Quarterly report [Sections 13 or 15(d)]

Stock-Based Compensation

v3.26.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock Option Awards
All of the outstanding stock option awards are fully vested. To date, there have been no stock option awards granted under the Strata Critical Medical, Inc. 2021 Omnibus Incentive Plan (f/k/a the Blade Air Mobility, Inc. 2021 Omnibus Incentive Plan) (the “Plan”).

Following is a summary of stock option activities for the three months ended March 31, 2026:
Options Weighted
Average
Exercise Price
Weighted
Average
Grant Date
Fair Value
Weighted
Average
Remaining
Life
(years)
Intrinsic
Value
Outstanding – January 1, 2026 2,896,208  $ 0.19  $ 0.32  3.0
Exercised (286,960) 0.18  0.11  $ 1,370 
Outstanding – March 31, 2026
 2,609,248  $ 0.19  $ 0.34  2.6 $ 10,418 
Exercisable as of March 31, 2026
 2,609,248  $ 0.19  $ 0.34  2.6 $ 10,418 
Restricted Stock Units

During the three months ended March 31, 2026, the Company granted 994,715 restricted stock units (“RSUs”) to various employees, officers, directors, consultants, and vendors and 3,206,052 performance-based (tied to multi-year financial targets) restricted stock units (“PSUs”) granted to named executive officers, key employees and vendors under the Plan (based on the target number of shares that may be issued assuming all performance targets are met), for an aggregate of 4,200,767.
The RSUs have various vesting dates, ranging from vesting on the grant date to as late as four years from the date of grant.
The PSUs granted in February 2026 have a three-year service period ending on December 31, 2028 and a grant-date fair value of $4.20 per share. These awards will vest based on the achievement of the specified Adjusted EBITDA targets and subject to continued service through the service period. Each PSU represents the right to receive one share of the Company’s common stock.

Compensation expense associated with PSUs is recognized over the service period of the awards that are ultimately expected to vest when the related performance objective is met. The estimate of the number of awards expected to vest is reassessed each reporting period.
Following is a summary of restricted stock unit activities for the three months ended March 31, 2026:

 Restricted Stock Units
Weighted Average Grant Date
Fair Value
Non-vested – January 1, 2026 9,745,980  $ 3.84 
Granted - RSUs
 994,715  4.22 
Granted - PSUs 3,206,052  4.20 
Vested
 (336,098) 3.93 
Forfeited
 (52,755) 3.20 
Non-vested – March 31, 2026 (1)
 13,557,894  $ 3.95 
(1) Includes 7,235,380 of PSUs that will vest subject to the achievement of Adjusted EBITDA and Free Cash Flow goals by the Company and 2,950,219 awards (RSUs and PSUs) held by the Company’s former Chief Executive Officer that were modified in connection with the sale of the Passenger business. The modification changed the vesting conditions but did not affect the number of awards outstanding. See Note 4 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for further information.
As of March 31, 2026, unamortized stock-based compensation costs related to restricted share arrangements (RSUs and PSUs) were $22,289 and will be recognized over a weighted average period of 2.1 years (with PSUs based on the full service period).
Stock-Based Compensation Expense
Stock-based compensation expense for stock options and restricted stock units in the unaudited interim condensed consolidated statements of operations is summarized as follows:
Three Months Ended
March 31,
2026 2025
Selling, general and administrative expense $ 5,035  $ 3,809