Company: SERV
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832483-25-000112
Chunk: 58

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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Granted89,4385.49 $1,040 Exercised(198,032)0.99 $2,303 Forfeited(47,429)1.98 $552 Outstanding as of September 30, 2025866,268$1.03 $10,068     Exercisable as of September 30, 2025670,132$1.21 $7,794 Exercisable and expected to vest at September 30, 2025866,268$1.03 $10,068 As of September 30, 2025, the weighted average duration to expiration of outstanding options was 6.73 years.Stock-based compensation expense for stock options of $8 thousand and $69 thousand was recognized for the three months ended September 30, 2025 and 2024, respectively. Stock-based compensation expense for stock options of $462 thousand and $284 thousand was recognized for the nine months ended September 30, 2025 and 2024, respectively. Total 

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unrecognized compensation cost related to non-vested stock option awards amounted to approximately $126 thousand as of September 30, 2025, which will be recognized over a weighted average period of 1.17 years.ClassificationStock-based compensation expense for stock options and restricted common stock and restricted stock units (Note 9) was classified in the statements of operations as follows (in thousands):          Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024General and administrative$3,712 $386 $7,597 $820 Operations147 47 323 191 Research and development2,680 1,741 6,767 8,842 Sales and marketing103 21 232 77 $6,642 $2,195 $14,919 $9,930 

11. 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 (in thousands):Three Months EndedSeptember 30,Nine Months EndedSeptember 30,TypeFinancial Statement Line Item2025202420252024Operating leaseGeneral and administrative26 9 54 26 Operating leaseOperations770 340 1,456 503