Note 13. Stock-Based Compensation

Stock Options

As of March 31, 2026, unrecognized compensation expense related to the unvested portion of the Company’s share options was approximately $0.5 million with a weighted-average remaining vesting period of approximately 1.05 years.

Warrants

As of March 31, 2026, unrecognized compensation expense related to the unvested portion of the Company’s common stock warrants was approximately $0.5 million which is expected to be recognized over the weighted-average remaining vesting period of approximately 1.07 years.

Equity-based awards granted in the form of warrants are not considered granted under the terms of the 2023 Plan and are often subject to separate registration rights that those included under the 2023 Plan.

The Company has also granted warrants as a component of equity financing transactions, which were granted fully vested as of the respective transaction dates (see Note 12, Redeemable Common Stock and Shareholders’ Deficit). No compensation expense has been recorded for these transactions.

Restricted Stock Units

During the three months ended March 31, 2026, the Company issued 180,000 RSUs pursuant to the Company’s Amended and Restated 2023 Equity Incentive Plan (the “2023 Plan”) to employees and non-employee consultant which vest upon the satisfaction of certain service periods. The fair value of these RSUs was determined based on the Company’s stock price the business day immediately preceding the grant date. The service period of these RSUs is satisfied over a range of 12 months to 4 years.

As of March 31, 2026, unrecognized compensation expense related to the unvested portion of the Company’s RSUs was approximately $2.8 million which is expected to be recognized over the weighted-average remaining vesting period of approximately 2.83 years.

Restricted Share Purchase Agreement (“RSPA”)

As of March 31, 2026, the unrecognized compensation expense related to the unvested portion of the Company’s RSPAs was $0.2 million, which is expected to be recognized over a weighted average period of 0.16 years.

Performance-Based Restricted Stock Units

During the three months ended March 31, 2026, the Company issued 80,000 PRSUs under the 2023 Plan to employees and non-employee consultants. The PRSUs granted will vest upon the achievement of an adjusted EBITDA metric for the year ending December 31, 2025 as well as a service period of four years from the date of grant. The fair value of these PRSUs was determined based on the Company’s stock price the business day immediately preceding the grant date.

As of March 31, 2026, the unrecognized compensation expense related to the unvested portion of the Company’s PRSUs was $1.6 million, which is expected to be recognized over a weighted average period of 2.11 years.