STOCKHOLDERS’ EQUITY
Stock Options
The fair value for options granted at the time of issuance were estimated at the date of grant using a Black-Scholes options pricing model. Significant assumptions included in the option value model include the fair value of our common stock at the grant date, weighted average volatility, risk-free interest rate, dividend yield and the forfeiture rate. There were no stock options granted in any of the periods presented.
Our stock option activity and related information are summarized as follows: | | | | | | | | | | | | | | | | | |
| Options | | Weighted-Average Exercise Price | | Weighted-Average Remaining Contractual Terms (in Years) |
| Outstanding at January 1, 2023 | 3,556 | | | $ | 30.97 | | | 1.3 |
| Forfeited or expired | (2,886) | | | $ | 30.97 | | | |
| Exercised | (670) | | | $ | 30.97 | | | |
| Outstanding at December 31, 2023 | — | | | $ | — | | | — |
| | | | | |
| | | | | |
| Outstanding at December 31, 2024 | — | | | $ | — | | | — |
| Outstanding at December 31, 2025 | — | | | $ | — | | | — |
Options generally include a time-based vesting schedule permitting the options to vest ratably over three years. At December 31, 2025 and 2024, all options were fully vested.
There was no stock-based compensation expense on stock options for all periods presented.
Restricted Stock
Our restricted stock activity and related information are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | |
| Restricted Stock Awards | | Weighted-Average Remaining Contractual Terms (in Years) | | Restricted Stock Units | | Weighted-Average Remaining Contractual Terms (in Years) |
| Outstanding at January 1, 2023 | 403,324 | | | 1.4 | | 10,080 | | | 2.5 |
| Granted | 311,689 | | | | | 4,005 | | | |
| Forfeited | (6,800) | | | | | (234) | | | |
| Vested | (115,760) | | | | | — | | | |
| Outstanding at December 31, 2023 | 592,453 | | | 1.6 | | 13,851 | | | 1.7 |
| Granted | 560,252 | | | | | 7,900 | | | |
| Forfeited | (12,503) | | | | | (200) | | | |
| Vested | (96,009) | | | | | — | | | |
| Outstanding at December 31, 2024 | 1,044,193 | | | 1.5 | | 21,551 | | | 1.2 |
| Granted | 704,691 | | | | | 10,500 | | | |
| Forfeited | (25,329) | | | | | (1,120) | | | |
| Vested | (215,462) | | | | | (9,966) | | | |
| Outstanding at December 31, 2025 | 1,508,093 | | | 1.4 | | 20,965 | | | 1.4 |
| | | | | | | |
At December 31, 2025, there was $19,114 of unrecognized compensation expense remaining related to our service-based restricted stock awards. The unrecognized compensation cost is expected to be recognized over a weighted average period of 1.4 years.
Stock-based compensation expense on restricted stock amounted to $17,778, $13,548 and $10,526 for the years ended December 31, 2025, 2024 and 2023, respectively, and is classified as follows:
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| Sales and marketing | $ | 2,189 | | | $ | 1,774 | | | $ | 1,422 | |
| General and administrative | 12,650 | | | 10,502 | | | 8,405 | |
| Research and development | 1,508 | | | 1,170 | | | 699 | |
| Restructuring | 1,431 | | | 102 | | | — | |
| Total | $ | 17,778 | | | $ | 13,548 | | | $ | 10,526 | |
In connection with its approval of the Term Loan Agreement, Purchase Agreement, the Indenture and Convertible Notes, on August 2, 2024, the Board of Directors of the Company also approved a stock repurchase program of up to $5,000 in aggregate investment of the Company’s outstanding common stock, contingent upon the closing of the Term Loan and the Convertible Notes. The stock repurchases may, at the discretion of management, be made from time to time, through solicited or unsolicited transactions in the open market, in privately negotiated transactions or pursuant to a Rule 10b5-1 plan all as effected in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Company is not obligated to purchase any shares under the program, and the program may be discontinued at any time. No shares have been purchased under this program as of December 31, 2025. The dollar limit on repurchases under the program after December 31, 2024 was reduced to $250 per annum.