Options (Tables)
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12 Months Ended |
Dec. 31, 2025 |
| Share-Based Payment Arrangement [Abstract] |
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| Forth Shares Authorized and Available Under our Incentive Plans |
The following table sets forth shares authorized and available under our incentive plans at December 31, 2025:
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Options Authorized |
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Options Granted |
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Options Exercised |
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Options Cancelled or Expired |
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Options Outstanding |
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Options Available to be Issued |
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2016 Plan |
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12,712 |
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3,333 |
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- |
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2,000 |
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1,333 |
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11,379 |
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2020 Plan |
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2,964,150 |
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2,443,599 |
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50,459 |
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869,493 |
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1,523,647 |
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1,440,503 |
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2024 Plan |
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3,000,000 |
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170,033 |
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- |
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129,822 |
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40,211 |
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2,959,789 |
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| Schedule of Options Outstanding and Exercisable |
The following is a summary of information about the Stock Options outstanding at December 31, 2025:
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Shares Underlying |
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Shares Underlying Options Outstanding |
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Options Exercisable |
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Weighted |
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Shares |
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Average |
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Weighted |
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Shares |
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Weighted |
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Underlying |
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Remaining |
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Average |
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Underlying |
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Average |
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Options |
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Range of |
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Contractual |
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Exercise |
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Options |
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Exercise |
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Outstanding |
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Exercise Prices |
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Life (in years) |
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Price |
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Exercisable |
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Price |
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December 31, 2024 |
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2,584,791 |
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$2.35 - $40.00 |
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8.35 |
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$ |
20.06 |
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552,856 |
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$ |
6.56 |
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December 31, 2025 |
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1,777,024 |
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$0.67 - $40.00 |
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7.52 |
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$ |
20.44 |
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782,537 |
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$ |
7.04 |
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| Options Activity |
The following is a summary of activity of outstanding stock options at December 31, 2025:
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Weighted |
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Average |
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Average |
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Number |
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Exercise |
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Intrinsic |
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of Shares |
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Prices |
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Value |
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Balance, December 31, 2023 |
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2,620,813 |
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$ |
19.38 |
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$ |
50,802,052 |
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Options granted |
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118,111 |
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15.37 |
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Options exercised |
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(50,459 |
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(3.25 |
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Options cancelled |
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(88,850 |
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(6.84 |
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Options expired |
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(14,824 |
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(9.67 |
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Balance, December 31, 2024 |
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2,584,791 |
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$ |
20.06 |
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$ |
51,844,122 |
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Options granted |
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113,469 |
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2.64 |
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Options exercised |
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- |
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- |
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Options cancelled |
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(921,236 |
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(25.74 |
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Options expired |
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- |
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- |
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Balance, December 31, 2024 |
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1,777,024 |
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$ |
20.06 |
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$ |
35,647,101 |
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Exercisable, December 31, 2025 |
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782,537 |
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$ |
7.04 |
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$ |
5,509,060 |
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| Schedule of Compensation Expense Net of Forfeitures Related to Common Stock Options |
The Company recognized compensation expense net of forfeitures related to common stock options that are being amortized over the implied service term, or vesting period, of the options during the twelve months ended December 31, 2025 and 2023, as follows:
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For the Year Ended |
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December 31, |
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2025 |
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2024 |
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Directors |
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$ |
17,581 |
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$ |
86,892 |
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Officers and employees |
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1,410,364 |
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4,424,765 |
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Total amortized options expense |
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$ |
1,427,945 |
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$ |
4,511,657 |
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