v3.26.1
Shareholders’ Equity (Tables)
12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Stock Option Activity

A summary of stock option activity under the Plan during the years ended December 31, 2025 and 2024 is presented below:

 

   Options Outstanding   Options Exercisable 
  

Number of

Shares

  

Weighted-Average

Exercise Price

  

Number of

Options

  

Weighted-Average

Exercise Price

 
Outstanding December 31, 2023   1,091,196   $6.11    880,241   $6.25 
Granted   259,000    4.56           
Cancelled or expired   (104,502)   6.90           
Outstanding December 31, 2024   1,245,694    5.72    971,472    6.07 
Granted   88,300    3.31           
Exercised   (13,050)   1.03           
Cancelled or expired   (24,818)   6.59           
Outstanding December 31, 2025   1,296,126   $5.58    1,111,427   $5.87 
Schedule of Stock-based Compensation

Approximate stock-based compensation relating to options was as follows for the years ended December 31, 2025 and 2024:

 

   2025   2024 
General and administrative  $296,000   $291,000 
Research and development   355,000    361,000 
Stock-based compensation  $651,000   $652,000 
Schedule of Weighted Average Assumptions

For the years ended December 31, 2025 and 2024, the fair value of each option granted was estimated using the Black-Scholes option-pricing model, using the following weighted average assumptions:

 

   2025   2024 
Term (in years)   5.53    5.58 
Risk Free Rate   3.73%   4.15%
Volatility   80.88%   88.35%
Dividend Yield   0.00%   0.00%
           
Grant Date Fair Value  $2.30   $3.36