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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Stock-Based Compensation [Abstract]

Schedule of Option Activity

The following table summarizes the Company’s option activity for the year ended December 31, 2025, 2024 and 2023 (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 January 1, 2023			9,165			$	3.51				4.2
Granted			5,340				1.38				5.0
Forfeited			(662	)			4.41				-
Balance as of December 31, 2023			13,843				2.64				3.7
Granted			830				0.92				5.0
Forfeited			(1,690	)			4.14				-
Balance as of December 31, 2024			12,983			$	2.34				2.9
Granted			1,630				11.09				4.7
Exercised			(7,204	)			2.30				-
Forfeited			(346	)			8.11				-
Balance as of December 31, 2025			7,063			$	4.11				2.6
Vested and exercisable as of December 31, 2025			4,563			$	3.68				2.3
Vested and exercisable as of December 31, 2024			9,646			$	2.66				2.7

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 years ended December 31, 2025 and 2024:

		Year Ended
		December 31,
		2025				2024
Exercise price		$	1.00 – 21.78			$	0.46 – 1.12
Risk-free interest rate			3.6  – 4.2	%			4.2 – 5.2	%
Expected volatility			130 – 138	%			90 – 105	%
Expected dividend yield			0	%			0	%
Expected life of options (in years)			5.0				5.0

Schedule of Exercise Price Range

The following table summarizes the exercise price range as of December 31, 2025 (in thousands):

Exercise Price		Outstanding Options				Exercisable Options
$0.00 – 1.00			610				390
$1.00 – 2.00			3,191				1,611
$2.00 – 3.00			1,260				1,260
$3.00 – 6.00			158				38
$6.00 – 8.00			962				937
$8.00 – 12.00			302				227
$12.00 – 22.00			580				100
			7,063				4,563

Schedule of Activity for Restricted Stock

The following table summarizes the Company’s activity for restricted stock tied to vesting schedules for the year ended December 31, 2025, 2024 and 2023 (in thousands):

		Number Outstanding				Weighted Average Fair Value
Unvested as of January 1, 2023			50			$	5.70
Granted			2,429				1.36
Vested			(1,046	)			1.48
Forfeited			(24	)			1.28
Unvested as of December 31, 2023			1,409				1.42
Granted			904				1.58
Vested			(1,049	)			1.82
Unvested as of December 31, 2024			1,264				1.20
Granted			150				10.95
Vested			(698	)			2.14
Forfeited			(16	)			0.67
Unvested as of December 31, 2025			700			$	5.62

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 consolidated statements of operations (in thousands):

		Year Ended December 31,
		2025				2024				2023
Research and development		$	2,701			$	4,024			$	2,080
Selling and marketing			214				301				(279	)
General and administrative			5,744				1,457				2,470
Total stock-based compensation		$	8,659			$	5,782			$	4,271

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