v3.25.2
Stock-based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation
Note 10. Stock-based Compensation
Legacy Stock Plans
In May 2018, the Board of Directors of Momentus Inc. approved the 2018 Stock Plan (the “Initial Plan”) that allowed for granting of incentive and non-qualified stock options and restricted stock awards to employees, directors, and consultants. The Initial Plan was terminated in November 2018. Awards outstanding under the Initial Plan continue to be governed by the terms of the Initial Plan.
In February and March 2020, the Board of Directors of Momentus Inc. approved the Amended and Restated 2018 Stock Plan (the “2018 Plan”). No additional grants have been made since 2020 and no new grants will be made from the 2018 Plan, however, the options issued and outstanding under the plan continue to be governed by the terms of the 2018 Plan. Forfeitures from the legacy plans become available under the 2021 Equity Incentive Plan, described below.
2021 Equity Incentive Plan
In 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”), under which 8,547 shares of Class A common stock were initially reserved for issuance. The 2021 Plan allows for the issuance of incentive stock options, non-qualified stock options (“NSOs”), restricted stock awards (“RSAs”), stock appreciation rights (“SARs”), restricted stock units (“RSUs”), and performance awards. The Board of Directors determines the period over which grants become exercisable. The 2021 Plan became effective immediately following the Closing. The 2021 Plan has an evergreen provision which allows for shares available for issuance under the plan to be increased on the first day of each fiscal year beginning with the 2022 fiscal year and ending on (and including) the first day of the 2031 fiscal year, in each case, in an amount equal to (i) three percent (3.0%) of the outstanding shares on the last day of the immediately preceding fiscal year or (ii) such number of Shares determined by the Board of Directors.
On May 19, 2025, the Company adopted the first amendment to the 2022 Plan to increase the number of shares of Class A common stock available for issuance under the 2021 Plan by 950,000 shares. All other terms of the 2021 Plan remained the same.
During the six months ended June 30, 2025, the shares available for grant under the 2021 Plan increased by 83,418 and 26 due to the evergreen provision and forfeitures, respectively. As of June 30, 2025, there were 443,012 shares remaining available for grant. Grant activity under the 2021 Plan is described below.
2021 Employee Stock Purchase Plan
In connection with the Closing, the Company adopted the Employee Stock Purchase Plan (the “2021 ESPP Plan”), under which 2,280 shares of Class A common stock were initially reserved for issuance. The Plan provides a means by which eligible employees of the Company may be given an opportunity to purchase shares of Class A common stock at a discount as permitted under the Internal Revenue Code of 1986, as amended. The 2021 ESPP Plan has an evergreen provision which allows for shares available for issuance under the plan to be increased on the first day of each fiscal year beginning with the 2022 fiscal year and ending on (and including) the first day of the 2031 fiscal year, in each case, in an amount equal to (i) half a percent (0.5%) of the outstanding shares on the last day of the calendar month prior to the date of such automatic increase or (ii) 2,280 shares. Participation in the 2021 ESPP Plan has been suspended by the Board of Directors. The 2021 ESPP Plan became effective immediately following the Closing. The Company has an outstanding liability pertaining to the ESPP of $4 thousand as of June 30, 2025, included in accrued expenses, for employee contributions to the 2021 ESPP Plan, which will be refunded to participants due to the suspension of the plan. As of June 30, 2025, there were 3,002 shares remaining available for issuance.
2022 Inducement Equity Plan
In February 2022, the Company adopted the 2022 Inducement Equity Plan (the “2022 Plan”), under which 5,715 shares of Class A common stock were initially reserved for issuance. The 2022 Plan allows for the issuance of NSOs, RSAs, SARs, RSUs, and stock bonus awards, subject to certain eligibility requirements. The Board of Directors determines the period over which grants become exercisable and grants generally vest over a four‑year period.
On March 22, 2023, the Company adopted the first amendment to the 2022 Plan to increase the number of shares of Class A common stock available for issuance under the 2022 Plan from 5,715 shares of Class A common stock to 10,000 shares of Class A common stock. All other terms of the 2022 Plan remained the same.
On May 8, 2023, the Company adopted the second amendment to the 2022 Plan to increase the number of shares of Class A common stock available for issuance under the 2022 Plan from 10,000 shares of Class A common stock to 11,429 shares of Class A common stock. All other terms of the 2022 Plan remained the same.
During the six months ended June 30, 2025, the shares available for grant under the 2022 Plan increased by 250,000 due to the evergreen provision. As of June 30, 2025, only RSU grants have been made under the 2022 Plan and there were 128,014 shares remaining available for issuance. Grant activity under the 2022 Plan is described below.
Options Activity
The following table sets forth the summary of options activity, under the 2018 Plan and the 2021 Plans, for the six months ended June 30, 2025:
(in thousands, except share-based data)Total OptionsWeighted- Average Exercise Price Per ShareWeighted- Average Remaining Contractual Term (In Years)Aggregate Intrinsic Value
Outstanding as of December 31, 20241,386 $1,139.61 
Granted30,000 1.78 
Forfeitures(62)1,115.64 
Outstanding as of June 30, 202531,324 $49.99 9.7$— 
Exercisable as of June 30, 202521,324 $72.60 9.6$— 
Vested and expected to vest as of June 30, 202531,324 $49.99 9.7$— 
Restricted Stock Unit and Restricted Stock Award Activity
The following table sets forth the summary of RSU and RSA activity, under the Initial Plan, the 2018 Plan, the 2021 Plan, and the 2022 Plan, for the six months ended June 30, 2025. RSAs were an immaterial portion of activity for the period:
SharesWeighted Average Grant Date Fair Value (i.e. Share Price)
Outstanding as of December 31, 20245,924 $1,388.75
Granted715,280 1.32 
Vested(2,234)1,028.19 
Forfeited(732)1,491.70 
Outstanding as of June 30, 2025718,238 $8.02 
As of June 30, 2025, there was a total of $7.7 million in unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of 1.9 years. Outstanding unvested and expected to vest RSUs had an intrinsic value of $0.78 million.
Stock-based Compensation
The following table sets forth the stock-based compensation under the Initial Plan, the 2018 Plan, the 2021 Plan, and the 2022 Plan by expense type:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Research and development expenses$136 $297 $348 $224 
Selling, general and administrative expenses831 1,438 1,676 2,954 
Total$967 $1,735 $2,024 $3,178 
The following table sets forth the stock-based compensation under the Initial Plan, the 2018 Plan, the 2021 Plan, and the 2022 Plan by award type:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Options$6 $70 $48 $145 
RSUs & RSAs961 1,665 1,976 3,033 
Total$967 $1,735 $2,024 $3,178