Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

6. Stock-Based Compensation

On April 15, 2021, the Company’s Board of Directors adopted the 2021 Incentive Award Plan (the “2021 Plan”) to replace the 2011 Stock Incentive Plan (the “2011 Plan”). The 2021 Plan was approved by the Company’s stockholders at the Company’s Annual Meeting of Stockholders held on June 10, 2021. The 2021 Plan is administered by the Company’s Board of Directors and permits the Company to grant incentive and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards.

The Company initially reserved 275,000 of its common stock for the issuance of awards under the 2021 Plan. There were no options granted during each of the three months ended March 31, 2024 and 2023 under the 2021 Plan. At March 31, 2024, there were 209,000 shares remaining available for grant under the 2021 Plan.

The aggregate intrinsic value was calculated as the difference between the exercise price of the stock options and the fair value of the underlying common stock. The aggregate intrinsic value of options exercised during the three months ended March 31, 2024 and 2023 is $1.1 million and $0.3 million, respectively.

The Company recognized stock-based compensation expense of $48 thousand and $17 thousand in general and administrative expenses during the three months ended March 31, 2024 and 2023, respectively.