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Stock-based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | Note 5 – Stock-based Compensation As of September 30, 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 nine months ended September 30, 2025, the Company issued options to purch ase 70,000 shares of com mon stock to certain of the Company’s employees. During the same period, the Company canceled 83,50 0 options to purchase common stock as a result of employee resignations. The following summarizes the changes in common stock options for the nine months ended September 30, 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 |  |  | $ | 971 |
Granted |  |  | 70,000 |  |  | $ | 2.11 |  |  |  |  |  |  |
Exercised |  |  | (14,000 | ) |  | $ | 1.88 |  |  |  |  |  |  |
Forfeited |  |  | (83,500 | ) |  | $ | 2.95 |  |  |  |  |  |  |
Outstanding as of September 30, 2025 |  |  | 2,204,100 |  |  | $ | 1.74 |  |  |  | 5.3 |  |  | $ | 761 |
Options exercisable as of September 30, 2025 |  |  | 1,791,600 |  |  | $ | 1.59 |  |  |  | 4.6 |  |  | $ | 754 |
The Company recognized stock-based compensation expense related to common stock optio ns of $0.4 million for both the nine months ended September 30, 2025 and 2024. As of September 30, 2025, there was approximately $0.6 million o f unrecognized stock-based compensation expense related to unvested common stock options outstanding, which is expected to be recognized over a weighted average period of 1.4 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):
|  | Grant Date | Vesting Date | Restricted Stock Granted |  | Per Share Grant Date Fair Value |  | Compensation Expense for the nine months ended September 30, |  | Unrecognized Compensation Expense as of, |
|  |  |  |  |  |  |  | 2024 |  | 2025 |  | September 30, 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 |  |  | 43 |  |  | — |  |  | — |
Employees |  | March 7, 2024 | March 7, 2025 |  | 128,044 |  | $ | 2.93 |  |  | 213 |  |  | 67 |  |  | — |
Non-executive directors |  | March 7, 2024 | March 7, 2025 |  | 75,000 |  | $ | 2.93 |  |  | 125 |  |  | 40 |  |  | — |
Employees |  | January 1, 2025 | December 31, 2028 [1] |  | 125,000 |  | $ | 1.85 |  |  | — |  |  | 43 |  |  | 188 |
Employees |  | March 6, 2025 | March 6, 2026 |  | 68,051 |  | $ | 2.11 |  |  | — |  |  | 82 |  |  | 62 |
Non-executive directors |  | March 6, 2025 | March 6, 2026 [2] |  | 100,000 |  | $ | 2.11 |  |  | — |  |  | 120 |  |  | 91 |
Total |  |  |  |  |  |  |  | $ | 381 |  | $ | 352 |  | $ | 341 |
[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 $0.4 million for both the nine months ended September 30, 2025 and 2024. The unrecognized stock-based compensation expense as of September 30, 2025 was approximately $0.3 million, which is expected to be recognized over a weighted average period of 1.9 years.

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