Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 9

Stock-Based Compensation:

The Company’s 2016 Omnibus Incentive Stock Plan (“2016 Plan”), as amended, has reserved up to 7,832,651 shares of common stock for future issuance. As of March 31, 2025, there were 7,270,212 shares of common stock remaining available for issuance for awards under the 2016 Plan.

The Company measures share‑based awards at their grant‑date fair values and records compensation expense on a straight‑line basis over the requisite service period of the awards. The Company recorded share‑based compensation expense (for all awards and modifications, if any) in the accompanying condensed consolidated statements of operations as follows (in thousands):

	Three Months Ended March 31,
	2025		2024
Selling and marketing*	$	15	$	(37	)
General and administrative		114		149
	$	129	$	112

*Selling and marketing expense was negative during the three months ended March 31, 2024 due to the forfeiture of awards during the period.

Stock Options

The following table summarizes stock option activity for the three months ended March 31, 2025:

	Number of Shares  Under Option Plan		Weighted-Average Exercise Price per  Option		Weighted-Average Remaining Contractual Term (in years)
Outstanding at January 1, 2025		521,726	$	8.16
Granted		—	$	—
Forfeited and expired		—	$	—
Outstanding at March 31, 2025		521,726	$	8.16		7.6
Exercisable at March 31, 2025		231,467	$	11.75		6.3
Vested and expected to vest at March 31, 2025		521,726	$	8.16		7.6

As of March 31, 2025, the total unrecognized compensation expense related to unvested stock option awards was $0.9 million, which the Company expects to recognize over a weighted average period of approximately 2.2 years. The options outstanding and exercisable at March 31, 2025 had no intrinsic value.

Restricted Stock Units

Restricted stock units (“RSUs”) have historically been issued to certain board members. As of both March 31, 2025 and January 1, 2025, there were no unvested RSUs. No RSUs were granted, vested or forfeited during the three months ended March 31, 2025.