v3.26.1
Stock Options and Warrants
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock Options and Warrants

Note 13 – Stock Options and Warrants
 
In September 2016, the Company adopted the 2016 Stock Plan, as amended, which authorized 1,726,130 shares as of June 30, 2026. Stock options granted under the 2016 Plan typically vest over a four-year period with a one-year cliff.
 
 
 
Options
 
 
Weighted Average
Exercise Price
 
 
Intrinsic Value
 
Outstanding as of December 31, 2025
 
 
1,213,313
 
 
$
0.21
 
 
$
8,856,243
 
Granted
 
 
—
 
 
 
—
 
 
 
 
 
Exercised
 
 
(17,582
)
 
$
0.24
 
 
 
 
 
Forfeited
 
 
(22,221
)
 
$
0.18
 
 
 
 
 
Outstanding as of June 30, 2026
 
 
1,173,510
 
 
$
0.21
 
 
$
2,160,068
 
Exercisable as of June 30, 2026
 
 
774,791
 
 
$
0.21
 
 
$
1,428,393
 
 
Stock-based compensation expense for stock options of $226,613 and $176,916 was recognized for the three months ended June 30, 2026 and 2025, respectively, and $447,545 and $221,464 for the six months then ended, and is included in general and administrative expenses in the accompanying consolidated statements of operations. Total unrecognized compensation cost related to non-vested stock option awards amounted to $1,696,272 as of June 30, 2026.
 
Common Stock warrants – A summary of information related to Common Stock warrants for the six months ended June 30, 2026 is as follows:
 
 
 
Shares
 
 
Weighted Average
Exercise Price
 
Outstanding as of December 31, 2025
 
 
716,816
 
 
$
2.19
 
Granted
 
 
3,629,063
 
 
 
15.59
 
Exercised
 
 
(382,744
)
 
 
0.94
 
Cancelled or expired
 
 
(106,447
)
 
 
1.96
 
Outstanding as of June 30, 2026
 
 
3,856,688
 
 
$
14.93
 
Exercisable as of June 30, 2026
 
 
3,856,688
 
 
$
14.93
 
 
Warrants granted during the period consist principally of the warrant to purchase up to 3,500,000 shares of Common Stock issued to Streeterville at the First Closing; the exercise price of the Streeterville warrant was modified during the second quarter of 2026 and again in July 2026 (see Notes 12 and 17). During the three months ended June 30, 2026, 91,884 warrant shares were exercised at a weighted average exercise price of $0.92, of which $14,211 was received in cash (settling into the issuance of 84,907 shares of Common Stock), and 106,447 warrants were cancelled or expired at a weighted average exercise price of $1.96. There were no preferred stock warrants outstanding at June 30, 2026; the 1,328,185 preferred stock warrants outstanding at December 31, 2025 were exercised or converted into Common Stock warrants during the first quarter of 2026.