Stock-Based Compensation

6 Months Ended

Jun. 30, 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 783,265 shares of common stock for future issuance. As of June 30, 2025, there were 14,826 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Selling and marketing*	$	12	$	13	$	27	$	(24	)
General and administrative		116		150		230		299
	$	128	$	163	$	257	$	275

*Selling and marketing expense was negative during the six months ended June 30, 2024 due to the forfeiture of awards during the period.

Stock Options

The following table summarizes stock option activity for the six months ended June 30, 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		238,000			2.55
Forfeited and expired		(32,000	)		12.44
Outstanding at June 30, 2025		727,726		$	6.14		8.4
Exercisable at June 30, 2025		227,638		$	11.00		6.7
Vested and expected to vest at June 30, 2025		727,726		$	6.14		8.4

As of June 30, 2025, the total unrecognized compensation expense related to unvested stock option awards was $1.2 million, which the Company expects to recognize over a weighted average period of approximately 2.8 years. The options outstanding and exercisable at June 30, 2025 and 2024 had no intrinsic value.

For the six months ended June 30, 2025, the grant date fair value of all option grants was estimated at the time of grant using the Black-Scholes option-pricing model using the following weighted average assumptions:

Expected volatility	77.58	%
Risk-free rate	4.26	%
Expected term (in years)	6.50
Dividend rate	0.0	%

Restricted Stock Units

Restricted stock units (“RSUs”) have historically been issued to certain board members. As of both June 30, 2025 and January 1, 2025, there were no unvested RSUs. No RSUs were granted, vested or forfeited during the six months ended June 30, 2025.