Stock Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

2. Stock Based Compensation

The Company has the 2008 Stock Incentive Plan (the “2008 Plan”) under which 50,000 shares of common stock are reserved for issuance. As of March 31, 2025, there were 8,300 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 the 2019 Stock Incentive Plan (the “2019 Plan”) under which 54,000 shares of common stock are reserved for issuance. As of March 31, 2025, 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.

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 the current period ended March 31, 2025.

During the three months ended March 31, 2025 and March 31, 2024, no options were exercised.

Presented below is our stock option activity:

	Three-Months Ended March 31, 2025
	Number of Options (Employees)		Number of Options  (Non-Employees)		Total Number of Options		Weighted-Average Exercise Price
Outstanding at January 1, 2025		64,084		2,733		66,817	$	59.27
Issued		—		—		—		—
Exercised, forfeited or expired		—		—		—		—
Outstanding at March 31, 2025		64,084		2,733		66,817	$	59.27
Exercisable at March 31, 2025		47,289		2,733		50,022	$	78.78

The following table summarizes significant ranges of outstanding stock options under the 2008 Plan and the 2019 Plan at March 31, 2025:

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		8.80	$	1.83		38,205		8.80	$	1.83
$26.00 –$100.00		3,500		4.70	$	26.00		3,500		4.70	$	26.00
$100.01 – $300.00		6,066		2.46	$	195.29		6,066		2.46	$	195.29
$300.01 –$4,146.00		2,251		1.07	$	1,154.35		2,251		1.07	$	1,154.35
		66,817		8.49	$	103.24		50,022		7.75	$	78.78

The Company recorded $3,928 of stock compensation costs in the period ended March 31, 2025 and $51,119 in the period ended March 31, 2024. At March 31, 2025, there was $31,423 of unrecognized compensation expense related to unvested stock options.

There was no aggregate intrinsic value of the outstanding options and options vested as of March 31, 2025, as compared to $32,000 for the period ended March 31, 2024.