Annual report [Section 13 and 15(d), not S-K Item 405]

Restricted Stock Units

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Restricted Stock Units
 12 Months Ended
Dec. 31, 2024
Restricted Stock Units  
Restricted Stock Units

Note 15: Restricted Stock Units

 

RSUs are granted under the Company’s 2020 Plan. During the year ended December 31, 2024, the Company granted 372,745 fully vested RSUs to the Company’s board members and consultants, with a fair value of $0.4 million. There was no RSUs to granted to employees during the year ended December 31, 2024.

 

An aggregate of 166,033 shares of common stock were issued during the year ended December 31, 2024 as a result of vested RSUs held by employees.

 

The following table summarizes the Company’s RSU activity during the years ended December 31, 2024 and 2023:

               
    Restricted Stock Units    

Weighted-

Average Grant Date Fair Value per Share

  
Unvested at December 31, 2022     1,151,944     $ 13.72  
Granted     188,937     $ 1.69  
Vested     (358,256 )   $ 8.18  
Forfeited/Cancelled     –     $ –  
Unvested at December 31, 2023     982,625     $ 13.42  
Granted     372,745     $ 1.00  
Vested     (484,953 )   $ 3.68  
Forfeited/Cancelled     –     $ –  
Unvested at December 31, 2024     870,417     $ 13.53  

 

During the years ended December 31, 2024 and December 31, 2023, the Company recognized $0.5 million and $1.5 million, respectively, in share-based compensation expense related to RSU awards included in General and Administrative Expense on the Company’s consolidated statements of operations. The unvested share-based compensation as of December 31, 2024 was $0.02 million which will be recognized through the second quarter of 2025 assuming the underlying grants are not cancelled or forfeited. The total fair value of shares vested during the year ended December 31, 2024 was $1.8 million.