The Company recognized total stock-based compensation expense during the three months ended March 31, 2025 and 2024 as follows (table in thousands):


	Three Months Ended March 31,
		2025		2024
Service Based Awards:

Restricted Stock Units		$	294	$	118
Stock Option Awards		151		133






Total		$	445	$	251

A summary of the Company’s performance based restricted stock awards during the three months ended March 31, 2025 is as follows:


Performance Based Restricted Stock Awards	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2025	891	$	62.70

Unvested at March 31, 2025	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 March 31, 2025, there is no unrecognized stock-based compensation expense related to performance based restricted stock awards.

A summary of the Company’s service-based restricted stock units during the three months ended March 31, 2025 is as follows:


Service Based Restricted Stock Units	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2025	584,309	$	1.72

Vested	(200,983)	1.91

Unvested at March 31, 2025	383,326	$	1.62

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 one to three years. As of March 31, 2025, the unrecognized stock-based compensation expense was $0.2 million, which is expected to be recognized over the next 1.4 years.

There were no service-based stock option awards granted during the three months ended March 31, 2025.

A summary of the Company’s service based stock option activity for the three months ended March 31, 2025 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, 2025	1,886,247	$	3.98


Forfeited	(1,500)	2.79
Expired	(271)	2.06
Outstanding at March 31, 2025	1,884,476	$	3.98	7.6	$	—
Exercisable at March 31, 2025	876,490	$	6.47	6.9	$	—

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.

As of March 31, 2025, total stock-based compensation expense related to unvested options not yet recognized totaled approximately $0.5 million, which is expected to be recognized over the next 2.5 years.