4. Stock-Based Compensation — Under the Company’s Equity Incentive Plan of 1993, as amended (“the Plan”), all employees are eligible to receive non-assignable and non-transferable restricted stock (RSUs), options to purchase common stock, and other forms of equity. During the three months ended March 31, 2025 and 2024, the Company's stock-based compensation expense amounted to $559 and $2,005, respectively.

A summary of nonvested RSUs outstanding is presented below:


	Three Months Ended March 31, 2025
	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested shares at January 1, 2025		682,853		$	13.77
Granted		20,000			5.50
Vested		(6,878	)		15.59
Forfeited		(14,509	)		22.36
Nonvested shares at March 31, 2025		681,466		$	13.33

As of March 31, 2025, the total unrecognized stock-based compensation expense related to RSUs outstanding was $2,537 and is expected to be recognized over a weighted-average service period of 2.3 years.

Incentive Stock Option Plans - A summary of the inventive stock option activity for the three month ended March 31, 2025 is presented below:


	Options outstanding			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Balance as of January 1, 2025		424,511		$	10.28		6.1	$	—
Forfeited		(27,414	)	$	10.28		5.8	$	—
Balance as of March 31, 2025		397,097		$	10.28		5.8	$	—
Options vested and exercisable as of March 31, 2025		170,274		$	10.28		5.8	$	—