XML 28 R21.htm IDEA: XBRL DOCUMENT
v3.25.1

Stockholders' Equity | 3 Months Ended
--- | ---
Mar. 31, 2025
Equity [Abstract] |
Stockholders' Equity | 13. Stockholders’ Equity Preferred Stock – Our authorized preferred stock consists of 10,000,000 shares of preferred stock with a par value of $0.001, of which no shares have been issued or are outstanding. Common Stock – Our authorized common stock consists of 200,000,000 shares of common stock with a par value of $0.001, of which 20,606,395 and 20,606,395 shares were issued and outstanding as of March 31, 2025 and December 31, 2024, respectively. Employee Stock Purchase Plan – On July 8, 2024, our stockholders approved our 2024 Employee Stock Purchase Plan (the “2024 ESPP”). Prior to the 2024 ESPP, our stockholders approved our 2014 Employee Stock Purchase Plan (the “2014 ESPP”) on September 17, 2014. We recorded expense of $30 thousand related to the 2024 ESPP and $21 thousand related to the 2014 ESPP for the three months ended March 31, 2025 and 2024, respectively. Warrants – The following table summarizes the warrants issued and outstanding as of March 31, 2025:
Warrants Issued and Outstanding as of March 31, 2025 |
|  | Date of |  | Exercise |  |  | Shares of |
Description |  | Issuance |  | Expiration |  |  |  |  | Common Stock |
Exercisable Warrants |  | 10/19/2020 |  | 3/19/2028 |  | $ | 1.50 |  |  |  | 500,000 |
Exercisable Warrants |  | 10/19/2021 |  | 3/19/2028 |  | $ | 1.50 |  |  |  | 350,000 |
Total warrants issued and outstanding (Unaudited) |  |  |  |  |  | 850,000 |
Incentive Compensation Plan – On July 8, 2024, our stockholders approved the adoption of our 2024 Incentive Compensation Plan (the “2024 Plan”), which replaced the 2012 Incentive Compensation Plan (the “2012 Plan”), adopted in October 2012, for all future grants. Awards previously granted under the 2012 Plan are unaffected by the adoption of the 2024 Plan and remain outstanding under the terms pursuant to which they were granted. The 2024 Plan allows for the grant of stock options (both nonqualified stock options and incentive stock options), stock appreciation rights, restricted stock, restricted stock units (“RSUs”), deferred stock units (“DSUs”) bonus stock, dividend equivalents, other stock-based awards, and performance awards that may be settled in cash, stock, or other property in our sole discretion. The purpose of our 2024 Plan is to assist us and our Designated Subsidiaries (as such term is defined in the 2024 Plan) in attracting, motivating, retaining, and rewarding high-quality executives and other employees, officers, directors, and individual consultants who provide services to us or our Designated Subsidiaries, by enabling such persons to acquire or increase a proprietary interest in our company in order to strengthen the mutuality of interests between such persons and our stockholders, and providing such persons with performance incentives to expend their maximum efforts in the creation of stockholder value. The maximum number of shares of common stock available for grant under the 2024 Plan is 1,500,000. Stock Options – We recorded stock option expense of $171 thousand and $146 thousand for the three months ended March 31, 2025 and 2024, respectively. The following table summarizes the stock option activity for the three months ended March 31, 2025:
|  | Stock Options |
|  |  |  |  |  |  | Weighted- |
|  |  |  |  | Exercise |  | Average |
|  | Number |  |  | Price Per |  | Exercise Price |
|  | of Shares |  |  | Share |  | Per Share |
Outstanding at December 31, 2024 |  |  | 2,511,449 |  |  | $1.17 — $10.32 |  | $ | 3.28 |
Cancelled/Forfeited |  |  | (9,001 | ) |  | $4.08 — $7.63 |  | $ | 6.71 |
Outstanding at March 31, 2025 (Unaudited) |  |  | 2,502,448 |  |  | $1.17 — $10.32 |  | $ | 3.26 |
Deferred Stock Units DSUs are recognized at their fair value on the date of grant. Each DSU represents the right to receive one share of our common stock upon the grantee’s separation from our company. DSUs are fully vested upon issuance. The following table summarizes DSU activity for the three months ended March 31, 2025:
|  | Deferred Stock Units |
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
|  | Number |  |  | Grant Date |
|  | of Units |  |  | Fair Value |
Outstanding at December 31, 2024 |  |  | 251,101 |  |  | $ | 4.77 |
Granted |  |  | 21,938 |  |  | $ | 2.91 |
Outstanding at March 31, 2025 (Unaudited) |  |  | 273,039 |  |  | $ | 4.62 |
Nonemployee directors can elect to receive all or a portion of their annual retainers in the form of DSUs. The DSUs are recognized at their fair value on the date of grant. Each DSU represents the right to receive one share of our common stock following the completion of a director’s service. During the three months ended March 31, 2025, we granted 21,938 DSUs to directors and recorded director compensation expense of $64 thousand related to the grants. In addition, during the three months ended March 31, 2025, we recorded compensation expense of $50 thousand, which represents an accrual of anticipated bonus expense to be paid in DSUs for certain employees. This bonus accrual is recorded in accrued liabilities until it is granted. Restricted Stock Units RSUs are recognized at their fair value on the date of grant. Each RSU represents the right to receive one share of our common stock once fully vested. All outstanding unvested RSUs currently vest over three years. The following table summarizes RSU activity for the three months ended March 31, 2025:
|  | Restricted Stock Units |
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
|  | Number |  |  | Grant Date |
|  | of Units |  |  | Fair Value |
Outstanding and unvested at December 31, 2024 |  |  | 218,045 |  |  | $ | 8.16 |
Granted |  |  | 246,800 |  |  | $ | 3.85 |
Less: Forfeited |  |  | (2,000 | ) |  | $ | 8.35 |
Outstanding at March 31, 2025 (Unaudited) |  |  | 462,845 |  |  | $ | 5.86 |
During the three months ended March 31, 2025, we recorded director compensation expense of $97 thousand related to unvested RSU grants. In addition, during the three months ended March 31, 2025, we granted 246,800 RSUs and recorded employee compensation expense of $227 thousand related to unvested RSU grants. Performance Stock Units The following table summarizes performance stock unit (“PSU”) activity for the three months ended March 31, 2025:
|  | Performance Stock Units |
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
|  | Number |  |  | Grant Date |
|  | of Units |  |  | Fair Value |
Outstanding at December 31, 2024 |  |  | 130,000 |  |  | $ | 7.57 |
Granted |  |  | 313,650 |  |  | $ | 3.85 |
Less: Forfeited |  |  | (30,000 | ) |  | $ | 7.57 |
Outstanding at March 31, 2025 (Unaudited) |  |  | 413,650 |  |  | $ | 4.75 |
During the three months ended March 31, 2025, we granted 313,650 PSUs to certain employees under our 2024 Plan. Any earned PSUs will be fully vested and paid based on defined performance metrics achieved during any of the three-year performance periods. The number of shares of our common stock that each participant is eligible to receive following such period will be determined based on the initial target number of PSUs granted and the actual performance level achieved. The PSUs are recognized at their fair value on the date of grant, based on the probable issuance at the end of the performance period. We evaluate the probability of the common stock issuance and adjust the expense as appropriate. We recorded compensation expense of $23 thousand during the three months ended March 31, 2025 for the PSUs.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration