8. Stock-based Compensation

Stock-based compensation expense is classified based on the cost center to which the award holder belongs. The remaining shares available for issuance under the 2011 Equity Incentive Plan was 1,754,852 as of March 31, 2026. The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands):

Stock-based compensation expense for stock options of $449,372 and $361,759 for the six months ended March 31, 2026 and 2025, respectively. Total unrecognized compensation cost related to non-vested stock option awards amounted to approximately $1,454,969 as of March 31, 2026, which will be recognized over a weighted average period of 2.16 years.

A summary of information related to stock options for the six months ended March 31, 2026 is as follows:

As of March 31, 2026, the weighted average duration to expiration of outstanding options was 6.68 years.

8. Stock-based Compensation

The Company’s 2011 Equity Incentive Plan (the “2011 Plan”), as amended, permits the grant of various equity awards to employees, directors and consultants and is administrated by the Board of Directors.

The number of shares available for issuance under the 2011 Plan totaled 9,158,219 and continues in effect for a term of ten (10) years from the later of the effective date of the Plan or the earlier of the most recent approval of an increase in the number of shares reserved for issuance under the plan. As of September 30, 2025, there were 2,491,999 shares available for issuance under the plan

Stock-based compensation expense is classified based on the cost center to which the award holder belongs. The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands):

Stock-based compensation expense related to stock options was $662,448 and $1,104,446 for the years ended September 30, 2025 and 2024, respectively. As of September 30, 2025, total unrecognized compensation cost related to unvested stock option awards was $993,791, which is expected to be recognized over a weighted-average period of 2.3 years.

A summary of information related to stock options for the years ended September 30, 2025 and 2024 is as follows:

As of September 30, 2025, the weighted average duration to expiration of outstanding options was 6.46 years.

The stock options granted during the years ended September 30, 2025 and 2024 were valued using the Black-Scholes pricing model using the range of inputs as follows:

The weighted average grant date fair value of options granted during 2025 and 2024 was $0.66 and $0.85, respectively.