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Share Based Awards | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share Based Awards | Share Based Awards The 2019 Equity Incentive Plan (the “2019 Plan”) and the 2024 Omnibus Equity Incentive Plan (the “2024 Plan”) (collectively, the “Plans”) allow us to incentivize key employees, consultants, and directors with long term compensation awards such as stock options, restricted stock, and restricted stock units (collectively, the “Awards”). The number of shares issuable in connection with Awards under the 2019 Plan were not to exceed 11,750,000. However, no shares are issuable under the 2019 Plan after the 2024 Plan became effective on October 15, 2024. The number of shares issuable in connection with Awards under the 2024 Plan may not exceed 24,603,000 plus any underlying forfeited 2019 Plan awards. A.Options The range of assumptions used to calculate the fair value of options granted during the nine months ended September 30, 2025 was:
Exercise Price | $6.73 – 9.74
Stock price on date of grant | 6.73 – 9.74
Risk-free interest rate | 3.86 – 4.44%
Dividend yield | — |
Expected term (years) | 5.00 – 6.00
Volatility | 135.54 – 191.15%
A summary of options activity under the Plan since December 31, 2024 was:
| Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2024 | 5,645,325 |  |  | $ | 1.54 |  |  | 7.90 |  | $ | 59,779,836 |
Granted | 1,930,850 |  |  | 7.50 |  |  |  |  |
Exercised | (2,532,848) |  |  | 1.26 |  |  |  |  |
Forfeited or expired | (255,963) |  |  | 2.16 |  |  |  |  |
Outstanding as of September 30, 2025 | 4,787,364 |  |  | 3.93 |  |  | 8.24 |  | 30,745,797 |
Exercisable as of September 30, 2025 | 1,117,144 |  |  | $ | 1.62 |  |  | 5.80 |  | $ | 9,756,919 |
The aggregate intrinsic value of outstanding options represents the excess of the stock price at the indicated date over the exercise price of each option. As of September 30, 2025, there was $12,374,099 of unrecognized stock-based compensation expense related to unvested stock options which is expected to be recognized over the weighted average periods of 1.50 years. B.Restricted Stock A summary of restricted stock activity under the Plan since December 31, 2024 was:
| Shares |  | Weighted Average Grant-Date Fair Value Per Share
Unvested and outstanding as of December 31, 2024 | 1,544,027 |  |  | $ | 3.84 |
Granted | 817,242 |  |  | 7.03 |
Forfeited | (330,861) |  |  | 1.06 |
Unvested and outstanding as of September 30, 2025 | 2,030,408 |  |  | $ | 5.58 |
As of September 30, 2025, there was $7,397,640 of unrecognized stock-based compensation expense related to unvested restricted stock units which is expected to be recognized over the weighted average periods of 1.49 years. C.Stock Compensation Stock compensation expense for the nine months ended September 30 by functional operating expense was:
| 2025 |  | 2024
Research and development | $ | 747,363 |  |  | $ | 338,752 |
Sales and marketing | 2,036,318 |  |  | 311,164 |
General and administrative | 4,471,739 |  |  | 2,391,303 |
Total | $ | 7,255,420 |  |  | $ | 3,041,219 |
Stock compensation expense pertaining to options totaled $3,926,868 for the nine months ended September 30, 2025. Stock compensation expense pertaining to restricted stock totaled $3,328,552 for the nine months ended September 30, 2025. Stock compensation expense pertaining to options totaled $2,739,388 for the nine months ended September 30, 2024. Stock compensation expense pertaining to restricted stock totaled $301,831 for the three months ended September 30, 2024.

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