Share-Based Compensation (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Assumptions Used in Estimating the Fair Value of Option Grants Issued |
The following assumptions were used in estimating the fair value of option grants issued:
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Three Months Ended |
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March 31, |
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2026 |
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2025 |
Expected term (years) |
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6.0 - 6.1 |
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3.3 - 6.1 |
Volatility |
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81.6% — 81.9% |
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51.5% — 52.9% |
Risk-free interest rate |
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4.0% — 4.1% |
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4.0% — 4.2% |
Dividend yield |
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— |
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— |
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| Schedule of Stock Options Activity |
Stock options - A summary of officer, employee, and non-employee options granted and outstanding, under the 2007 and 2022 Plans are presented below (in thousands, except for share and per share amounts):
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Options Outstanding |
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Number of Options |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Term (in years) |
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Aggregate Intrinsic Value |
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Outstanding as of December 31, 2025 |
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4,046,266 |
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$ |
3.51 |
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|
7.90 |
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$ |
1,611 |
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Options Granted |
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524,180 |
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$ |
7.91 |
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Options Exercised |
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(119,226 |
) |
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$ |
3.01 |
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Options Forfeited, Cancelled, or Expired |
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(68,341 |
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$ |
3.62 |
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Outstanding as of March 31, 2026 |
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4,382,879 |
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$ |
4.08 |
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7.93 |
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$ |
16,783 |
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Vested and exercisable at March 31, 2026 |
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1,915,208 |
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$ |
3.38 |
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6.46 |
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$ |
8,683 |
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| Summary of Stock Options Outstanding Exercise Price Range |
The following table summarizes information about stock options outstanding as of March 31, 2026:
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Options Outstanding |
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Options Vested |
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Weighted Average |
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Weighted Average |
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Remaining |
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Remaining |
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Number of |
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Weighted Average |
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Contractual Term |
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Number of |
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Weighted Average |
Exercise Price |
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Shares |
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Exercise Price |
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(in years) |
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Shares |
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Exercise Price |
$1.39 |
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22,968 |
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$1.39 |
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3.61 |
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22,968 |
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$1.39 |
$1.45 |
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2,871 |
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$1.45 |
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0.03 |
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2,871 |
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$1.45 |
$2.66 |
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61,728 |
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$2.66 |
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4.44 |
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61,728 |
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$2.66 |
$2.79 |
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84,409 |
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$2.79 |
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2.77 |
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84,409 |
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$2.79 |
$2.88 |
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43,066 |
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$2.88 |
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5.10 |
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43,066 |
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$2.88 |
$3.24 |
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264,009 |
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$3.24 |
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7.93 |
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123,154 |
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$3.24 |
$3.38 |
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1,207,080 |
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$3.38 |
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6.78 |
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1,094,091 |
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$3.38 |
$3.41 |
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36,891 |
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$3.41 |
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6.87 |
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22,798 |
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$3.41 |
$3.73 |
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1,510,824 |
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$3.73 |
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8.46 |
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426,872 |
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$3.73 |
$3.94 |
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525,228 |
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$3.94 |
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9.56 |
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2,512 |
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$3.94 |
$4.11 |
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99,606 |
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$4.11 |
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3.99 |
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30,739 |
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$4.11 |
$7.91 |
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524,199 |
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$7.91 |
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9.97 |
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— |
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$7.91 |
$1.39 — $7.91 |
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4,382,879 |
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$4.08 |
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7.93 |
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1,915,208 |
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$3.37 |
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| Summary of Share-Based Compensation Expense |
A summary of share-based compensation expense by line items in the statements of operations is as follows (in thousands):
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Three Months Ended |
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March 31, |
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2026 |
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2025 |
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Research and development costs |
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$ |
68 |
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$ |
— |
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Sales, general and administrative expenses |
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|
339 |
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|
201 |
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Total share based compensation expense |
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$ |
407 |
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$ |
201 |
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