In January 2019, the Company’s board of directors adopted the 2019 Stock Incentive Plan (the “Plan”). As of March 31, 2025, a total of 1,287,017 shares of common stock were available for further award grants under the Plan. For

the three months ended March 31, 2025 and 2024, the Company recognized a total of $346,000 and $375,000 in stock-based compensation expense, respectively. The Company recognizes stock-based compensation over the vesting period, which is generally within three years for both the restricted stock units and stock options.

A summary of the Company’s stock option activity under the Plan for the three months ended March 31, 2025 is as follows:


	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contract Life	Aggregate Intrinsic Value
				(in years)	(in thousands)
Outstanding at December 31, 2024	313,667	$	18.57	6.8	$	3,667
Outstanding at March 31, 2025	313,667	$	18.57	6.6	$	2,512
Vested and expected to vest at March 31, 2025	313,667	$	18.57	6.6	$	2,512
Exercisable at March 31, 2025	313,667	$	18.57	6.6	$	2,512

There were no stock options granted, exercised, or forfeited during the three months ended March 31, 2025. At March 31, 2025, all stock options granted under the Plan were fully vested and exercisable.

The aggregate intrinsic value is calculated by subtracting the exercise price of the option from the closing price of the Company’s common stock on March 31, 2025, multiplied by the number of shares per each option.

A summary of the Company’s unvested restricted stock units activity under the Plan for the three months ended March 31, 2025 is as follows:


	Number of Shares Outstanding	Weighted Average Grant Date Fair Value
Unvested at December 31, 2024	70,800	$	29.14
Unvested at March 31, 2025	70,800	$	29.14

There were no restricted stock units granted or vested during the three months ended March 31, 2025. At March 31, 2025, total remaining stock-based compensation cost for unvested restricted stock units was approximately $631,000. The cost is expected to be recognized over a weighted-average period of 1.0 year.