Note 11 – Share Based Awards

The Company’s Board of Directors has delegated authority to the Chief Executive Officer to grant stock options to employees who are not executive officers. Any issuance of restricted stock awards or restricted stock units must be approved by the Company’s Compensation Committee. Stock options are granted for employees on a monthly to quarterly basis. Restricted stock awards and restricted stock units are granted on a quarterly basis.

Stock Options

During the nine months ended September 30, 2026 and 2025, the Company’s Board of Directors approved the grant of 3,075,000 and 527,500, respectively of stock options under the Plan to certain employees. The stock options are subject to certain vesting provisions. Standard vesting on stock options have a six-month cliff vesting in which the first two quarters vest at the six-month mark and quarterly thereafter over a total of four years, however, certain stock options may have immediate vesting or shorter periods as approved. Stock options contractual term range from 5 to 10 years.

The following table presents the activity for stock options outstanding:

The range of assumptions used to calculate the fair value of options granted during the period ended September 30, 2026 was:

The total grant date fair value of stock options granted was $49,399,555 and $3,168,209 during the nine months ended September 30, 2026 and 2025, respectively. The Company recognized $3,253,087 and $714,731 in stock-based compensation expense related to stock options during the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, there was $47,948,404 of unrecognized stock-based compensation expense related to unvested stock options to be recognized over the remaining vesting term through 2032.

Restricted Stock

Restricted stock awards are equity grants in which the Company issues restricted common stock awards as of the grant date which are subject to certain vesting and clawback provisions. Restricted stock units are equity grants in which the Company issues a restricted stock unit subject to vesting requirements and common stock is not issued until the vesting requirements have been met. The following table presents the activity for restricted stock awards and restricted stock units outstanding:

The total value of restricted stock and restricted stock units was $14,733,972 and $13,021,600 granted during the nine months ended September 30, 2026 and 2025, respectively. The Company recognized $11,820,067 and $8,807,530 in stock-based compensation expense related to restricted stock and restricted stock units during the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, there was $7,627,584 of unrecognized stock-based compensation expense related to unvested restricted stock to be recognized over the remaining vesting term through 2030.

Warrants

The following table presents the activity for warrants outstanding as of September 30, 2026:

On January 9, 2026, 350,000 warrants were exercised related to the July 2025 Registered Direct Offering and the Company received proceeds of $3,395,000.