Company: SERV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001832483-25-000038
Chunk: 74

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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 years. The amount granted each calendar year to an employee or non-employee is limited depending on the type of award. Stock options granted under the 2021 Plan typically vest over a four-year period, with a one-year cliff as well as via specified milestones.A summary of information related to stock options for the three months ended March 31, 2025 is as follows: Options WeightedAverageExercise PriceIntrinsicValueOutstanding as of December 31, 20241,022,291$0.94 $12,842,790 Granted5,00014.31  Exercised(60,120)0.54 $345,690 Forfeited(29,040)3.73  Outstanding as of March 31, 2025938,131$0.96 $5,394,253     Exercisable as of 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