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Stock-Based Compensation (Tables)

9 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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