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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2024
Stock-Based Compensation |
Stock-Based Compensation | 12. Stock-Based Compensation Stock based compensation has been reported within expense line items on the consolidated statement of operations for the years ended 2024 and 2023 as shown in the following table (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended |
​ |  | December 31, |
​ |  | 2024 |  | 2023 | ​
General and administrative | ​ | $ | 498 | ​ | $ | 1,039 | ​
Research and development | ​ | ​ | 94 | ​ | ​ | 434 | ​
Stock-based compensation costs | ​ | $ | 592 | ​ | $ | 1,473 | ​
​ 2018 Plan ​ In May 2018, the Company’s stockholders approved the 2018 Equity Incentive Plan (the “2018 Plan”), under which Cyclacel may make equity incentive grants to its officers, employees, directors and consultants. The 2018 Plan replaced the 2015 Equity Incentive Plan (the “2015 Plan”). ​ The 2018 Plan allows for various types of award grants, including stock options and restricted stock units. ​ On June 21, 2024, the Company’s stockholders approved an additional 160,000 shares of common stock that may be issued under the 2018 Plan. On June 13, 2023, the Company’s stockholders approved an additional 60,000 shares of common stock that may be issued under the 2018 Plan. As of December 31, 2024, the Company has reserved approximately 196,000 shares of the Company’s common stock under the 2018 Plan for future issuances. Stock option awards granted under the Company’s equity incentive plans have a maximum life of 10 years and generally vest over a one to four-year period from the date of grant. ​ 2020 Inducement Equity Incentive Plan In October 2020, the Inducement Equity Incentive Plan (the “Inducement Plan”), became effective. Under the Inducement Plan, Cyclacel may make equity incentive grants to new senior level Employees (persons to whom the Company may issue securities without stockholder approval). The Inducement Plan allows for the issuance of up to 13,333 shares of the Company’s common stock (or the equivalent of such number). As of December 31, 2024, the reserve remains at 13,333 shares. Option Grants and Exercises ​ There were 12,500 options granted during the year ended December 31, 2024, all issued under the 2018 Plan. These options had a grant date fair value of $1.77 per option. There were 43,342 options granted during the year ended December 31, 2023. These options had a grant date fair value ranging between $6.32-$10.98 per option. ​ Of the options granted during the year ended December 31, 2024, all vested six months from their date of grant. Of the options granted during the year ended December 31, 2023, 17,033 awards shall vest on the third anniversary of their date of grant, or earlier if either of the certain performance conditions are met relating to enrollment goals for various clinical studies. A further 8,600 options granted during the year ended December 31, 2023 were forfeited during 2024 due to the holders’ termination of employment with the Company. The Company had assumed that these awards will vest after three years as satisfaction of the performance conditions is not probable at this time. ​ As of December 31, 2024, the total remaining unrecognized compensation cost related to the non-vested stock options with service conditions amounted to approximately $0.1 million, which will be amortized over the weighted-average remaining requisite service period of 1.30 years. Outstanding Options A summary of the share option activity and related information is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted |  | ​ | ​
​ |  | ​ |  | Weighted |  | Average |  | ​ | ​
​ |  | Number of |  | Average |  | Remaining |  | Aggregate
​ | ​ | Options |  | Exercise |  | Contractual | ​ | Intrinsic
​ | ​ | Outstanding | ​ | Price Per Share |  | Term (Years) | ​ | Value ($000)
Options outstanding at December 31, 2022 | ​ | 107,373 | ​ | $ | 87.70 |  | 8.34 | ​ | $ | —
Granted | ​ | 43,342 | ​ | $ | 8.82 |  | — | ​ | $ | —
Exercised | ​ | — | ​ | $ | — |  | — | ​ | $ | —
Cancelled/forfeited | ​ | (7,919) | ​ | $ | 332.24 |  | — | ​ | $ | —
Options outstanding at December 31, 2023 |  | 142,796 | ​ | $ | 50.20 |  | 7.96 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Granted | ​ | 12,500 | ​ | $ | 2.28 |  | — | ​ | $ | —
Cancelled/forfeited | ​ | (36,807) | ​ | $ | 51.37 |  | — | ​ | $ | —
Options outstanding at December 31, 2024 |  | 118,489 | ​ | $ | 44.41 |  | 7.20 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unvested at December 31, 2024 |  | 17,773 | ​ | $ | 9.38 |  | 8.45 | ​ | $ | —
Vested and exercisable at December 31, 2024 |  | 100,716 | ​ | $ | 50.59 |  | 6.99 | ​ | $ | —
​ The fair value of the stock options granted is calculated using the Black-Scholes option-pricing model as prescribed by ASC 718 using the following assumptions: ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Year ended | ​ | Year ended
​ |  | December 31, 2024 |  | December 31, 2023
Expected term (years) |  | 6 |  | 5 - 6
Risk free interest rate |  | 3.995% | ​ | 3.660%  – 4.160%
Volatility |  | 93% | ​ | 89% – 92%
Expected dividend yield over expected term |  | 0.00% | ​ | 0.00%
Resulting weighted average grant date fair value |  | $1.77 | ​ | $6.63
​ There were no stock options exercised during each of the years ended December 31, 2024 and 2023, respectively. The Company does not expect to be able to benefit from the deduction for stock option exercises that may occur because the company has tax loss carryforwards from prior periods that would be expected to offset any potential taxable income. Restricted Stock Units The Company issued 12,500 restricted stock units during the year ended December 31, 2024. These restricted stock units vest monthly over a six-month service period. These restricted stock units were valued at $2.28 at the date of grant, which was equivalent to the market price of a share of the Company’s common stock on that date. A total of 17,133 restricted stock units were issued in January 2023 vest on the third anniversary of their date of grant, or earlier if certain defined clinical trial related performance targets are met. A three-year vesting assumption was applied to these restricted stock units as satisfaction of the performance conditions is not probable at this time. Each of these restricted stock units was valued at $13.50 at the date of grant, which was equivalent to the market price of a share of the Company’s common stock on that date. During 2023, 300 of these restricted stock units were forfeited as the recipient voluntarily terminated employment with the Company. A further 8,488 restricted stock units issued in June 2023 vest on the first anniversary of the date of grant. Each of these restricted stock units were valued at $8.84 at the date of grant, which was equivalent to the market price of a share of the Company’s common stock on that date. During the year ended December 31, 2024, an additional 7,584 of these restricted stock units have been forfeited due to the holders’ termination of employment with the Company. Summarized information for restricted stock units as of December 31, 2024 and 2023 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ | Weighted
​ |  | ​ |  | ​ | ​ | Average
​ | ​ | Restricted |  | ​ | ​ | Remaining
​ | ​ | Stock Units | ​ | ​ | ​ | Term
Restricted Stock Units outstanding at December 31, 2022 | ​ | 9,177 | ​ | $28.20 | ​ | ​
Granted | ​ | 25,621 | ​ | $11.96 | ​ | ​
Cancelled/forfeited | ​ | (300) | ​ | $13.50 | ​ | ​
Restricted Stock Units outstanding at December 31, 2023 |  | 34,498 | ​ | $16.26 | ​ | 8.96 years
​ | ​ | ​ | ​ | ​ | ​ | ​
Granted | ​ | 12,500 | ​ | $2.28 | ​ | 9.03 years
Cancelled/forfeited | ​ | (7,584) | ​ | $15.31 | ​ | ​
Restricted Stock Units outstanding at December 31, 2024 | ​ | 39,414 | ​ | $12.01 | ​ | 8.30 years
​ | ​ | ​ | ​ | ​ | ​ | ​
Unvested at December 31, 2024 |  | 9,945 | ​ | $13.67 | ​ | 8.06 years
​ | ​ | ​ | ​ | ​ | ​ | ​
Vested at December 31, 2024 |  | 29,469 | ​ | $11.45 | ​ | 8.39 years
​

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