v3.26.1
STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2026
STOCKHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY

NOTE 10 – STOCKHOLDERS’ EQUITY

Common Stock

During the six months ended June 30, 2026, the Company issued 353,738 shares of common stock upon the vesting of restricted stock units previously granted, of which 122,941 shares were withheld to cover payroll tax obligations.

Stock-Based Compensation

The following table presents information related to stock-based compensation for the three and six months ended June 30, 2026 and 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

For The Three Months Ended

​

For The Six Months Ended

​

  ​ ​ ​

June 30, 

​

June 30, 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Shares issued for legal services

​

$

—

​

$

13,530

​

$

—

​

$

26,070

Accrued issuable equity (common stock)

​

 

—

​

 

60,990

​

 

—

​

 

151,319

Amortization of stock options

​

 

7,965

​

​

11,342

​

 

20,830

​

 

26,946

Amortization of restricted stock awards and units

​

 

900,080

​

 

1,498,937

​

​

2,346,693

​

 

3,017,832

Total

​

$

908,045

​

$

1,584,799

​

$

2,367,523

​

$

3,222,167

​

During the three and six months ended June 30, 2026, the Company recognized stock-based compensation expense of $908,045 and $2,367,523, respectively, of which $698,902 and $1,969,052, respectively, are included within selling, general and administrative expenses, and $209,143 and $398,471, respectively, are included within research and development expenses in the condensed consolidated statements of operations.

During the three and six months ended June 30, 2025, the Company recognized stock-based compensation expense of $1,584,799 and $3,222,167, respectively, of which $1,162,910 and $2,396,145, respectively, are included within selling, general and administrative expenses, and $421,889 and $826,022, respectively, are included within research and development expenses in the condensed consolidated statements of operations.

Stock Options

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

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​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Weighted

  ​ ​ ​

Weighted

  ​ ​ ​

  ​ ​ ​

​

​

​

​

​

Average

​

Average

​

​

​

​

​

Number of

​

Exercise

​

Remaining

​

Intrinsic

​

​

Options

​

Price

​

Term (Yrs)

​

Value

Outstanding, January 1, 2026

 

27,188

​

$

11.33

 

  ​

 

​

  ​

Granted

 

—

​

 

—

 

  ​

 

​

  ​

Forfeited

 

(2,188)

​

 

15.41

 

  ​

 

​

  ​

Exercised

​

—

​

​

—

​

​

​

​

​

Outstanding, June 30, 2026

 

25,000

​

$

10.98

 

3.4

​

$

9,594

​

​

​

​

​

​

​

​

​

​

​

Exercisable, June 30, 2026

 

15,782

​

$

12.77

 

2.1

​

$

4,798

​

The following table presents information related to stock options as of June 30, 2026:

​

​

​

​

​

​

​

​

Options Outstanding

​

Options Exercisable

​

​

​

​

Weighted

​

​

Range of

​

Outstanding

​

Average

​

Exercisable

Exercise

​

Number of

​

Remaining Term

​

Number of

Prices

  ​ ​ ​

Options

  ​ ​ ​

In Years

  ​ ​ ​

Options

$2.24 - $7.92

 

5,625

​

3.0

​

2,813

$9.60 - $12.00

 

8,125

​

5.2

​

2,969

$12.40 - $15.92

 

5,000

​

1.1

​

3,750

$16.40 - $18.48

 

6,250

​

0.8

​

6,250

​

 

25,000

​

2.1

​

15,782

​

There were no stock options granted during the three and six months ended June 30, 2026. No options were granted during the three months ended June 30, 2025. The weighted average grant date fair value per share of options granted during the six months ended June 30, 2025 was $8.47. The Company has computed the fair value of stock options granted using the Black-Scholes option pricing model. In applying the Black-Scholes option pricing model, the Company used the following range of assumptions:

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​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

For The Three Months Ended

  ​ ​ ​

For The Six Months Ended

​

​

​

June 30, 

 

June 30, 

​

​

​

2026

  ​ ​ ​

2025

 

2026

  ​ ​ ​

2025

​

Risk free interest rate

 

N/A

​

N/A

​

N/A

​

4.15

%

Expected term (years)

 

N/A

​

N/A

​

N/A

​

6.3

​

Expected volatility

 

N/A

​

N/A

​

N/A

​

120

%

Expected dividends

 

N/A

​

N/A

​

N/A

​

0

%

​

Option forfeitures are accounted for at the time of occurrence. The expected term used is the estimated period of time that options granted are expected to be outstanding. The Company utilizes the “simplified” method to develop an estimate of the expected term of employee option grants. The Company utilizes an expected volatility figure based on the historical volatility of its common stock over a period of time equivalent to the expected term of the instrument being valued. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued.

As of June 30, 2026, there was $43,468 of unrecognized stock-based compensation expense related to the above stock options, which will be recognized over the weighted average remaining vesting period of 2.44 years.

Restricted Stock Awards

The following table presents information related to restricted stock awards (“RSAs”) activity during the six months ended June 30, 2026:

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​

​

​

​

​

​

​

​

​

​

Weighted Average

​

​

Shares of Restricted

​

Grant Date

​

  ​ ​ ​

Common Stock

  ​ ​ ​

Fair Value

Non-vested RSAs, January 1, 2026

 

4,687

​

$

16.48

Granted

 

—

​

 

—

Vested

 

(1,562)

​

 

16.64

Forfeited

 

—

​

 

—

Non-vested RSAs, June 30, 2026

 

3,125

​

$

16.40

​

As of June 30, 2026, there was $17,387 of unrecognized stock-based compensation expense related to restricted stock awards that will be recognized over the weighted average remaining vesting period of 0.34 years.

Restricted Stock Units

The following table presents information related to restricted stock units (“RSUs”) activity during the six months ended June 30, 2026:

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

​

Shares of Restricted

​

Grant Date

​

  ​ ​ ​

Common Stock

  ​ ​ ​

Fair Value

Non-vested RSUs, January 1, 2026

 

1,563,971

​

$

11.35

Granted

 

275,000

​

​

3.73

Vested

 

(259,988)

​

​

12.75

Forfeited

​

(239,024)

​

​

14.36

Non-vested RSUs, June 30, 2026

​

1,339,959

​

$

8.93

​

​

​

​

​

​

Vested RSUs undelivered June 30, 2026

​

46,875

​

$

16.40

​

To date, RSUs have only been granted to employees and consultants in accordance with the Company’s 2018 and 2025 Equity Incentive Plans. Pursuant to the terms of the restricted stock unit agreements, the vested but undelivered units are to be settled on January 1, 2027.

As of June 30, 2026, there was $9,673,608 of unrecognized stock-based compensation expense related to restricted stock units that will be recognized over the weighted average remaining vesting period of 2.66 years.