13. Stockholders’ Equity

Preferred Stock – Our authorized preferred stock consists of 10,000,000 shares of preferred stock with a par value of $0.001, of which no shares have been issued or are outstanding.

Common Stock – Our authorized common stock consists of 200,000,000 shares of common stock with a par value of $0.001, of which 21,013,620 and 20,959,751 shares were issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.

Employee Stock Purchase Plan – We issue common shares to employees in accordance with our 2024 Employee Stock Purchase Plan (the “2024 ESPP”). For the three months ended March 31, 2026 and 2025, we recorded expense related to the 2024 ESPP of $10 thousand and $30 thousand, respectively.

Warrants – The following table summarizes the warrants issued and outstanding as of March 31, 2026:

Incentive Compensation Plan – On July 8, 2024, our stockholders approved the adoption of our 2024 Incentive Compensation Plan (the “2024 Plan”), which replaced the 2012 Incentive Compensation Plan (the “2012 Plan”), adopted in October 2012, for all future grants. Awards previously granted under the 2012 Plan are unaffected by the adoption of the 2024 Plan and remain outstanding under the terms pursuant to which they were granted. The 2024 Plan allows for the grant of stock options (both nonqualified stock options and incentive stock options), stock appreciation rights, restricted stock, restricted stock units (“RSUs”), deferred stock units (“DSUs”), bonus stock, dividend equivalents, other stock-based awards, and performance awards that may be settled in cash, stock, or other property in our sole discretion. The maximum number of shares of common stock available for grant under the 2024 Plan is 1,500,000, of which 509,906 shares remain available for grant as of March 31, 2026.

Stock Options – We recorded stock option expense of $21 thousand and $171 thousand for the three months ended March 31, 2026 and 2025, respectively. The following table summarizes the stock option activity for the three months ended March 31, 2026:

Deferred Stock Units

Non-employee directors can elect to receive all or a portion of their annual retainers in the form of DSUs, and certain executive compensation expense may also be granted in the form of DSUs. The DSUs are recognized at their fair value on the date of grant and are fully vested upon issuance. Each DSU represents the right to receive one share of our common stock following the completion of a grantee’s service. During the three months ended March 31, 2026, we granted 38,306 DSUs to non-employee directors and recorded director compensation expense of $62 thousand related to the grants. In addition, during the three months ended March 31, 2026, we recorded compensation expense of $77 thousand, which represents an accrual of anticipated bonus expense to be paid in DSUs for certain employees. This bonus accrual is included in accrued liabilities until the DSUs for the employee bonus are granted. During the three months ended March 31, 2025, we recorded DSU-based compensation expense of $64 thousand and $50 thousand to non-employee directors and employees, respectively.

Restricted Stock Units

RSUs are recognized at their fair value on the date of grant. Each RSU represents the right to receive one share of our common stock once fully vested. RSUs typically vest over a one to three-year period.

During the three months ended March 31, 2026, we recorded compensation expense of $168 thousand and $50 thousand related to outstanding RSUs held by our employees and our non-employee directors, respectively. During the three months ended March 31, 2025, compensation expense of $227 thousand and $97 thousand was recorded for our employees and non-employee directors, respectively.

Performance Stock Units

Performance stock units (“PSUs”) are recognized at their fair value on the date of grant, and compensation expense is based on the probable issuance of the units at the end of the applicable performance period. We evaluate the probability of the common stock issuance for these awards and adjust the expense as appropriate. As of March 31, 2026, we had 261,150 PSUs outstanding, with a weighted average grant date fair value of $4.74. We determined it was not probable that we would meet the performance criteria at the end of the performance periods for the outstanding PSUs; therefore, no compensation expense has been recorded in the current period. For the three months ended March 31, 2025, we recorded compensation expense of $23 thousand for PSUs that were estimated to be earned at that time.