Note 5 - Share-Based Compensation |
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Share-Based Payment Arrangement [Text Block] |
5. Share-Based Compensation
Harvard Apparatus Regenerative Technology Amended and Restated Equity Incentive Plan
The Company maintains the Amended and Restated Equity Incentive Plan, or the Plan, for the benefit of certain officers, employees, non-employee directors, and other key persons (including consultants and advisory board members). All options and awards granted under the Plan consist of shares of Common Stock. The Company’s policy is to issue stock available from its registered but unissued stock pool through its transfer agent to satisfy stock option exercises and the vesting of restricted stock units. The vesting period for awards is generally years and the contractual life is years. Canceled and forfeited options and awards are available to be reissued under the Plan.
As of June 30, 2025, the Company’s Plan has 9,098,000 authorized shares to be issued under the Plan. There were 4,370,364 shares available for issuance as of June 30, 2025.
The following table summarizes information concerning options outstanding and exercisable:
The Company’s outstanding stock options include 993,835 performance-based awards that have vesting provisions subject to the achievement of certain business milestones. Total unrecognized compensation expense for the performance-based awards is approximately $3.4 million. The Company recognized approximately $0.02 million and $0.04 million in stock-based compensation during the three and six months ended June 30, 2025, respectively, and $0.04 million and $0.08 million in stock-based compensation during the three and six months ended June 30, 2024, respectively, as a result of certain milestone achievements for these awards have been deemed probable for accounting purposes.
Aggregate intrinsic value for outstanding options as of June 30, 2025 was approximately $0.1 million and calculated as the difference between the Company’s closing stock price of $1.70 per share as of June 30, 2025 and the weighted average exercise price of $3.72. As of June 30, 2025, unrecognized compensation cost related to unvested non-performance-based awards amounted to $1.6 million, which will be recognized over a weighted-average period of one (1.0) year.
The Company uses the Black-Scholes option pricing model to value its stock options. The weighted average assumptions for valuing options granted during the six months ended June 30, 2025 and 2024 were as follows:
The Company recorded share-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss:
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