| Schedule of Fair Value of Each Option Grant Using the Black-scholes Option Pricing Model |
The fair value of each option grant during the years ended December 31, 2025 and 2024, was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions: | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31 | | 2025 | | 2024 | | Expected volatility | 60 | - | 80% | | 60 | - | 70% | | Dividend yield | 0% | | 0% | | Risk free interest rates | 3.87 | 0 | 4.32% | | 3.99 | 0 | 4.46% | | Expected term | 6 | - | 7 years | | 6 | - | 7 years | | | | | | | | |
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| Schedule of Stock Option Activity |
A summary of stock option activity for the years ended December 31, 2025 and 2024 is as follows: | | | | | | | | | | | | | | | | | | | (in thousands, except share and per share amounts) | Number of Shares Underlying Options | | Weighted Average Exercise Price | | Aggregate Intrinsic Value | | Outstanding at January 1, 2024 | 1,569,972 | | | $ | 1.25 | | | $ | 5,596 | | | Granted | 483,594 | | | 2.18 | | | | | Cancelled / Expired | (94,339) | | | 2.09 | | | | | Exercised | (443,778) | | | 0.42 | | | | | Outstanding at December 31, 2024 | 1,515,449 | | | $ | 1.74 | | | $ | 5,705 | | | Granted | 2,133,622 | | | 6.31 | | | | | Cancelled / Expired | (61,536) | | | 2.23 | | | | | Exercised | (181,629) | | | 0.94 | | | | | Outstanding at December 31, 2025 | 3,405,906 | | | $ | 4.64 | | | $ | 19,279 | | | Vested and expected to vest at December 31, 2025 | 3,405,906 | | | $ | 4.64 | | | $ | 19,279 | | | | | | | |
The following table summarizes information concerning outstanding and exercisable stock options at December 31, 2025: | | | | | | | | | | | | | | | | | | | Options | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Life (Years) | | Outstanding at December 31, 2025 | 3,405,906 | | | $ | 4.64 | | | 8.79 | | Exercisable at December 31, 2025 | 715,535 | | | $ | 1.57 | | | 7.06 | | | | | | |
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