NOTE 9: STOCK-BASED COMPENSATION

Stock Options

2026 Equity Incentive Awards

On June 9, 2026, pursuant to the Company’s 2020 Equity Incentive Plan, the Company granted equity-based incentive awards to two employees of 15,000 options each to purchase the Company’s common stock. Each award was granted with an exercise price of $1.41 per share, the closing price of the Company’s common stock on the Nasdaq Capital Market on June 9, 2026, with 50% of the shares vesting immediately upon the grant date and the remaining 50% vesting on the second anniversary of the grant date, subject to such Optionee’s continued service on the applicable vesting date.

A summary of the Company’s stock option activity for the six months ended June 30, 2026 is as follows:

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The Black-Scholes option pricing model is used to estimate the fair value of stock options granted under the Company’s share-based compensation plans. The weighted average assumptions used in calculating the fair values of stock options that were granted during the six months ended June 30, 2026 were as follows:

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The following table sets forth stock-based compensation expenses recorded during the respective periods:

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As of June 30, 2026, the total stock-based compensation cost related to unvested awards not yet recognized was $0.6 million. The expected weighted average period for compensation costs to be recognized was approximately 1.6 years. Future option grants will impact the compensation expense recognized.

During the three and six months ended June 30, 2025, the Company recorded incremental stock-based compensation expense of $0.3 million pertaining to the modification of stock options in connection with certain consultants. The modification provided for an acceleration of unvested options, resulting in $0.3 million in compensation expense that was immediately recognized, and is reflected in operating expenses.

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There were no similar modifications of stock options during the three or six months ended June 30, 2026.