v3.26.1
Stock Options (Tables)
12 Months Ended
Dec. 31, 2025
Stock Options  
Schedule of assumptions used for fair value of stock options

 

 

Year ended

December 31,

 

 

Year ended

December 31,

 

 

 

2025

 

 

2024

 

Expected term (in years)

 

 

10

 

 

 

10

 

Risk-free interest rate

 

 

4.42%

 

 

4.29%

Expected volatility

 

 

74.67%

 

 

70.66%

Dividend rate

 

 

0

 

 

 

0

 

Option activity

 

 

Year Ended December 31,

 

 

Year Ended December 31,

 

 

 

2025

 

 

 

 

2024

 

 

 

Shares

 

Shares

 

 

Weighted-Average Exercise Price

 

 

Aggregate Intrinsic Value

 

 

Shares

 

 

Weighted-Average Exercise Price

 

 

Aggregate Intrinsic Value

 

Outstanding, beginning

 

 

1,835,447

 

 

$3.58

 

 

$-

 

 

 

1,120,097

 

 

$8.32

 

 

$-

 

Granted

 

 

451,907

 

 

 

0.89

 

 

 

-

 

 

 

1,482,422

 

 

 

2.48

 

 

 

-

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Forfeited/Cancelled

 

 

(41,210 )

 

 

2.64

 

 

 

-

 

 

 

(767,072 )

 

 

8.31

 

 

 

-

 

Outstanding, end

 

 

2,246,144

 

 

$3.07

 

 

 

-

 

 

 

1,835,447

 

 

$3.58

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercisable end of the period

 

 

1,449,911

 

 

$3.89

 

 

 

 

 

 

 

943,275

 

 

$4.69

 

 

 

 

 

Weighted average fair value per share of options granted during the period

 

 

 

 

 

$0.95

 

 

 

 

 

 

 

 

 

 

$2.93

 

 

 

 

 

 

 

Year Ended December 31,

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

NonVested Shares:

 

Shares

 

 

Weighted-Average Grant Date Fair Value

 

 

Shares

 

 

Weighted-Average Grant Date Fair Value

 

Outstanding, beginning

 

 

892,172

 

 

$5.13

 

 

 

156,869

 

 

$5.60

 

Granted

 

 

435,240

 

 

 

0.60

 

 

 

1,482,422

 

 

 

2.93

 

Vested

 

 

(517,303 )

 

 

4.14

 

 

 

(631,084 )

 

 

3.31

 

Forfeited

 

 

(13,333 )

 

 

4.30

 

 

 

(116,035 )

 

 

6.28

 

Outstanding, end

 

 

796,776

 

 

$3.31

 

 

 

892,172

 

 

$5.13

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

 

Shares

 

 

Weighted-Average Exercise price

 

 

Weighted-Average Remaining Contractual term

 

Vested Shares:

 

 

1,449,911

 

 

$3.89

 

 

 

7.33

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

 

Shares

 

 

Weighted-Average Exercise price

 

 

Weighted-Average Remaining Contractual term

 

Vested Shares:

 

 

943,275

 

 

$4.69

 

 

 

7.79

 

Options outstanding

 

 

As of December 31, 2025 Options Outstanding

 

 

 

 

As of December 31, 2025

Exercisable

 

 

 

 

 

Number

 

 

Remaining Contractual Life

 

 

Average Exercise

 

 

Number

 

 

Remaining Contractual Life

 

 

Average Exercise

 

Range Exercise Price

 

Outstanding

 

 

(Years)

 

 

Price

 

 

Outstanding

 

 

(Years)

 

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$5.35 - $ 11.30

 

 

264,320

 

 

 

4.52

 

 

$

9.93

 

 

 

264,320

 

 

 

4.52

 

 

$

9.93

 

$2.91 - $ 4.65

 

 

84,705

 

 

 

4.12

 

 

$

3.60

 

 

 

84,705

 

 

 

4.12

 

 

$

3.60

 

$0.65-$2.50

 

 

1,897,119

 

 

 

8.53

 

 

$

2.09

 

 

 

1,100,886

 

 

 

8.26

 

 

$

2.44

 

 

 

 

2,246,144

 

 

 

 

 

 

 

 

 

 

 

1,449,911

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024 Options Outstanding

 

 

 

 

As of December 31, 2024

Exercisable

 

 

 

 

 

Number

 

 

Remaining Contractual Life

 

 

Average Exercise

 

 

Number

 

 

Remaining Contractual Life

 

 

Average Exercise

 

Range Exercise Price

 

Outstanding

 

 

(Years)

 

 

Price

 

 

Outstanding

 

 

(Years)

 

 

Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$5.35 - $ 11.30

 

 

264,320

 

 

 

5.52

 

 

$

9.93

 

 

 

264,320

 

 

 

5.52

 

 

$

9.93

 

$2.91 - $ 4.65

 

 

88,705

 

 

 

4.9

 

 

$

3.6

 

 

 

88,705

 

 

 

4.9

 

 

$

3.60

 

$1.29-$2.50

 

 

1,482,422

 

 

 

9.26

 

 

$

2.45

 

 

 

590,250

 

 

 

9.25

 

 

$

2.50

 

 

 

 

1,835,447

 

 

 

 

 

 

 

 

 

 

 

943,275