v3.26.1
Stockholders’ Equity and Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Warrant Activity

A summary of the Company’s warrant activity for the years ended December 31, 2025 and 2024 was as follows:

 

 

Shares of
Stock under
Warrants

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

Outstanding at January 1, 2024

 

 

362,000

 

 

$

262.61

 

 

 

4.78

 

 

$

 

Granted

 

 

1,192,000

 

 

 

29.29

 

 

 

 

 

 

 

Exercised

 

 

(134,000

)

 

 

0.06

 

 

 

 

 

 

 

Canceled

 

 

(300

)

 

 

516.00

 

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

1,419,700

 

 

$

91.34

 

 

 

1.40

 

 

$

 

Granted

 

 

11,016,000

 

 

 

2.72

 

 

 

 

 

 

 

Exercised

 

 

(355,000

)

 

 

0.05

 

 

 

 

 

 

 

Canceled

 

 

(200

)

 

 

198.00

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

12,080,500

 

 

$

13.22

 

 

 

2.87

 

 

$

 

Schedule of Stock Option Activity

A summary of the Company’s stock option activity during the year ended December 31, 2025 is as follows:

 

 

Shares of
Stock under
Stock Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

Outstanding at January 1, 2025

 

 

56,000

 

 

$

937.32

 

 

 

7.90

 

 

$

 

Granted

 

 

150,000

 

 

 

3.49

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Canceled

 

 

(16,000

)

 

 

473.68

 

 

 

 

 

 

 

Outstanding and expected to vest at December 31, 2025

 

 

190,000

 

 

 

237.26

 

 

 

8.71

 

 

 

 

Vested and exercisable at December 31, 2025

 

 

56,000

 

 

$

741.12

 

 

 

7.60

 

 

$

 

Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes RSU activity during the year ended December 31, 2025:

 

 

Stock Units

 

 

Weighted- Average
Grant Date Fair
Value per Share

 

Outstanding at January 1, 2025

 

 

6,000

 

 

$

272.04

 

Granted

 

 

 

 

 

 

Released

 

 

(1,740

)

 

 

309.37

 

Forfeited

 

 

(770

)

 

 

230.69

 

Outstanding at December 31, 2025

 

 

3,490

 

 

$

290.34

 

The following table summarizes PSU activity during the year ended December 31, 2025:

 

 

Stock Units

 

 

Weighted- Average
Grant Date Fair
Value per Share

 

Outstanding at January 1, 2025

 

 

480

 

 

$

2,844.00

 

Granted

 

 

 

 

 

 

Released

 

 

(480

)

 

 

2,844.00

 

Forfeited

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

 

 

$

 

Schedule of Recognized Stock-Based Compensation Expense

The Company recognized stock-based compensation expense for the years ended December 31, 2025 and 2024 as follows:

 

 

Years Ended December 31,

 

 

2025

 

 

2024

 

Cost of product revenue

 

$

136,000

 

 

$

271,000

 

Cost of service and other revenue

 

 

 

 

 

94,000

 

Research and development

 

 

617,000

 

 

 

2,149,000

 

General and administrative

 

 

3,781,000

 

 

 

7,222,000

 

Total stock-based compensation expense

 

$

4,534,000

 

 

$

9,736,000

 

Schedule of Weighted-Average Assumptions in Black -Scholes Option Pricing Model

The weighted-average assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of the employee stock option grants during the years ended December 31, 2025 and 2024 were as follows:

 

 

Years Ended December 31,

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

4.1

%

 

 

4.3

%

Expected volatility

 

 

135.0

%

 

 

86.2

%

Expected term (in years)

 

 

5.7

 

 

 

5.7

 

Expected dividend yield

 

 

0.0

%

 

 

0.0

%