8. Stock-Based Compensation

Restricted common stock

On April 16, 2025, the Company’s board of directors appointed Cyril Wallace as Chief Executive Officer and member of the board of directors, pursuant to an executive employment agreement. Subject to the board of directors’ establishment of a new equity incentive plan and Mr. Wallace’s continued employment, Mr. Wallace will be granted a restricted stock award of 46,667 shares of common stock, vesting over a 1 one-year term, and performance based stock options to purchase up to 231,361 shares of common stock. The performance-based stock options will be granted in tranches beginning in 2025 through 2027. Vesting of performance-based stock options will be subject to achievement of annual performance metrics established by the board of directors and agreed between the parties.

Stock Options

The following table summarizes stock option activity during the nine months ended September 30, 2025:

Schedule of Stock Option Activity

During the nine months ended September 30, 2025 and 2024, the Company recognized $60 and $268 of compensation expense relating to vested stock options, respectively. As of September 30, 2025, the aggregate amount of unvested compensation related to stock options was approximately $26, which will be recognized as an expense as the options vest in future periods through March 28, 2027.

As of September 30, 2025, the outstanding and exercisable options have no aggregate intrinsic value. The aggregate intrinsic value was calculated as the difference between the closing market price as of September 30, 2025, which was $6.18, and the exercise price of the outstanding stock options.