v3.25.4
Equity and Stock Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expenses Included in Consolidated Statements of Operations and Comprehensive Loss

The following table presents stock-based compensation expenses included in our consolidated statements of operations and comprehensive loss (in thousands):

 

 

 

For the Year
Ended December 31,

 

 

 

2025

 

 

2024

 

Research and development

 

 

191

 

 

 

156

 

Selling and marketing

 

 

69

 

 

 

63

 

General and administrative

 

 

908

 

 

 

913

 

Stock-based compensation expense

 

$

1,168

 

 

$

1,132

 
Schedule of Specific Assumptions Used to Determine the Fair Value of Options Granted Using the Black Scholes Valuation Model

Specific assumptions used to determine the fair value of options granted using the Black-Scholes valuation model were as follows:

 

 

 

 

Year ended
December 31,

 

Year ended
December 31,

 

 

 

2025

 

2024

 

Expected term (1)

 

3.75-6.08 years

 

6.25 years

 

Expected volatility factor (2)

 

55-60%

 

 

53

%

Risk-free interest rate (3)

 

3.7-4.4%

 

 

4.2

%

Expected annual dividend yield

 

n/a

 

n/a

 

 

(1) The expected term for each grant was determined based on the simplified method.

(2) The expected volatility for each grant is estimated based on an average of historical volatility over the expected term of the stock options.

(3) The risk-free interest rate for each grant is based on the U.S. Treasury yield curve in effect at the time of grant for a period equal to the expected term of the stock option.
Schedule of Total Restricted Stock Units Outstanding

Total restricted stock units outstanding at December 31, 2025 and 2024 were as follows:

 

 

 

2025

 

 

2024

 

Unvested at beginning of the year

 

 

88,408

 

 

 

97,107

 

Granted

 

 

771,184

 

 

 

284,814

 

Issued

 

 

(365,455

)

 

 

(173,513

)

Forfeited or canceled

 

 

-

 

 

 

(120,000

)

Unvested at year end

 

 

494,137

 

 

 

88,408

 
Summary of Stock Option Transactions for Fixed Stock Option Plan Total options outstanding at December 31, 2025 and 2024 were as follows:

 

 

 

2025

 

 

2024

 

 

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Options

 

 

Weighted
Average
Exercise
Price

 

Outstanding at beginning of year

 

 

1,575,089

 

 

$

2.27

 

 

 

2,260,000

 

 

$

4.88

 

Granted (1)

 

 

1,613,322

 

 

 

1.73

 

 

 

1,573,073

 

 

 

2.14

 

Exercised

 

 

(4,000

)

 

 

2.21

 

 

 

-

 

 

 

-

 

Forfeited or cancelled (1)

 

 

(794,736

)

 

 

2.12

 

 

 

(2,257,984

)

 

 

4.80

 

Outstanding at end of year

 

 

2,389,675

 

 

$

1.96

 

 

 

1,575,089

 

 

$

2.27

 

Exercisable at year end

 

 

465,381

 

 

$

2.60

 

 

 

644,082

 

 

$

2.51

 

 

(1) Includes 933,073 options granted and 2,180,000 cancelled pursuant to the Exchange Offer during the year ended 2024.
Summary of Stock Options Outstanding

The following table summarizes the stock options outstanding at December 31, 2025:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Exercise Price Range

 

Number

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term
(in years)

 

 

Number

 

 

Weighted
Average
Exercise
Price

 

$1 to $2

 

 

1,399,802

 

 

$

1.68

 

 

 

8.20

 

 

 

—

 

 

$

—

 

$2 to $3

 

 

909,873

 

 

$

2.13

 

 

 

7.68

 

 

 

385,381

 

 

$

2.15

 

$4 to $5

 

 

80,000

 

 

$

4.73

 

 

 

5.15

 

 

 

80,000

 

 

$

4.73

 

 

 

2,389,675

 

 

$

1.96

 

 

 

7.90

 

 

 

465,381

 

 

$

2.60