The Company maintains a long-term incentive plan, the Second Amended and Restated 2018 Equity Incentive Plan, for employees, non-employee members of its Board of Directors (the "Board"), and consultants. The plan allows the Company to grant equity-based compensation awards, including stock options, stock appreciation rights, performance share units, restricted stock units, restricted stock awards, common stock warrants, or a combination of awards (collectively, "share-based awards").

The Company accounts for share-based payments through the measurement and recognition of compensation expense for share-based awards made to employees, non-employee members of the Board, and consultants of the Company, including stock options and restricted stock units. The Company recorded share-based compensation expense of $0.5 million and $0.8 million in the three months ended March 31, 2025 and 2024, respectively.

The Company issues restricted stock units to eligible employees, which are subject to forfeiture until the end of an applicable vesting period. The awards generally vest annually or biannually over three to five years following the date of grant, subject to the employee's continuing employment as of that date. Restricted stock units are valued using the market value on the grant date.

Restricted stock unit activity for the three months ended March 31, 2025 is presented in the following table:


	Units	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2024	1,403	$	2.57
Granted	244	$	1.26
Vested	(131)	$	3.14
Forfeited	(13)	$	2.65
Nonvested as of March 31, 2025	1,503	$	2.30

As of March 31, 2025, the Company had approximately $2.7 million of unrecognized share-based compensation related to restricted stock units, which is expected to be recognized over a weighted average period of approximately 2.5 years. During the three months ended March 31, 2024, no restricted stock units were granted.

Stock option activity for the three months ended March 31, 2025 is presented in the following table:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2024	16	$	4.63	0.36	$	2.56
Granted	—	—		—	—
Exercised	—	—		—	—
Forfeited or expired	—	—		—	—
Outstanding as of March 31, 2025	16	$	4.63	0.11	$	2.56
Vested and exercisable as of March 31, 2025	16	$	4.63	0.11	$	2.56