Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS??? EQUITY AND STOCK-BASED COMPENSATION

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STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION
Amended and Restated 2018 Stock Award and Incentive Plan

The Company’s Amended and Restated 2018 Stock Award and Incentive Plan (the “Plan”) provides for the award of options to purchase the Company’s common stock (“stock options”), restricted stock units ("RSUs"), stock appreciation rights (“SARs”), restricted stock, deferred stock, dividend equivalents, performance shares or other stock-based performance awards and other stock- or cash-based awards. Awards can be granted under the Plan to the Company’s employees, officers and non-employee directors, as well as consultants and advisors of the Company and its subsidiaries.

On June 8, 2023, the Company's Board of Directors approved an amendment to the Plan (the "2018 Plan") to modify the one-year minimum vesting requirements.

Stock Options

A summary of the Company's stock option activity during the three months ended March 31, 2024 is below:
Shares Weighted average exercise price
Outstanding at January 1, 2024 35,599,421 $ 0.78 
Granted — $ — 
Exercised — $ — 
Forfeited (3,750) $ 0.44 
Expired (63,750) $ 0.79 
Outstanding at March 31, 2024 35,531,921 $ 0.78 

Stock options granted under the 2018 Plan generally expire five years from the date of grant. At March 31, 2024, the stock options outstanding had a weighted average remaining life of approximately two years.
The Company did not grant any stock options in the three months March 31, 2024.

Restricted Stock Units

Holders of unvested restricted stock units ("RSUs") do not have voting or dividend rights. The grant date fair value of RSUs is recognized as expense on a straight-line basis over the requisite service periods. The fair value of RSUs is determined based on the market value of the shares of the Company's common stock on the date of grant.

The activity related to the Company's RSUs for the three months ended March 31, 2024 was as follows:
RSUs Weighted average grant date fair value
Unvested at January 1, 2024 5,825,538 $ 0.42 
Granted 275,051 $ 0.35 
Vested (335,300) $ 0.46 
Forfeited (110,900) $ 0.40 
Outstanding at March 31, 2024 5,654,389 $ 0.42 

Warrants

At March 31, 2024, warrants to purchase up to 42,089,476 shares of the Company's common stock were outstanding, with a weighted average exercise price of $0.68.
Other Common Stock Issuances

In addition to the activity related to stock options and RSUs, described above, during the three months ended March 31, 2024, the Company also issued 3,614 shares of restricted common stock with an aggregate fair value of approximately $1,100, under a royalty agreement.

Stock-Based Compensation

The Company recorded stock-based compensation of $0.2 million in each of the three months ended March 31, 2024 and 2023.