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STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2026
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

NOTE 7 – STOCK-BASED COMPENSATION

 

During the six months ended June 30, 2026, the Company issued compensatory warrants to a newly appointed director. These warrants are equity‑classified and measured at fair value on the grant date. The warrants vest over 24 months in different tranches and have four different exercise prices. Because exercise prices significantly exceeded the fair value of the common stock on the grant date, they contain an implicit market condition. The Company used the graded vesting method to attribute expenses associated with the award.

 

For the six months ended June 30, 2026, the Company recognized a total stock-based compensation expense of $3.9 million related to the outstanding compensatory warrants. As of June 30, 2026, total unrecognized compensation cost related to nonvested warrants was $7.6 million, which is expected to be recognized over a weighted average remaining vesting period of 1.06 years.

 

The following table summarizes warrant activity for the period ended June 30, 2026: 

 

 

 

Number of

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

Weighted

 

 

 

Issuable

 

 

Weighted

 

 

Average

 

 

 

Upon

 

 

Average

 

 

Remaining

 

 

 

Exercise of

 

 

Exercise

 

 

Contractual

 

 

 

Warrants

 

 

Price

 

 

Life (years)

 

Outstanding on December 31, 2025

 

 

7,887,456

 

 

$5.95

 

 

 

 

Issued

 

 

207,565

 

 

 

6.07

 

 

 

 

Exercised

 

 

-

 

 

 

 

 

 

 

 

Expired

 

 

-

 

 

 

 

 

 

 

 

Outstanding on June 30, 2026

 

 

8,095,021

 

 

$5.95

 

 

 

4.09

 

Exercisable on June 30, 2026

 

 

4,462,640

 

 

$5.96

 

 

 

4.08