Stock Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Compensation

6. Stock Compensation

Stock Options

The Company has a 2008 Stock Incentive Plan under which 50,000 shares of common stock are reserved for issuance. As of December 31, 2024, there were 10,500 shares subject to outstanding stock options and approximately 8,000 shares outstanding related to restricted stock grants issued from the 2008 Plan. This plan expired on November 20, 2018 and thus no further shares are available for future grant under this plan.

In November 2019, the Company adopted a 2019 Stock Incentive Plan under which 54,000 shares of common stock are reserved for issuance. As of December 31, 2024, there were 3,500 shares subject to outstanding stock options and 250 shares outstanding related to restricted stock grants from the 2019 Plan. This Plan expires on November 14, 2029.

All outstanding options issued to employees, directors and consultants were fully vested in 2020. As such, no further stock compensation expense was recognized during the years ended December 31, 2024 and 2023.

On September 7, 2023, the Board approved the first amendment (the “Plan Amendment”) to the 2019 Plan, effective as of the same date. The Plan Amendment amends the 2019 Plan to (i) reflect the Company’s recent name change from CytRx Corporation to LadRx Corporation, and (ii) increase the aggregate number of shares of common stock that may be issued under the 2019 Plan, as set forth in Section 4(a) of the 2019 Plan, by an additional 75,000 shares of common stock.

In December 2023, the Compensation Committee awarded stock option grants to purchase an aggregate of 55,000 shares of common stock to the Company’s Named Executive Officers and directors, effective January 15, 2024. No stock options or restricted stock were granted in 2023.

During the years ended December 31, 2024 and 2023, there were no options exercised.

The following table sets forth the total stock-based compensation expense resulting from restricted stock included in our Statements of Operations for the years ended December 31, 2024 and 2023:

	Years Ended December 31,
	2024		2023
General and administrative – employees and directors	$	62,902	$	—
Total employee and director stock-based compensation	$	62,902	$	—

	Stock Options						Weighted Average Exercise Price
	2024			2023			2024		2023
Outstanding — beginning of year		10,350			14,001		$	501.70	$	768.00
Granted		55,000			—			1.83		—
Exercised		—			—			—		—
Forfeited		—			(2,001	)		—		—
Expired		(1,266	)		(1,650	)		1,290.00		2,796.00
Outstanding — end of year		64,084			10,350			54.39		501.70
Exercisable at end of year		44,995			10,350		$	76.69	$	501.70
Weighted average fair value of stock options granted during the year:	$	1.83		$	—

Presented below is the Company’s non-employee stock option activity:

	Stock Options					Weighted Average Exercise Price
	2024			2023		2024		2023
Outstanding — beginning of year		3,650			3,650	$	549.00	$	549.00
Granted		—			—		—		—
Exercised		—			—		—		—
Expired/Forfeited		(917	)		—		1,656.00		—
Outstanding — end of year		2,733			3,650		177.74		549.00
Exercisable at end of year		2,733			3,650	$	177.74	$	549.00
Weighted average fair value of stock options granted during the year:	$	—		$	—

The following table summarizes significant ranges of outstanding stock options under the two plans at December 31, 2024:

Range of Exercise Prices		Number of Options		Weighted- Average Remaining Contractual Life (years)		Weighted- Average Exercise Price		Number of Options Exercisable		Weighted- Average Remaining Contractual Life (years)		Weighted- Average Exercise Price
$	1.83 - $25.99		55,000		9.04	$	1.83		35,914		5.95	$	1.83
$	26.00 - $100.00		3,500		4.95	$	26.00		3,500		3.71	$	26.00
$	101.00 - $300.00		6,066		2.71	$	195.29		6,066		1.83	$	195.29
$	300.01 - $1,656.00		2,251		1.31	$	1,154.35		2,251		0.80	$	1,154.35
			66,817		7.99	$	59.44		47,731		7.99	$	82.47

There was no aggregate intrinsic value of the outstanding options and options vested as of December 31, 2024.

Equity-Classified Warrants

A summary of the Company’s warrant activity and related information for the years ended December 31, 2024 and 2023 are shown below.

	Warrants					Weighted Average Exercise Price
	2024			2023		2024		2023
Outstanding — beginning of year		42			42	$	3,360.00	$	3,360.00
Granted		—			—		—		—
Exercised		—			—		—		—
Forfeited		—			—		—		—
Expired		(42	)		—		3,360.00		—
Outstanding — end of year		—			42		—		3,360.00
Exercisable at end of year		—			42	$	—	$	3,360.00
Weighted average fair value of warrants granted during the year:	$	—		$	—