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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Stock-Based Compensation [Abstract] |
Schedule of Option Activity | The following table summarizes the Company’s option activity for the nine months ended September 30, 2025 (in thousands, except exercise price and contractual life data):
|  | Number Outstanding |  |  | Weighted Average Exercise Price per Share |  |  | Weighted Average Remaining Contractual Life (Years) |
Balance as of December 31, 2024 |  |  | 12,983 |  |  | $ | 2.34 |  |  |  | 2.9 |
Granted |  |  | 1,455 |  |  |  | 10.76 |  |  |  | 4.5 |
Exercised* |  |  | (7,168 | ) |  |  | 2.30 |  |  |  | - |
Forfeited |  |  | (342 | ) |  |  | 8.10 |  |  |  | - |
Balance as of September 30, 2025 |  |  | 6,928 |  |  | $ | 3.86 |  |  |  | 2.8 |
Vested and exercisable as of September 30, 2025 |  |  | 3,512 |  |  | $ | 3.92 |  |  |  | 2.4 |
* | The difference of 1,815 compared to the condensed consolidated statement of stockholders equity amount of 5,353 is a result of the Company’s policy to allow net exercise of options.
Schedule of Grant-Date Fair Value of Stock Options Granted | The following table presents the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the three and nine months ended September 30, 2025 and 2024:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Exercise price |  | $ | 15.24 – 20.21 |  |  | $ | 1.00 – 1.12 |  |  | $ | 1.00 – 20.21 |  |  | $ | 1.00 – 1.12 |
Risk-free interest rate |  |  | 3.6 – 4.1 | % |  |  | 5.2 – 5.2 | % |  |  | 3.6 – 4.2 | % |  |  | 5.2 – 5.2 | %
Expected volatility |  |  | 133.0 – 136.5 | % |  |  | 93.2 – 104.6 | % |  |  | 130.0 – 138.0 | % |  |  | 93.2 – 104.6 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected life of options (in years) |  |  | 5.0 |  |  |  | 5.0 |  |  |  | 5.0 |  |  |  | 5.0 |
Schedule of Exercise Price Range | The following table summarizes the exercise price range as of September 30, 2025 (in thousands, except exercise price data):
Exercise Price |  | Outstanding Options |  |  | Exercisable Options |
$0.00 - $1.00 |  |  | 75 |  |  |  | 45 |
$1.00 - $2.00 |  |  | 3,726 |  |  |  | 1,124 |
$2.00 - $3.00 |  |  | 1,295 |  |  |  | 1,287 |
$3.00 - $6.00 |  |  | 158 |  |  |  | 38 |
$6.00 - $8.00 |  |  | 967 |  |  |  | 742 |
$8.00 - $12.00 |  |  | 227 |  |  |  | 177 |
$12.00 - $15.00 |  |  | 30 |  |  |  | - |
$15.00 - $20.00 |  |  | 435 |  |  |  | 100 |
$20.00 - $21.00 |  |  | 15 |  |  |  | - |
|  |  | 6,928 |  |  |  | 3,513 |
Schedule of Activity for Restricted Stock | The following table summarizes the Company’s activity for restricted stock tied to vesting schedules for the nine months ended September 30, 2025 (in thousands):
|  | Number Outstanding |  |  | Weighted Average Fair Value |
Unvested as of December 31, 2024 |  |  | 1,264 |  |  | $ | 1.20 |
Granted |  |  | - |  |  |  | - |
Vested |  |  | (130 | ) |  |  | 0.67 |
Forfeited |  |  | (8 | ) |  |  | 0.67 |
Unvested as of September 30, 2025 |  |  | 1,126 |  |  | $ | 0.75 |
Schedule of Stock-Based Compensation Expense Related to Common Stock Options and Restricted Shares of Common Stock | The Company recognized stock-based compensation expense related to common stock options and restricted shares of common stock in the following expense categories of its condensed consolidated statements of operations (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 526 |  |  | $ | 562 |  |  | $ | 1,490 |  |  | $ | 1,761 |
Selling and marketing |  |  | 62 |  |  |  | 12 |  |  |  | 153 |  |  |  | 123 |
General and administrative |  |  | 2,484 |  |  |  | 189 |  |  |  | 4,593 |  |  |  | 796 |
Total stock-based compensation |  | $ | 3,072 |  |  | $ | 763 |  |  | $ | 6,236 |  |  | $ | 2,680 |
The Company recognized stock-based compensation expense for services in lieu of cash payments to certain consultants, including expenses for both shares issued and stock option awards granted, in the following expense categories of its consolidated statements of operations (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | - |  |  | $ | - |  |  | $ | 6 |  |  | $ | - |
Selling and marketing |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | - |
General and administrative |  |  | - |  |  |  | 2 |  |  |  | 2 |  |  |  | 21 |
Total stock-based compensation |  | $ | - |  |  | $ | 2 |  |  | $ | 18 |  |  | $ | 21 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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