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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Stock-based Compensation  
Summary of incentive plan activity

The following table summarizes the incentive plan activity for the year ended December 31, 2024 and 2023:

 

(in thousands, except share and per share data)

 

Shares
Available
for Grant

 

 

Stock
Options
Outstanding

 

 

RSUs
Outstanding

 

 

Weighted
Average
Stock Option
Exercise Price

 

 

Weighted Average
Remaining
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value*

 

Outstanding at January 1, 2023

 

 

82

 

 

 

16

 

 

 

22

 

 

$

 

889,102

 

 

 

7.19

 

 

$

 

—

 

Additional shares authorized

 

 

2,111

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Options granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Options exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Options canceled

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

491,722

 

 

 

—

 

 

 

 

—

 

RSUs granted

 

 

(1,794

)

 

 

—

 

 

 

1,794

 

 

 

 

—

 

 

 

—

 

 

 

 

—

 

RSUs vested and released

 

 

15

 

 

 

—

 

 

 

(15

)

 

 

 

—

 

 

 

—

 

 

 

 

—

 

RSUs cancelled

 

 

3

 

 

 

—

 

 

 

(3

)

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Outstanding at December 31, 2023

 

 

417

 

 

 

16

 

 

 

1,798

 

 

$

 

893,466

 

 

 

6.21

 

 

$

 

—

 

Additional shares authorized

 

 

46,154

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Options granted

 

 

(30,578

)

 

 

30,578

 

 

 

—

 

 

 

 

32

 

 

 

—

 

 

 

 

—

 

Options exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Options canceled

 

 

124

 

 

 

(124

)

 

 

—

 

 

 

 

221

 

 

 

—

 

 

 

 

—

 

RSUs granted

 

 

(5,644

)

 

 

—

 

 

 

5,644

 

 

 

 

—

 

 

 

—

 

 

 

 

—

 

RSUs exercised

 

 

7,216

 

 

 

—

 

 

 

(7,216

)

 

 

 

—

 

 

 

—

 

 

 

 

—

 

RSUs cancelled

 

 

6

 

 

 

—

 

 

 

(6

)

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Outstanding at December 31, 2024

 

 

17,695

 

 

 

30,470

 

 

 

220

 

 

$

 

311

 

 

 

9.77

 

 

$

 

—

 

Exercisable at December 31, 2024

 

 

 

 

1,453

 

 

 

 

 

$

 

5,885

 

 

9.72

 

 

$

 

—

 

Vested and expected to vest at December 31, 2024

 

 

 

 

25,158

 

 

 

 

 

$

 

370

 

 

9.77

 

 

$

 

—

 

 

* Fair market value of Jaguar stock on December 31, 2024 was $25.25 per share.
Summary of stock-based compensation expense

The following table summarizes stock-based compensation expenses related to stock options, inducement stock options and RSUs for the years ended December 31, 2024 and 2023, and are included in the consolidated statements of operations as follows:

 

 

 

Year Ended

 

 

 

 

December 31,

 

 

(in thousands)

 

2024

 

 

2023

 

 

Research and development expense

 

$

 

711

 

 

$

 

1,044

 

 

Sales and marketing expense

 

 

 

149

 

 

 

 

152

 

 

General and administrative expense

 

 

 

781

 

 

 

 

916

 

 

Total

 

$

 

1,641

 

 

$

 

2,112

 

 

 
Employee Stock Option [Member]  
Stock-based Compensation  
Schedule of estimated grant-date fair value of stock options calculated using the Black-Scholes option-pricing model

The fair value of options granted during the years ended December 31, 2024 and 2023, respectively, were calculated using the range of assumptions set forth below:

 

 

 

Year Ended

 

 

 

December 31,

 

 

 

2024

2023

 

Volatility

 

163.96 - 163.96

 

 

—

 

Expected term (years)

 

5.04 - 5.04

 

—

 

Risk-free interest rate

 

3.86% - 3.86%

 

—