Note 13. Stock Based Compensation

There were no stock options granted, exercised or cancelled during the three months ended March 31, 2025. The following table presents a summary of outstanding stock options as of March 31, 2025.

Schedule of Outstanding Stock Options

The intrinsic value is calculated as the difference between the fair market value at March 31, 2025 and the exercise price per share of the stock option. The options granted to employees generally vest over a three year period.

ELECTROCORE, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (unaudited)

The following table presents a summary of activity related to restricted and deferred stock units (“Stock Units”) granted during the three months ended March 31, 2025:

Schedule of Restricted and Deferred Stock Units

In general, Stock Units granted to employees vest over two 2 to 4 four-year periods.

Immediately following the Company’s annual meeting of stockholders, the Company generally grants each non-employee director an equity award that vests over a 12-month period. Upon a non-employee director’s initial appointment or election to the board of directors, the Company grants such non-employee director an equity award subject to vesting as determined by the board of directors.

The Company recognized stock compensation expense for its equity awards as follows:

Schedule of Stock Compensation Expenses

Total unrecognized compensation cost related to unvested awards as of March 31, 2025 was $2.8 million and is expected to be recognized over the next two years.