Company: SERV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001832483-25-000038
Chunk: 39

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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 March 31, 2025587,046$1.09 $3,375,515 Exercisable and expected to vest at March 31, 2025938,131$0.96 $5,394,253 As of March 31, 2025, the weighted average duration to expiration of outstanding options was 7.55 years.Stock-based compensation expense for stock options of $38,210 and $29,266 was recognized for the three months ended March 31, 2025 and 2024, respectively. Total unrecognized compensation cost related to non-vested stock option awards amounted to approximately $213,374 as of March 31, 2025, which will be recognized over a weighted average period of 1.48 years.

17

ClassificationStock-based compensation expense for stock options and restricted common stock and restricted stock units (Note 6) was classified in the statements of operations as follows:           Three Months EndedMarch 31, 20252024General and administrative $1,824,199 $6,596 Operations 80,496 6,511 Research and development 1,928,181 4,239,748 Sales and marketing 46,491 2,577  $3,879,367 $4,255,432 

8. COMMITMENTS AND CONTINGENCIES

Operating Leases – Right of Use Asset and LiabilityThe Company has leases for office, warehouse space, and cargo vans.Operating lease costs by financial statement line item are as follows:Three Months EndedMarch 31,TypeFinancial Statement Line Item20252024Operating leaseGeneral and administrative$22,777 $8,863 Operating leaseOperations191,066 59,645 Operating leaseResearch and development68,331 32,231 Total lease costs$282,174 $100,739 Supplemental cash flow information related to leases is as follows:Three Months EndedMarch 31,20252024Cash paid for operating lease liabilities$278,168 $139,077 Right-of-use assets obtained in exchange for operating lease obligations$325,222 $— Supplemental balance sheet information related to leases is as follows:March 31,2025December 31,2024Weighted-average remaining lease term (in years)2.512.65Weighted-average discount rate7.25 %7.24 %Future annual minimum payments under operating leases as of March