v3.26.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Stock-Based Compensation [Abstract]  
Schedule of Option Activity

The following table summarizes the Company’s option activity for the three months ended March 31, 2026 (in thousands, except exercise price and contractual life data):

 

   Number
Outstanding
   Weighted
Average
Exercise
Price per
Share
   Weighted
Average
Remaining
Contractual Life (Years)
 
Balance as of January 1, 2026   7,063   $4.11    2.6 
Granted   89    8.91    - 
Exercised   (856)   4.10    - 
Forfeited   (154)   9.54    - 
Balance as of March 31, 2026   6,142    4.04    2.7 
Vested and exercisable as of March 31, 2026   3,760   $3.27    2.4 
Schedule of Grant-Date Fair Value of Stock Options Granted

The following table presents the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the three months ended March 31, 2026 and 2025:

 

   Three Months Ended 
   March 31, 
   2026   2025 
Exercise price  $7.60 - 12.11   $4.52 - 8.01  
Risk-free interest rate   3.4 - 3.6%   4.0 - 4.2 %
           
Expected volatility   131.3 - 136.2%   130 - 138%
Expected dividend yield   0%   0%
Expected life of options (in years)   10.0    5.0 
Schedule of Exercise Price Range

The following table summarizes the exercise price range as of March 31, 2026 (in thousands, except exercise price data):

 

Exercise Price   Outstanding Options   Exercisable Options 
 $0.00 - 1.00    604    420 
 $1.00 - 2.00    2,802    1,344 
 $2.00 - 3.00    1,221    1,221 
 $3.00 - 6.00    133    53 
 $6.00 - 8.00    568    545 
 $8.00 - 12.00    233    77 
 $12.00 - 15.00    580    100 
      6,141    3,760 
Schedule of Activity for Restricted Stock

As of March 31, 2026, there were 760 thousand shares of the Company’s common stock issued and unvested that had been awarded as stock-based compensation under the 2022 Plan. The following table summarizes the Company’s activity for restricted stock tied to vesting schedules for the three months ended March 31, 2026 (in thousands):

 

   Number Outstanding   Weighted Average
Fair Value
 
         
Unvested as of December 31, 2025   700   $5.62 
Granted   60    9 
Vested   
-
    
-
 
Forfeited   
-
    
-
 
Unvested as of March 31, 2026   760   $6.58 
Schedule of Stock-Based Compensation Expense Related to Common Stock Options and Restricted Shares of Common Stock

The Company recognized stock-based compensation expense related to common stock options and restricted shares of common stock in the following expense categories of its condensed consolidated statements of operations (in thousands):

 

   Three Months Ended 
   March 31, 
   2026   2025 
Research and development  $756   $497 
Sales and marketing   62    60 
General and administrative   428    830 
Total stock-based compensation  $1,246   $1,387