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Shareholders' Equity and Share Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Shareholders' Equity and Share Based Compensation | 14. SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION Share-based compensation Share-based compensation expense was $1,014 and $1,282 for the three and nine months ended September 30, 2025, respectively, and $875 and $3,476 for the three and nine months ended September 30, 2024, respectively. Stock option activity for the nine months ended September 30, 2025 was as follows:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2024 |  |  | 6,968,409 |  |  | $ | 3.30 |  |  |  | 6.79 |  |  | $ | 90 |
Granted |  |  | 450,000 |  |  | $ | 0.76 |  |  |  | 4.55 |  |  | $ | — |
Exercised |  |  | (431,831 | ) |  | $ | 0.97 |  |  |  |  |  |  |
Forfeited/expired |  |  | (93,834 | ) |  | $ | 3.39 |  |  |  |  |  |  |
Outstanding at September 30, 2025 |  |  | 6,892,744 |  |  | $ | 3.28 |  |  |  | 5.75 |  |  | $ | 9,535 |
Exercisable at September 30, 2025 |  |  | 4,592,752 |  |  | $ | 4.44 |  |  |  | 5.42 |  |  | $ | 4,558 |
Restricted shares activity for the nine months ended September 30, 2025 was as follows:
|  | Number of Restricted Stock Grants |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2024 |  |  | 700,860 |  |  | $ | 0.86 |
Granted |  |  | 2,812,740 |  |  |  | 0.67 |
Vested and issued |  |  | (306,120 | ) |  |  | 0.37 |
Forfeited |  |  | (73,566 | ) |  |  | 0.60 |
Outstanding at September 30, 2025 |  |  | 3,133,914 |  |  | $ | 0.68 |
Exercisable at September 30, 2025 |  |  | — |  |  | $ | - |
Share buyback program On September 29, 2025, the Board of Directors authorized a $10 million share repurchase for up to 5,687,000 of the Company’s outstanding common stock. Such purchases may be made on the open market, in private transactions and/or pursuant to purchase plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. As of September 30, 2025, there have been no shares purchased since the authorization of the share buyback program. Warrants Warrant activity for the nine months ended September 30, 2025 was as follows:
|  | Number of Shares Underlying the Warrants |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |
Outstanding at December 31, 2024 |  |  | 18,350,000 |  |  | $ | 1.65 |  |  |  | 3.50 |
Exercised |  |  | (1,895,100 | ) |  | $ | 1.65 |  |  |  |
Issued |  |  | — |  |  | $ | - |  |  |  | - |
Expired |  |  | — |  |  | $ | - |  |  |  | - |
Outstanding at September 30, 2025 |  |  | 16,454,900 |  |  | $ | 1.65 |  |  |  | 2.75 |

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