Quarterly report [Sections 13 or 15(d)]

Stock-Based Compensation

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Note 6. Stock-Based Compensation

2021 Equity Incentive Plan

Our 2021 Equity Incentive Plan (the “2021 Plan”) authorizes the grant of stock options (incentive and non-statutory), stock appreciation rights and restricted stock covering a total of 3,166,667 shares of our common stock. Options are granted at the fair value of our common stock on the date of grant and generally vest either immediately or over a period of up to three years from the date of grant and expire 10 years from the date of grant. As of March 31, 2025, 769,888 shares were reserved for issuance related to the 2021 Plan and 2,257,279 shares of our common stock remain available for awards.

Stock Option Activity

Stock option activity was as follows:

	Number of Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2024		993,753		$	4.65		6.72	$	-
Canceled or expired		(223,865	)		3.92
Outstanding at March 31, 2025		769,888			4.87		7.76		-
Exercisable at March 31, 2025		734,888		$	5.08		7.36	$	-

The canceled or expired options of 223,865 relate to the forfeiture of stock options.

Unrecognized Stock-Based Compensation Costs

As of March 31, 2025, unrecognized stock-based compensation was $13,780, which will be recognized over an average expected recognition period of .47 years.