Stockholders’ Equity and Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2025 |
| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Warrant Activity |
A summary of the Company’s warrant activity for the years ended December 31, 2025 and 2024 was as follows:
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Shares of Stock under Warrants |
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Weighted- Average Exercise Price |
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Weighted- Average Remaining Contractual Term |
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Aggregate Intrinsic Value |
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Outstanding at January 1, 2024 |
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362,000 |
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$ |
262.61 |
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4.78 |
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$ |
— |
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Granted |
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1,192,000 |
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29.29 |
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— |
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— |
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Exercised |
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(134,000 |
) |
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0.06 |
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— |
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— |
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Canceled |
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(300 |
) |
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516.00 |
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— |
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— |
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Outstanding at December 31, 2024 |
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1,419,700 |
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$ |
91.34 |
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1.40 |
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$ |
— |
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Granted |
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11,016,000 |
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2.72 |
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— |
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— |
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Exercised |
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(355,000 |
) |
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0.05 |
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— |
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— |
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Canceled |
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(200 |
) |
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198.00 |
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— |
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— |
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Outstanding at December 31, 2025 |
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12,080,500 |
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$ |
13.22 |
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2.87 |
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$ |
— |
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| Schedule of Stock Option Activity |
A summary of the Company’s stock option activity during the year ended December 31, 2025 is as follows:
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Shares of Stock under Stock Options |
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Weighted- Average Exercise Price |
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Weighted- Average Remaining Contractual Term |
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Aggregate Intrinsic Value |
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Outstanding at January 1, 2025 |
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56,000 |
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$ |
937.32 |
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|
7.90 |
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$ |
— |
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Granted |
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150,000 |
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3.49 |
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— |
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— |
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Exercised |
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— |
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— |
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— |
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— |
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Canceled |
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(16,000 |
) |
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473.68 |
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— |
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— |
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Outstanding and expected to vest at December 31, 2025 |
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190,000 |
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237.26 |
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8.71 |
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— |
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Vested and exercisable at December 31, 2025 |
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56,000 |
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$ |
741.12 |
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7.60 |
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$ |
— |
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| Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity |
The following table summarizes RSU activity during the year ended December 31, 2025:
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Stock Units |
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Weighted- Average Grant Date Fair Value per Share |
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Outstanding at January 1, 2025 |
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6,000 |
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$ |
272.04 |
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Granted |
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— |
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— |
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Released |
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(1,740 |
) |
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309.37 |
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Forfeited |
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(770 |
) |
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230.69 |
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Outstanding at December 31, 2025 |
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3,490 |
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$ |
290.34 |
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The following table summarizes PSU activity during the year ended December 31, 2025:
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Stock Units |
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Weighted- Average Grant Date Fair Value per Share |
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Outstanding at January 1, 2025 |
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480 |
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$ |
2,844.00 |
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Granted |
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— |
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— |
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Released |
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(480 |
) |
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2,844.00 |
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Forfeited |
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— |
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— |
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Outstanding at December 31, 2025 |
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— |
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$ |
— |
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| 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:
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Years Ended December 31, |
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2025 |
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2024 |
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Cost of product revenue |
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$ |
136,000 |
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$ |
271,000 |
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Cost of service and other revenue |
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— |
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94,000 |
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Research and development |
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617,000 |
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2,149,000 |
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General and administrative |
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3,781,000 |
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7,222,000 |
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Total stock-based compensation expense |
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$ |
4,534,000 |
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$ |
9,736,000 |
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| 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:
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Years Ended December 31, |
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2025 |
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2024 |
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Risk-free interest rate |
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4.1 |
% |
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4.3 |
% |
Expected volatility |
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135.0 |
% |
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86.2 |
% |
Expected term (in years) |
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5.7 |
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5.7 |
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Expected dividend yield |
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0.0 |
% |
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0.0 |
% |
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