(8) Stock-Based Compensation

The Company’s 2019 Equity Incentive Plan (the “2019 Plan”) became effective on January 31, 2020, succeeding the Company’s previous equity incentive plan. No new options may be issued under the previous plan, although shares subject to grants which are cancelled or forfeited will again be available under the 2019 Plan.

Effective June 1, 2021, the 2019 Plan was amended to increase the number of shares authorized to be issued from 1.0 million to 2.0 million. Effective June 12, 2024, the 2019 Plan was amended to increase the number of shares authorized from 2.0 million to 3.0 million. Effective June 17, 2026, the 2019 Plan was amended to increase the number of shares authorized from 3.0 million to 5.5 million. As of June 30, 2026, 2.3 million shares were available for future grants under the Plan.

The 2019 Plan provides for grants to employees, members of the Board of Directors, consultants and advisors to the Company, in the form of stock options, stock awards and other equity-based awards. The amount and terms of grants are determined by the Board of Directors, except when they are below previously approved thresholds allowing the Company’s Chief Executive Officer to grant awards on a discretionary basis. The Company’s stock options generally carry a maximum term of 10 years after date of grant and are exercisable in cash, or as otherwise determined by the Board of Directors.

Stock-based compensation expense reflected in the statement of operations was as follows:

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Stock Options to Purchase Common Stock

The following table summarizes stock option activity:

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The weighted-average grant date fair value of stock options granted was $3.34 and $3.30 during the three and six months ended June 30, 2026, respectively. The weighted-average grant date fair value of stock options granted was $1.39 during the three and six months ended June 30, 2025

During the three and six months ended June 30, 2025, the Company granted 0 and 25,000 shares of restricted stock, respectively. The weighted-average grant date fair value of the restricted stock issued by the Company during the three and six months ended June 30, 2025 was $4.89 per share.