v3.26.1
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
Stock-Based Compensation [Abstract]  
STOCK-BASED COMPENSATION

10. STOCK-BASED COMPENSATION

 

As of June 30, 2026, there were 2,791,063 shares available for the grant of awards under the Company’s 2023 Long Term Incentive Plan (the “2023 Plan”).

 

Restricted Stock Units

 

In April 2026, the Company granted 600,000 shares of restricted stock units to the Company’s non-employee directors and CEO of which 300,000 vested in April 2026 and the remaining 300,000 will vest in April 2027. The grant date fair value of these awards was $1.1 million.

 

A summary of RSU activities for the six months ended June 30, 2026 are presented below:

 

    Number of
Shares		     Weighted
Average
Grant Date
Fair Value
per Share		  
Nonvested as of January 1, 2026     9,700     $ 0.45  
Granted     600,000     $ 1.89  
Vested     (309,700 )   $ 1.84  
Forfeited     -     $ -  
Nonvested as of June 30, 2026     300,000     $ 1.89  

 

As of June 30, 2026, total unrecognized compensation expense related to restricted stock units was $0.5 million, which is expected to be recognized over a weighted-average period of 0.75 years.

 

Stock Options

 

A summary of stock options activity for the six months ended June 30, 2026 is presented below:

 

    Stock
Options		     Weighted
Average
Exercise
Price		     Weighted
Average
Remaining
Contractual
Life
(in years)		     Aggregate
Intrinsic Value
(in thousands)		  
Outstanding at January 1, 2026     3,857,138     $ 1.84       6.1     $ 544  
Options granted     431,570     $ 1.99                  
Options forfeited     (64,810 )   $ 1.83                  
Options cancelled     (26,102 )   $ 2.36                  
Options exercised     (168,333 )   $ 1.07                  
Outstanding as of June 30, 2026     4,029,463     $ 1.88       6.1     $ 1,053  
Options vested and exercisable as of June 30, 2026     3,020,194     $ 1.98       5.0     $ 784  

 

As of June 30, 2026, total unrecognized compensation expense related to stock options was $0.8 million, which is expected to be recognized over a weighted-average period of 1.2 years.

 

Stock-based compensation expense, by expense category, during the three and six months ended June 30, 2026 and 2025 consisted of the following (in thousands): 

 

    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
    2026     2025     2026     2025  
Research and development   $ 16     $ 2     $ 32     $ 32  
General and administrative     789       394       974       544  
Selling and marketing     2       15       (16 )     35  
Total stock-based compensation expense   $ 807     $ 411     $ 990     $ 611