ASTROTECH Corp Stock Compensation Disclosure

(9) Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans

 

Stock Option Activity Summary

 

The Company’s stock option activity for the years ended June 30, 2025 and 2024 was as follows:

 

						Weighted
			Shares			Average
						Exercise Price
Outstanding at June 30, 2023			38,166			$	27.34
Granted			131,840				10.01
Exercised			-				-
Canceled or expired			(13,378	)			10.70
Outstanding at June 30, 2024			156,628			$	14.18
Granted			102,260				9.43
Exercised			-				-
Canceled or expired			(45,775	)			12.10
Outstanding at June 30, 2025			213,113			$	12.35

 

The aggregate intrinsic value of options exercisable at June 30, 2025 was $0 as the fair value of the Company’s common stock is less than the exercise prices of these options. The aggregate intrinsic value of all options outstanding at June 30, 2025 was $3 thousand.

 

						Options
						Outstanding												Options
						Weighted-												Exercisable
						Average				Weighted-								Weighted-
		Number				Remaining				Average				Number				Average
		Outstanding				Contractual				Exercise				Exercisable				Exercise
Range of exercise prices						Life (years)				Price								Price
$5.50 – $9.69			55,000				9.45			$	7.41				2,551			$	9.21
$10.10 – $11.27			79,770				8.24				10.12				27,720				10.14
$11.51 – $19.20			76,402				8.22				14.21				29,422				18.42
$159.00 – $175.50			1,941				1.86				170.33				1,941				170.33
$5.50 – $175.50			213,113				8.49			$	12.35				61,634			$	19.10

 

Compensation costs recognized related to vested stock option awards during the years ended June 30, 2025 and 2024 were $622 thousand and $480 thousand, respectively. At June 30, 2025, there was $858 thousand of total unrecognized compensation cost related to non-vested stock option awards, which is expected to be recognized over a weighted average period of 1.9 years.

 

Restricted Stock

 

The Company’s restricted stock activity for the years ended June 30, 2025 and 2024, was as follows:

 

						Weighted
						Average
		Shares				Grant-Date
						Fair Value
Outstanding at June 30, 2023			50,671			$	33.43
Granted			20,000				10.10
Vested			(26,898	)			45.50
Canceled or expired			-				-
Outstanding at June 30, 2024			43,773			$	15.36
Granted			65,000				5.90
Vested			(15,163	)			14.85
Canceled or expired			(7,776	)			10.97
Outstanding at June 30, 2025			85,834			$	14.11

  

Compensation costs recognized related to vested restricted stock awards during the years ended June 30, 2025 and 2024 were $208 thousand and $1.0 million, respectively. At June 30, 2025, there was $641 thousand of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 2.4 years.

 

Stock-based Compensation in Operating Expenses

 

The Company’s stock-based compensation by category for the years ended  June 30, 2025 and 2024 was as follows:

 

		Year Ended				Year Ended
(in thousands)		June 30, 2025				June 30, 2024
Selling, Administration and General		$	665			$	1,364
Research & Development			165				114
Total		$	830			$	1,478

 

Fair Value of Stock-Based Compensation

 

Stock-based compensation costs are generally based on the fair value calculated from the Black-Scholes model on the date of the grant of stock options. The fair values of stock options are amortized as compensation expense on a straight-line basis over the vesting period of the grants. The Company recognizes forfeitures as they occur. The assumptions used for the years ended June 30, 2025 and 2024 and the resulting estimates of weighted-average fair value per share of options granted or modified are summarized in the following table: 

 

		Year Ended				Year Ended
		June 30, 2025				June 30, 2024
Expected Dividend Yield			-				-
Expected Volatility			100.06	%			99.85	%
Risk-Free Interest Rates			4.24	%			4.36	%
Expected Option Life (in years)			3.5				3.5
Weighted-average grant-date fair value of options awarded		$	15.80			$	11.63

 

•

The expected dividend yield is based on the Company’s current dividend yield and the best estimate of projected dividend yield for future periods within the expected life of the option, which is currently 0%.

 

•

The Company estimated volatility using the historical share price performance over the expected life. Management believes the historical estimated volatility is materially indicative of expectations about future volatility.

 

•

The estimate of the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant.

 

•

For the years ended June 30, 2025 and 2024, the Company used the simplified method of calculating the expected life of the options.