Note 15: Restricted Stock Units

Restricted stock units (“RSUs”) are granted under the Company’s 2020 Plan.

During the three months ended March 31, 2026, the Company granted 439,738 fully vested RSUs to the Company’s board members and consultants, with a fair market value of $0.3 million. During the three months ended March 31, 2025, the Company granted 110,968 fully vested RSUs to the Company’s board members and consultants, with a fair market value of $0.1 million.

During the three months ended March 31, 2026, the Company granted 500,000 RSUs to an executive employee with an aggregate grant-date fair value of approximately $0.3 million. These RSUs vest ratably over three years from the grant date, subject to continued employment. In addition, the Company granted an additional 230,000 RSUs, with an aggregate grant-date fair value of approximately $0.2 million, to certain employees. The RSUs vest over a three year service period and are subject to continued employment.

During the three months ended March 31, 2026, the Company issued an aggregate of 437,655 shares of common stock as a result of RSUs vested during the current and prior periods, consisting of 434,738 shares issued upon RSUs that vested during the current period and 2,917 shares issued upon RSUs that vested in prior periods.

The following table summarizes the Company’s RSU activity:

During the three months ended March 31, 2026 and March 31, 2025, the Company recognized $0.2 million and $0.1 million, respectively, in share-based compensation expense related to RSU awards included in General and Administrative Expenses on the Company’s condensed consolidated statements of operations. The unvested share-based compensation as of March 31, 2026 was $0.9 million which will be recognized through the first quarter of 2029 assuming the underlying grants are not cancelled or forfeited. The total fair value of shares vested during the three months ended March 31, 2026 was $0.3 million.