v3.25.4

Equity and Stock Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-based Compensation Expenses Included in Consolidated Statements of Operations and Comprehensive Loss | The following table presents stock-based compensation expenses included in our consolidated statements of operations and comprehensive loss (in thousands):
|  | For the Year Ended December 31, |
|  | 2025 |  |  | 2024 |
Research and development |  |  | 191 |  |  |  | 156 |
Selling and marketing |  |  | 69 |  |  |  | 63 |
General and administrative |  |  | 908 |  |  |  | 913 |
Stock-based compensation expense |  | $ | 1,168 |  |  | $ | 1,132 |
Schedule of Specific Assumptions Used to Determine the Fair Value of Options Granted Using the Black Scholes Valuation Model | Specific assumptions used to determine the fair value of options granted using the Black-Scholes valuation model were as follows:
|  | Year ended December 31, |  | Year ended December 31, |
|  | 2025 |  | 2024 |
Expected term (1) |  | 3.75-6.08 years |  | 6.25 years |
Expected volatility factor (2) |  | 55-60% |  |  | 53 | %
Risk-free interest rate (3) |  | 3.7-4.4% |  |  | 4.2 | %
Expected annual dividend yield |  | n/a |  | n/a |
(1) The expected term for each grant was determined based on the simplified method. (2) The expected volatility for each grant is estimated based on an average of historical volatility over the expected term of the stock options. (3) The risk-free interest rate for each grant is based on the U.S. Treasury yield curve in effect at the time of grant for a period equal to the expected term of the stock option.
Schedule of Total Restricted Stock Units Outstanding | Total restricted stock units outstanding at December 31, 2025 and 2024 were as follows:
|  | 2025 |  |  | 2024 |
Unvested at beginning of the year |  |  | 88,408 |  |  |  | 97,107 |
Granted |  |  | 771,184 |  |  |  | 284,814 |
Issued |  |  | (365,455 | ) |  |  | (173,513 | )
Forfeited or canceled |  |  | - |  |  |  | (120,000 | )
Unvested at year end |  |  | 494,137 |  |  |  | 88,408 |
Summary of Stock Option Transactions for Fixed Stock Option Plan | Total options outstanding at December 31, 2025 and 2024 were as follows:
|  | 2025 |  |  | 2024 |
|  | Options |  |  | Weighted Average Exercise Price |  |  | Options |  |  | Weighted Average Exercise Price |
Outstanding at beginning of year |  |  | 1,575,089 |  |  | $ | 2.27 |  |  |  | 2,260,000 |  |  | $ | 4.88 |
Granted (1) |  |  | 1,613,322 |  |  |  | 1.73 |  |  |  | 1,573,073 |  |  |  | 2.14 |
Exercised |  |  | (4,000 | ) |  |  | 2.21 |  |  |  | - |  |  |  | - |
Forfeited or cancelled (1) |  |  | (794,736 | ) |  |  | 2.12 |  |  |  | (2,257,984 | ) |  |  | 4.80 |
Outstanding at end of year |  |  | 2,389,675 |  |  | $ | 1.96 |  |  |  | 1,575,089 |  |  | $ | 2.27 |
Exercisable at year end |  |  | 465,381 |  |  | $ | 2.60 |  |  |  | 644,082 |  |  | $ | 2.51 |
(1) Includes 933,073 options granted and 2,180,000 cancelled pursuant to the Exchange Offer during the year ended 2024.
Summary of Stock Options Outstanding | The following table summarizes the stock options outstanding at December 31, 2025:
|  | Options Outstanding |  |  | Options Exercisable |
Exercise Price Range |  | Number |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Number |  |  | Weighted Average Exercise Price |
$1 to $2 |  |  | 1,399,802 |  |  | $ | 1.68 |  |  |  | 8.20 |  |  |  | — |  |  | $ | — |
$2 to $3 |  |  | 909,873 |  |  | $ | 2.13 |  |  |  | 7.68 |  |  |  | 385,381 |  |  | $ | 2.15 |
$4 to $5 |  |  | 80,000 |  |  | $ | 4.73 |  |  |  | 5.15 |  |  |  | 80,000 |  |  | $ | 4.73 |
|  |  | 2,389,675 |  |  | $ | 1.96 |  |  |  | 7.90 |  |  |  | 465,381 |  |  | $ | 2.60 |

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