The Company recognized total stock-based compensation expense during the three months ended March 31, 2026 and 2025 as follows (table in thousands):


	Three Months Ended March 31,
		2026		2025
Service-based Awards:

Restricted Stock Units		$	193	$	294
Stock Option Awards		286		151
Total		$	479	$	445

A summary of the Company’s performance-based restricted stock awards during the three months ended March 31, 2026 is as follows:


Performance-based Restricted Stock Awards	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2026	891	$	62.70
Forfeited	(891)	$	62.70
Unvested at March 31, 2026	—	$	—

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, 2026, there is no unrecognized stock-based compensation expense related to performance-based restricted stock awards.

In May 2025, the Company granted 717,000 restricted stock units with a market condition ("RSU-MC") under its Amended and Restated 2018 Long Term Incentive Plan with a grant date fair value of $0.6 million. The RSU-MCs are subject to both service and market based vesting conditions.

The RSU-MCs will vest, subject to the recipient's continued employment through the vesting date, if the average closing price of the Company's common stock equals or exceeds $2.14 per share for any consecutive 60-day trading period occurring prior to the third anniversary of the grant date. Except in the event of a change in control or termination due to death or disability, no portion of the award will vest before the first anniversary of the grant date. The RSU-MCs qualify as equity instruments and are accounted for under ASC 718, Compensation, Stock Compensation.

The unrecognized stock-based compensation expense recorded in connection with the RSU-MCs was $0.4 million at March 31, 2026, which is expected to be recognized over the next 2.14 years.

A summary of the Company’s service-based restricted stock units during the three months ended March 31, 2026 is as follows:


Service-based Restricted Stock Units	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2026	1,156,660	$	1.11

Vested	(83,330)	1.39

Unvested at March 31, 2026	1,073,330	$	1.09

The fair value of service-based restricted stock units is 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, 2026, the unrecognized stock-based compensation expense was $0.5 million, which is expected to be recognized over the next 1.02 years.

A summary of the Company’s service-based stock option activity for the three months ended March 31, 2026 is as follows:


Service-based Stock Option Awards	Shares Underlying Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2026	3,276,564	$	2.64


Forfeited	(43,832)	1.19
Expired	(32,683)	10.32
Outstanding at March 31, 2026	3,200,049	$	2.56	7.83	$	3
Exercisable at March 31, 2026	1,182,664	$	4.77	6.44	$	—

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, 2026, total stock-based compensation expense related to unvested options not yet recognized totaled approximately $0.7 million, which is expected to be recognized over the next 2.06 years.