Quarterly report [Sections 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, 2025
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.

Stock Options

A summary of stock option activity during the three months ended March 31, 2025 is below:
Shares Weighted average exercise price
Outstanding at January 1, 2025 34,271,921 $ 0.79 
Expired (2,021,000) $ 0.56 
Outstanding at March 31, 2025 32,250,921 $ 0.80 

Stock options granted under the Plan generally expire five years from the date of grant. At March 31, 2025, the stock options outstanding had a weighted average remaining life of approximately one year. The Company did not grant any stock options during the three months ended March 31, 2025.
Restricted Stock Units

Holders of unvested restricted stock units ("RSUs") do not have voting or dividend rights. The grant date fair values of RSUs are 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.

A summary of RSU activity for the three months ended March 31, 2025 was as follows:
RSUs Weighted average grant date fair value
Outstanding at January 1, 2025 7,706,125 $ 0.27 
Granted 4,783,954 $ 0.12 
Vested (1,525,265) $ 0.22 
Forfeited (401,187) $ 0.21 
Outstanding at March 31, 2025 10,563,627 $ 0.21 

Of the 1,525,265 RSUs reported as vested in the table above, 108,161 shares, with an aggregate fair value of approximately $9,000, were surrendered to the Company to satisfy the tax withholding obligations that arose in connection with the vesting of such RSUs.

Warrants

At March 31, 2025, warrants to purchase up to 22,548,936 shares of the Company's common stock were outstanding, with
a weighted average exercise price of $0.48.

Other Common Stock Issuances

In addition to the activity related to stock options, RSUs and the conversion of the Company's outstanding Series C stock to common stock as described above, during the three months ended March 31, 2025, the Company also issued 9,015 shares of restricted common stock with an aggregate fair value of approximately $900, under a royalty agreement.

Stock-Based Compensation

The Company recorded stock-based compensation of $0.5 million and $0.2 million in the three months ended March 31, 2025 and 2024, respectively.