The Company adopted the 2020 Equity Incentive Plan, or the 2020 Plan, in June 2020. As of December 31, 2024, there were 33,236 shares reserved for issuance and 142,745 shares available for future grant. The Company reserved 140,000 shares for issuance plus a carryover of 7,109 shares from the 2012 Plan for a total of 147,109 shares. In addition, returning shares from the 2012 Plan are available for issuance under the 2020 Plan.

Stock options generally vest ratably in either quarterly or annual installments over three or four years, commencing on the first anniversary of the grant date and have contractual terms of ten years. Stock options to directors generally vest ratably over one or two years and have contractual terms of ten years. Stock options are valued using the Black-Scholes option pricing model and compensation is recognized based on such fair value over the period of vesting on a straight-line basis.

Stock option activity under the Company's stock options plans for the years ending December 31, 2024 and 2023 were as follows:


(in thousands, except share and per share data)	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding, December 31, 2022		69,391		$	276.00	8.69		$	3
Granted		25,912			73.50
Exercised		-			-
Cancelled		(48,714	)		177.00
Outstanding, December 31, 2023		46,589		$	268.50	7.64		$	—
Granted		13,289			10.84
Exercised		-			-
Cancelled		(26,641	)		283.09
Outstanding, December 31, 2024		33,237		$	153.79		7.15	$	—
Options exercisable, December 31, 2024		23,903		$	224.53		7.41	$	—
Options available for future grant, December 31, 2024		142,745

The estimated weighted-average fair value of stock options granted to employees in the year ended December 31, 2024 was approximately $10.84 per share and was approximately $55.80 per share for the year ended December 31, 2023. On December 31, 2024, total unrecognized compensation costs related to non-vested stock options outstanding amounted to $0.4 million, which is expected to be recognized over a weighted-average period of 1.29 years.

During the year ended December 31, 2023, 3,332 restricted shares vested with a weighted average exercise price of $179.4 and 2,928 restricted shares were cancelled with a weighted average exercise of $246.00. No restricted shares remained unvested at December 31, 2023.

For the year ended December 31, 2024 and 2023 the Company did not issue shares of restricted stock.