v3.26.1
SHARE-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2026
SHARE-BASED COMPENSATION [Abstract]  
Stock Option Activity

The following table summarizes stock option activity for the three months ended March 31, 2026:

 

             
             
     Weighted Average     
  Options on Common Shares  Exercise Price  Remaining Contractual Terms  Aggregate Intrinsic Value 
             
Outstanding December 31, 20256,449,5342.058.563,706
Granted4,197,5002.21--
Exercised----
Forfeited, cancelled, expired(300,000)2.45--
Outstanding March 31, 202610,347,0342.108.75402
Exercisable March 31, 20263,072,5242.317.79141
Stock Option Activity, Fair Value of Assumptions

The Company uses the Black-Scholes option pricing model to determine the fair value of the service-based options that have been granted. The following table summarizes the assumptions used to compute the fair value of options granted to employees and non-employees:

  Three Months Ended March 31,
   2026   2025 
         
Expected stock price volatility  76%  76%
Risk-free interest rate  3.87%  4.28%
Expected dividend yield  0%  0%
Expected life of options  6   6 
Weighted-average fair value of options granted $1.55  $1.47 
Restricted Stock Units Activity

The 2017 Plan provides for the grant of restricted stock units (“RSUs”). RSUs are settled in shares of the Company’s Common Stock as the RSUs vest. The following table summarizes RSU activity for the three months ended March 31, 2026:

 

      Weighted Average
   Service-Based RSUs   Grant Date Fair Value   Vesting Period (Years) 
             
Unvested at December 31, 2025  1,014,563  $2.23   3.62 
Granted service based  81,052   2.46   - 
Vested  (72,888  2.26   - 
Forfeited and cancelled  -   -   - 
Unvested at March 31, 2026  1,022,727  $2.25   3.69 
Share-based Compensation for Options and Restricted Stock Units

The Company recorded share-based compensation for options and RSUs in its statements of operations for the relevant periods as follows:

 

  Three Months Ended March 31,
   2026   2025 
         
Selling, general and administrative $2,384  $1,603 
Research and development  -   62 
Total share-based expense $2,384  $1,665