As of September 30, 2026, the Company had four stock-based compensation plans, which are described more fully in Note 16 – Stockholders' Equity - Stock-Based Compensation Plans of the Company's audited consolidated financial statements for the year ended December 31, 2025 contained in the Company’s Form 10-K.

During the nine months ended September 30, 2026, the Company issued options to purchase 1,160,000 shares of common stock to certain of the Company’s employees and canceled 45,000 options to purchase common stock as a result of employee resignations. During the same period, the Company issued 15,926 shares of common stock pursuant to the cashless exercise of options to purchase 52,125 shares of common stock.

The following summarizes the changes in common stock options for the nine months ended September 30, 2026:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (In thousands)
Outstanding as of December 31, 2025		2,172,600		$	1.76		5.1	$	408
Granted		1,160,000		$	1.28
Exercised		(52,125	)	$	0.60
Forfeited		(45,000	)	$	0.70
Outstanding as of September 30, 2026		3,235,475		$	1.62		6.2	$	402

Options exercisable as of September 30, 2026		1,854,225		$	1.73		4.1	$	379

The Company recognized stock-based compensation expense related to common stock options of $0.4 million for both the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, there was approximately $1.0 million of unrecognized stock-based compensation expense related to unvested common stock options outstanding, which is expected to be recognized over a weighted average period of 1.7 years.

Restricted stock awards represent a right to receive shares of common stock at a future date determined in accordance with the participant’s award agreement. There is no exercise price and no monetary payment required for receipt of restricted stock awards or the shares issued in settlement of the award. Instead, consideration is furnished in the form of the participant’s services to the Company. Compensation cost for these awards is based on the fair value of the shares of common stock on the date of grant and recognized as compensation expense on a straight-line basis over the requisite service period.

The following summarizes the restricted stock awards and related stock-based compensation expense (in thousands, except share count and award fair value):


	Grant Date	Vesting Date	Restricted Stock Granted		Per Share Grant Date Fair Value		Compensation Expense for the nine months ended September 30,				Unrecognized Compensation Expense as of,
	Grant Date	Vesting Date	Restricted Stock Granted		Per Share Grant Date Fair Value		2025		2026		September 30, 2026
Employees	March 7, 2024	March 7, 2025		128,044	$	2.93		67		—		—
Non-executive directors	March 7, 2024	March 7, 2025		75,000	$	2.93		40		—		—
Employees	January 1, 2025	December 31, 2028 [1]		125,000	$	1.85		43		43		130
Employees	March 6, 2025	March 6, 2026		68,051	$	2.11		82		26		—
Non-executive directors	March 6, 2025	March 6, 2026		100,000	$	2.11		120		38		—
Non-executive directors	March 5, 2026	March 5, 2027 [2]		100,000	$	1.30		—		74		56
Total							$	352	$	181	$	186

[1] These restricted stock awards vest 25% annually over four years, until fully vested on December 31, 2028.

[2] These restricted stock awards vest 25% quarterly over one year, until fully vested on March 5, 2027.

The Company determined the fair value of the shares awarded by using the closing price of our common stock as of the grant date. Stock-based compensation expense related to the restricted stock awards was approximately $0.2 million and $0.4 million for the nine months ended September 30, 2026 and 2025, respectively. The unrecognized stock-based compensation expense as of September 30, 2026 was approximately $0.2 million, which is expected to be recognized over a weighted average period of 1.6 years.