Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

The Board of Directors adopted the 2018 Long-Term Incentive Plan (“2018 LTIP”) on January 29, 2018 as a replacement for the Company's prior 2007 Long Term Incentive Plan. As of December 31, 2024, the maximum number of shares of common stock with respect to which awards may be issued under the 2018 LTIP, as amended and restated, was 2,618,182. As of December 31, 2024, the 2018 LTIP had 294,686 shares of common stock available for grant. The Compensation Committee of the Board of Directors (the “Committee”) is responsible for the administration of the 2018 LTIP, including the grant of stock based awards and other financial incentives including performance based incentives to employees, non‑employee directors and consultants.

The Company's stock option agreements under the 2018 LTIP allow for the payment of the exercise price of vested stock options either through cash remittance in exchange for newly issued shares, or through non‑cash exchange of previously issued shares held by the recipient for at least six months in exchange for our newly issued shares. The 2018 LTIP also allows for the retention of shares in payment of the exercise price and income tax withholding. The latter method results in no cash being received by the Company but also results in a lower number of total shares being outstanding subsequently as a direct result of this exchange of shares. Shares returned to the Company in this manner are retired.

The Company recognized total stock-based compensation expense during the years ended December 31, 2024 and 2023 as follows (table in thousands):


	Year Ended December 31,
	2024		2023
Service Based Awards:
Restricted Stock Units	$	673	$	375
Stock Option Awards	619		557






Total	$	1,292	$	932

Performance Based Restricted Stock Awards

A summary of the Company’s performance based restricted stock awards during the year ended December 31, 2024 is as follows:


Performance Based Restricted Stock Awards	Number of Shares	Weighted Average Grant-Date Fair Value

Unvested at January 1, 2024	891	$	62.70

Unvested at December 31, 2024	891	$	62.70

Performance-based restricted stock awards are measured based on their fair value on the date of grant and amortized over the vesting period of 20 months. As of December 31, 2024, there is no unrecognized stock-based compensation expense related to performance-based restricted stock awards.

Service Based Restricted Stock Units

A summary of the Company’s service based restricted stock units during the year ended December 31, 2024 is as follows:


Service Based Restricted Stock Units	Number of Shares	Weighted Average Grant-Date Fair Value

Unvested at January 1, 2024	258,885	$	1.83
Granted	541,656	$	1.77
Vested	(216,232)	$	2.15

Unvested at December 31, 2024	584,309	$	1.72

The fair value of service based restricted stock units are measured on the date of grant and amortized over the vesting period. The vesting periods range from 1 to 3 years. As of December 31, 2024, the unrecognized stock-based compensation expense was $0.5 million which is expected to be recognized over the next 1.2 years.

Service Based Stock Option Awards

The fair value of the service based stock option awards granted for the years ended December 31, 2024 and 2023 were based on the following assumptions:


	December 31,
	2024	2023
Exercise Price	$1.39 - $3.49	$1.37 - $2.83
Expected Stock Price Volatility	81.8%	81.6% - 81.8%
Risk-free Interest Rate	4.08% - 4.45%	3.41% - 4.84%
Term (Years)	5.61 - 5.62	4.0 - 6.0

A summary of the Company’s service based stock option activity for the year ended December 31, 2024 is as follows:


Service Based Stock Option Awards	Shares Underlying Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (in $1,000's)
Outstanding at January 1, 2024	1,328,621	$	5.22
Granted	584,410	$	1.46
Forfeited	(16,052)	$	1.84
Exercised	(6,042)	$	1.49
Expired	(4,690)	$	50.52
Outstanding at December 31, 2024	1,886,247	$	3.98	8.0	$	960
Exercisable at December 31, 2024	695,749	$	7.78	7.2	$	286

The aggregate intrinsic value is calculated as the difference between the closing price of the Company's common stock at the date indicated and the exercise price of the stock options that had strike prices below the closing price.

The weighted average grant date fair value for service based stock option awards during the years ended December 31, 2024 and 2023 was $1.03 and $1.09, respectively.

As of December 31, 2024, total stock-based compensation expense related to unvested options not yet recognized totaled approximately $0.6 million which is expected to be recognized over the next 2.8 years.