Stock-Based Compensation |
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| Stock-Based Compensation | Stock-Based Compensation The Company grants stock-based compensation under its 2024 Equity Incentive Plan (the "2024 Plan"), 2020 Long-Term Incentive Plan (the “2020 Plan”) and its 2016 Equity Incentive Plan (the “2016 Plan”). The 2024 Plan, 2020 Plan and 2016 Plan allows the Company to grant incentive and nonqualified stock options, and shares of restricted stock to its employees, directors and consultants.
On March 2, 2016, the Company adopted its 2016 Plan. Under the 2016 Plan, there are a total of five shares of the Company’s common stock available for issuance and the 2016 Plan has a term of 10 years.
On December 16, 2020, the Company adopted its 2020 Plan. Under the 2020 Plan, there are a total of 20,064 shares of the Company’s common stock available for issuance and the 2020 Plan has a term of 10 years.
On May 9, 2024, the Company adopted its 2024 Plan. Under the 2024 Plan, there are a total of 160,164 shares of the Company’s common stock available for issuance and the 2024 Plan has a term of 10 years.
Under the 2024 Plan, 2020 Plan and the 2016 Plan (collectively, the "Plans"), upon the exercise of stock options and issuance of fully vested restricted common stock, shares of common stock may be withheld to satisfy tax withholdings. The Company intends to net settle certain employee options to ensure adequate authorized shares under the Plans.
On December 22, 2022, the Company adopted its 2022 Long-Term Incentive Plan (the “2022 Plan”). Under the 2022 Plan, there are a total of 160,164 shares of the Company’s common stock available for issuance and the 2022 Plan has a termination date of October 31, 2032.
Stock Options
A summary of stock option activity under the Plans and the 2022 Plan for the year ended December 31, 2024 is as follows:
The weighted average grant date fair value was $720 and $3,848, respectively, for options granted during the years ended December 31, 2024 and 2023.
During the year ended December 31, 2024, the Company recognized stock-based compensation of approximately $0.1 million related to stock options. As of December 31, 2024, unrecognized stock-based compensation totaled approximately $17,000, which is expected to be recognized over a weighted-average period of 0.8 years.
During the year ended December 31, 2024, the Company granted an option to purchase 12 shares of the Company’s common stock with a fair value of approximately $8,000.
The following table presents the weighted-average inputs used for the valuation of options granted, as per the Black-Scholes fair value model for the years ended December 31, 2024 and 2023:
Inducement Awards
On September 2, 2024, the Company entered into an Inducement Equity Award Agreement with a consultant, granting 3,334 restricted stock units ("RSUs") and 1,334 shares of unrestricted common stock (collectively, the “2024 Inducement Awards”) in consideration of services to be rendered to the Company. The 2024 Inducement Awards were granted outside of the 2024 Plan in accordance with Nasdaq Listing Rule 5635(c)(4), but are subject to the terms and conditions of the 2024 Plan. The 3,334 RSUs were granted when the Company’s stock price was $219 per share for a total grant date fair value of $0.7 million and will vest on the first anniversary of the grant date, August 30, 2025, with each vested RSU representing the right to receive one share of the Company’s common stock. The 1,334 shares of unrestricted common stock are not subject to any vesting conditions and were granted when the Company’s stock price was $219 per share for a total grant date fair value of $0.3 million. In September 2024, the 3,334 RSUs were accelerated and fully vested per board approval, resulting in the issuance of 3,334 common stock and the full recognition of the related stock-based compensation expense during the period. For the year ended December 31, 2024, the Company recognized approximately $1.0 million of stock-based compensation in selling, general and administrative expenses related to the 2024 Inducement Awards.
Restricted Stock Units
RSUs are share awards that entitle the holder to receive freely tradeable shares of the Company’s common stock upon vesting. The RSUs cannot be transferred and the awards are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The RSUs generally vest over or two year cliff period on an annual basis, provided the employee remains continuously employed with the Company. The fair value of the RSUs is equal to the closing price of the Company’s common stock on the grant date.
A summary of the Company’s restricted stock activity and related information is as follows:
(1) Includes 3,334 RSUs granted and vested under the 2024 Inducement Awards with approximately $0.7 million of total recognized compensation cost for the year ended December 31, 2024.
The weighted average grant date fair value of restricted stock units granted during the year ended December 31, 2023 was $5,603.
During the year ended December 31, 2024, the Company recognized stock-based compensation of approximately $4.1 million related to restricted stock units. As of December 31, 2024, unrecognized stock-based compensation totaled approximately $1.5 million, which is expected to be recognized over a weighted-average period of 1.2 years.
Stock-based compensation
The total stock-based compensation expense recognized was as follows (in thousands):
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