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STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
As of December 31, 2024, the Company has two stock incentive plans, the Cognical Holdings, Inc. 2014 Stock Incentive Plan, (the “2014 Plan”) and the Katapult Holdings, Inc. 2021 Stock Incentive Plan, (the “2021 Plan”).
2014 Plan
In accordance with the 2014 Plan, the board of directors could grant equity awards to officers, employees, directors and consultants for common stock. The 2014 Plan has specific vesting for each stock option grant allowing vesting of the options over one to four years. No equity awards have been granted under the 2014 Plan since October 2020 and no new equity awards are expected to be granted under the 2014 Plan.
Stock Options
A summary of the status of the stock options under the 2014 Plan as of December 31, 2024, and changes during the year is presented below:
Number of
Shares		Weighted- Average
 Exercise Price		Weighted-Average
 Remaining
 Contractual Term
 (In Years)		Aggregate
Intrinsic Value
Balance - December 31, 2023322,405 $7.30 5.3$1,539 
Granted— — 
Exercised(44,473)4.75 
Forfeited— — 
Expired(21,243)16.77 
Balance - December 31, 2024256,689 $6.96 4.4$415 
The total intrinsic value of stock options exercised during the year ended December 31, 2024 was $0.3 million.

2021 Plan
On June 9, 2021, the approved 2021 Plan became effective.
In accordance with the 2021 Plan, directors may issue equity awards, including restricted stock awards (“RSA”), restricted stock unit awards (“RSU”) and stock options to officers, employees, directors and consultants to purchase common stock. The awards granted are subject to either service-based and/or performance-based vesting conditions. Restricted stock units (“RSUs”) are equity awards granted to employees that entitle the holder to shares of common stock when the awards vest. RSUs are measured based on the fair value of the Company’s common stock on the date of grant. Awards granted under the 2021 Plan generally vest over one to four years. As of December 31, 2024, the total number of common stock authorized for issuance under the 2021 Plan is 639,467.
The following tables summarizes the Company’s RSA activity under the 2021 Plan during the year ended December 31, 2024:

Stock OptionsRestricted Stock Units
Number of OptionsWeighted- Average Exercise PriceWeighted-Average Remaining Contractual Term (In Years)Aggregate Intrinsic ValueSharesWeighted- Average Grant Date Fair Value
Balance - December 31, 202313,865 $261.25 7.5$— 278,290 $34.05 
Granted — —181,270 15.75 
Exercised / Vested— —(164,944)32.93 
Forfeited— —(29,804)28.67 
Balance - December 31, 202413,865 $261.25 6.5$— 264,812 $22.83 

Stock-Based Compensation Expense—Stock-based compensation expense of $5.8 million and $7.0 million was recognized for the years ended December 31, 2024 and 2023, respectively. Stock-based compensation expense is included in operating expenses in the consolidated statements of operations and comprehensive loss.

As of December 31, 2024, there was $4.5 million of unrecognized compensation costs. This amount is expected to be recognized over a weighted-average period of 1.5 years. The total fair value of vested RSUs as of their respective vesting dates was $2.4 million.

Shares Available For Future Issuance—At December 31, 2024, there were 120,532 shares available for issuance by the Company under the 2021 Plan.