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STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The fair value is recognized in earnings over the period during which an employee is required to provide the service. The Company accounts for forfeitures as they occur.
In October 2020, the Board adopted the CuriosityStream 2020 Omnibus Plan (the “2020 Plan”). The 2020 Plan became effective upon consummation of the Business Combination and succeeds the Legacy CuriosityStream Stock Option Plan. Upon adoption of the 2020 Plan, a total of 7,725,000 shares were approved to be issued as stock options, share appreciation rights, restricted stock units and restricted stock.
The following table summarizes stock option and RSU activity, prices, and values from December 31, 2023, to December 31, 2024:
Stock OptionsRestricted Stock Units

Number of
Shares
Available
for
Issuance
Under the
Plan
Number of
Shares*
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Term (in
 Years)
Number
of Shares
Weighted-
Average
Grant
Date Fair
Value
Balance as of December 31, 20234,762,00432,292$5.79 5.92,057,946$2.57 
Granted(5,498,690)— — —5,498,690$0.96 
Options exercised and RSUs vested1,511,328—— —(5,301,191)$3.21 
Forfeited or expired199,831(5,306)$9.81 —(194,525)$2.20 
Balance as of December 31, 2024974,47326,986$5.00 4.672,060,920$1.67 
Exercisable as of December 31, 202327,143$5.44 5.8
Exercisable as of December 31, 202426,986 $5.00 4.67
Unvested as of December 31, 20235,149$7.64 6.7
Unvested as of December 31, 2024— — — 
No options were exercised during the years ended December 31, 2024, and 2023.
Stock options and RSU awards generally vest on a monthly, quarterly, or annual basis over a period of four years from the grant date. When options are exercised, the Company issues unissued shares of Common Stock to satisfy share option exercises. Upon vesting and distribution of RSUs, the Company issues unissued shares of Common Stock to satisfy RSUs vested, net of shares withheld for taxes if elected by the RSU holder.
The fair value of stock option awards is estimated using the Black-Scholes option pricing model, which includes a number of assumptions including the Company’s estimates of stock price volatility, employee stock option exercise behaviors, future dividend payments, and risk-free interest rates.
The expected term of options granted is the estimated period of time from the beginning of the vesting period to the date of expected exercise or other settlement, based on historical exercises and post-vesting terminations. The Company generally estimates expected term based on the midpoint between the vesting date and the end of the contractual term, also known as the simplified method, given the lack of historical exercise behavior.
On April 28, 2023, the Board authorized, and on June 14, 2023, the Company’s shareholders approved, a stock option exchange program (the “Exchange“) that permitted certain employees and executive officers to exchange certain outstanding stock options with exercise prices substantially above the market price at that time of the Company’s Common Stock for RSUs of an equivalent fair value. The Exchange was completed in July 2023. For options that had already vested at the time of the Exchange, the resulting RSUs vested in July 2024. Otherwise, the vesting schedules for unvested options at the time of the Exchange remained the same for the resulting RSUs. As a result of the Exchange, 4.6 million outstanding eligible stock options were exchanged for 1.6 million new RSUs, with a fair value of $0.99 per share on the date of the Exchange. There was no incremental compensation expense recorded by the Company as a result of the Exchange.
The Company uses its own historical volatility as well as the historical volatility of similar public companies for estimating volatility. The risk-free interest rate is estimated using the rate of return on U.S. Treasury securities with maturities that approximate the expected term of the option.
For the years ended December 31, 2024, and 2023, the stock-based compensation expense were as follows:
Year Ended December 31,
(in thousands)
20242023
Stock-based compensation—Options$6 $1,559 
Stock-based compensation—RSUs6,562 2,440 
Total stock-based compensation
$6,568 $3,999 
Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized on a straight-line basis over the requisite service period.
The following table summarizes the total remaining unrecognized compensation cost as of December 31, 2024, related to unvested RSUs, and the weighted average remaining years over which the cost will be recognized:
(in thousands)
Total Unrecognized
Compensation
Cost
Weighted Average
Remaining Years
Restricted Stock Units$1,806 0.10