v3.26.3
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Stock-Based Compensation [Abstract]  
Schedule of Fair Value of Stock Options Granted:

The following assumptions were used to calculate the compensation expense and the calculated fair value of stock options granted:

 

Assumption  June 30,
2026		   June 30,
2025		 
Dividend yield   
None
    
None
 
Risk-free interest rate used (average)   1.00%   1.00%
Expected market price volatility   172.11% - 179.04%   175.40%
Average remaining expected life of stock options on F Shares (years)   -    - 
Average remaining expected life of stock options on Ordinary Shares (years)   6.10    6.40 
Schedule of Non-Vested Options

The following table illustrates the development of the Group’s non-vested options for the six months ended June 30, 2026 and for the year 2025.

 

   Options on Ordinary shares 
Non-vested options  Number of shares
under options		   Weighted-average
grant date
fair value
(USD)		 
Non-vested options as of December 31, 2024   
-
    
-
 
Granted   3,042,652    2.94 
Vested   3,041,165    2.93 
Non-vested forfeited or cancelled   
-
    
-
 
Non-vested options as of December 31, 2025   1,200    4.29 
Granted   1,230,670    3.45 
Vested   1,230,670    3.45 
Non-vested forfeited or cancelled   
-
    
-
 
Non-vested options as of June 30, 2026   1,200    4.29 

 

    Options on F shares 
Non-vested options   Number of shares
under options		    Weighted-average
grant date
fair value
(USD)		 
Non-vested options as of December 31, 2024   -    
-
 
Granted   
-
    
-
 
Vested   
-
    
-
 
Non-vested forfeited or cancelled   
-
    
-
 
Non-vested options as of December 31, 2025   
-
    
-
 
Granted   
-
    
-
 
Vested   
-
    
-
 
Non-vested forfeited or cancelled   
-
    
-
 
Non-vested options as of June 30, 2026   
-
    
-
 

The following tables summarize the Group’s stock option activity for the six months ended June 30, 2026 and the year ended December 31, 2025.

 

Options on Ordinary shares  SEAL Ordinary
Shares under
options		   Weighted-average
exercise price
(USD)		   Weighted average
remaining contractual term
(in years)		   Aggregate
intrinsic value
(USD)		 
Outstanding as of December 31, 2024   245,165    0.01    6.65    1,505,313 
Of which vested   245,165    0.01    6.65    1,505,313 
Granted   3,042,652    0.01    -    
-
 
Exercised or converted   (2,647,019)   0.01    -    9,471,366 
Forfeited or cancelled   (65,774)   0.01    -    
-
 
Outstanding as of December 31, 2025   575,024    0.04    6.14    2,152,900 
Of which vested   573,824    0.04    6.14    2,148,376 
Granted   1,230,670    0.02    -    
-
 
Exercised or converted   (1,588,536)   0.01    -    5,203,593 
Forfeited or cancelled   (6,000)   2.50    -    
-
 
Outstanding as of June 30, 2026   211,158    0.08    5.38    648,096 
Of which vested   209,958    0.08    5.38    644,328 

 

Options on F shares  F shares
under options		   Weighted-average
exercise price
(USD)		   Weighted average
remaining contractual term
(in years)		   Aggregate
intrinsic value
(USD)		 
Outstanding as of December 31, 2024        -    
       -
            -    - 
Of which vested   -    
-
    -    
-
 
Granted   -    
-
    -    
-
 
Exercised or converted   -    
-
    -    
-
 
Outstanding as of December 31, 2025   
-
    
-
    
-
    
-
 
Of which vested   -    
-
    -    
-
 
Granted   -    
-
    -    
-
 
Exercised or converted   -    
-
    -    
-
 
Outstanding as of June 30, 2026   
-
    
-
    
-
    
-
 
Of which vested   -    
-
    -    
-
 
Schedule of Stock-Based Compensation Expenses

Summary of stock-based compensation expenses

 

Stock-based compensation expenses  Unaudited
6 months ended June 30,		 
USD’000  2026   2025 
In relation to the Ordinary Share Option Plan   3,970    9,935 
In relation to the F Share Option Plan   
-
    
-
 
Total   3,970    9,935 

 

Stock-based compensation expenses are recorded under the following expense categories in the income statement.

 

Stock-based compensation expenses  Unaudited
6 months ended June 30,		 
USD’000  2026   2025 
Research & development expenses   676    1,834 
Selling & marketing expenses   502    3,134 
General & administrative expenses   2,792    4,967 
Total   3,970    9,935