over a weighted average period of 2.1 years.