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Note 4 - Stock-based Compensation | 3 Months Ended
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Jun. 30, 2025
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | 4. Stock-Based Compensation The Company accounts for its stock-based compensation at fair value. The following table summarizes stock-based compensation expense by financial statement line item for the three months ended June 30, 2025, and 2024 (in thousands):
|  | Three Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Cost of revenues |  | $ | 340 |  |  | $ | 58 |
Research and development |  |  | 687 |  |  |  | 143 |
Selling, general and administrative |  |  | 3,499 |  |  |  | 1,028 |
Total |  | $ | 4,526 |  |  | $ | 1,229 |
The Company issued 880,000 shares of restricted stock and 39,445 shares of immediately vested common stock during the three months ended June 30, 2025. The Company issued 25,000 shares of restricted stock and 19,200 shares of immediately vested common stock during the three months ended June 30, 2024. These restricted stock awards generally vest over 2-3 years. Awards for restricted stock include both time-based and performance-based awards. For options and restricted stock awards that vest upon the passage of time, expense is being recorded over the vesting period. Performance-based awards are expensed over the requisite service period based on probability of achievement. The Company granted 2,112 stock options during the three months ended June 30, 2025. The Company granted no stock options during the three months ended June 30, 2024. The stock options granted during the three months ended June 30, 2025 will vest over 2 years. The estimated fair value of the Company’s stock-based awards, less expected annual forfeitures, is amortized over the awards’ service period. There were less than $0.1 million of unrecognized compensation costs for unvested stock options as of June 30, 2025. This expense will be recognized over a weighted average period of approximately 1.9 years. The total unrecognized compensation cost for unvested outstanding restricted stock was $31.4 million as of June 30, 2025. This expense will be recognized over a weighted-average expense period of approximately 2.1 years. The weighted average assumptions used in the Black Scholes valuation model for stock options granted during the three months ended June 30, 2025 are as follows:
|  | Three Months Ended June 30, |
|  | 2025 |
Expected volatility |  |  | 74.01 | %
Risk-free interest rate |  |  | 4.19 | %
Expected life (years) |  |  | 6.31 |
Dividend yield |  | None |

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