v3.26.1
Stock Awards and Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock Awards and Stock-Based Compensation Stock Awards and Stock-Based Compensation
From time to time, the Company may issue stock awards in the form of Class A Common Stock grants, Restricted Stock Units (RSUs), or Class A Common Stock options with vesting/service terms. Stock awards are valued on the grant date using the Company’s common stock share price quoted on an active market. Stock options are valued using the Black-Scholes-Merton pricing model to determine the fair value of the options. We generally issue our awards in terms of a fixed monthly value, resulting in a variable number of shares being issued, or in terms of a fixed monthly share number.
Stock Options
The following table summarizes stock option activity as of June 30, 2026:
Options
Outstanding		Weighted
Average
Exercise Price
Per Share		Weighted
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic Value
Balance as of January 1, 202522,665$84.28 1.27$— 
Options granted4,9245.32
Options exercised——
Options canceled and forfeited(19,198)89.07
Balance as of December 31, 20258,39134.832.57—
Options granted2,1052.85
Options exercised— —
Options canceled and forfeited(135)44.46
Balance as of March 31, 202610,36126.142.48—
Options granted2,236 2.68 
Options exercised— — 
Options canceled and forfeited(180)33.74 
Balance as of June 30, 202612,41721.932.39—
The aggregate intrinsic value of options outstanding, exercisable, and vested is calculated as the difference between the exercise price of the underlying options and the fair value of the Company’s common stock. The aggregate intrinsic value of options exercised during the three and six months ended June 30, 2026 and 2025 was $0.
The weighted average grant-date fair value of options granted during the six months ended June 30, 2026 and 2025 was $0.96 and $2.07 per share, respectively. The total grant-date fair value of options that vested during the six months ended June 30, 2026 and 2025 was $4 thousand and $4 thousand, respectively.
The following assumptions were used to calculate the fair value of options granted during the six months ended June 30, 2026 and 2025:
For the six months ended June 30,
20262025
Fair value of Class A Common Stock
$1.43 — $3.41
$1.27 — $4.48
Exercise price
$2.66 — $2.86
$6.01 — $6.85
Risk free interest rate
3.52% — 4.15%
3.78% — 4.33%
Expected dividend yield— %— %
Expected volatility
141.47% — 149.44%
155.39% — 166.59%
Expected term3 year3 years
As of June 30, 2026, the Company had 12,417 stock options outstanding of which all are fully vested options.
The Company recognized $2 thousand and $1 thousand in stock option expense during the three months ended June 30, 2026 and 2025, respectively.
The Company recognized $4 thousand in stock option expense during the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 the Company has no unrecognized stock-based compensation related to options.
Stock Grants
As of June 30, 2026, the Company had 33,198 common stock grants outstanding of which 27,579 were vested but not issued and 5,619 were not yet vested. All granted and outstanding common stock grants will fully vest by June 30, 2027.
The Company recognized $19 thousand and $71 thousand in common stock grant expense during the three months ended June 30, 2026 and 2025, respectively.
The Company recognized $39 thousand and $160 thousand in common stock grant expense during the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company has $11 thousand unrecognized stock-based compensation related to common stock grants that will be recognized over the next year
RSUs
As of June 30, 2026, the Company had 411,876 RSUs outstanding of which 14,233 were vested but not issued and 397,643 were not yet vested. All granted and outstanding RSUs will fully vest by January 2, 2027.
The Company recognized $285 thousand and $193 thousand in RSU expense during the three months ended June 30, 2026 and 2025, respectively.
The Company recognized $523 thousand and $235 thousand in RSU expense during the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company has $693 thousand unrecognized stock-based compensation related to RSUs, to be recognized over the following months before January 2, 2027
A summary of outstanding RSU activity as of June 30, 2026 is as follows:
RSU Outstanding Number of Shares
Balance as of January 1, 202572,074
Granted478,027
Vested (issued)(51,771)
Forfeited(20,433)
Balance as of December 31, 2025477,897
Granted215,398
Vested (issued)—
Forfeited—
Balance as of March 31, 2026693,295
Granted97,378
Vested (issued)(308,242)
Forfeited (70,555)
Balance as of June 30, 2026411,876
Stock-based compensation expense
Our consolidated statements of operations include stock-based compensation expense as follows:
For the three months ended June 30,For the six months ended June 30,
2026202520262025
Cost of services$5,224 $870 $8,988 $951 
Research and development22,814 5,549 43,012 11,756 
Selling, general, and administrative278,160 258,741 514,309 386,780 
Total stock-based compensation expense$306,198 $265,160 $566,309 $399,487 
The Company recognized a total of $566 thousand and $399 thousand in stock-based compensation expense during the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2025, the total stock-based compensation included $131 thousand related to prepaid services paid in stock-based compensation. The Company recognized a total of $265 thousand in stock-based compensation expense during the three months ended June 30, 2025 of which $57 thousand was related to prepaid services paid in stock-based compensation.