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STOCK BASED COMPENSATION EXPENSE (Tables) | 12 Months Ended
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Dec. 31, 2025
STOCK BASED COMPENSATION EXPENSE |
Summary of RSUs subject to time-based vesting | The following table summarizes the activity related to RSUs subject to time-based vesting requirements for the year ended December 31, 2025:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | RSUs
​ | ​ | Number of Shares | ​ | ​ | Weighted Average Grant Date Fair Value
Non-vested as of January 1, 2025 | ​ | - | ​ | $ | -
Granted | ​ | 1,534,799 | ​ | ​ | 12.08
Vested | ​ | (330,926) | ​ | ​ | 14.33
Forfeited | ​ | (308,439) | ​ | ​ | 6.57
Non-vested as of December 31, 2025 | ​ | 895,434 | ​ | $ | 13.13
​
Summary of assumptions used to compute fair value of stock options granted | There were no options granted during the year ended December 31, 2025. The fair value of the stock options granted during the year ended December 31, 2024 was estimated on the grant date using the Black-Scholes valuation model with the following assumptions:
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | December 31, | ​
​ | ​ | ​ | 2024 | ​ ​ ​
Dividend yield | ​ | ​ ​ ​ | — | ​
Expected term | ​ |  | 5.0 - 6.1 years | ​
Risk-free interest rates | ​ | ​ | 1.0% - 4.5% | ​
Expected volatility | ​ | ​ | 54.9% - 66.4% | ​
​
Summary of the stock option plan and the changes during the period | A summary of the Company’s stock option plan and the changes during the year ended December 31, 2025 and 2024, are presented below:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | Weighted | ​ ​ ​ | ​ | ​ |
​ | ​ | ​ | ​ | Weighted | ​ | Weighted | ​ | Average | ​ | ​ | ​ |
​ | ​ | Number of | ​ | Average | ​ | Average | ​ | Remaining | ​ | Aggregate |
​ | ​ | Outstanding | ​ | Exercise | ​ | Grant Date | ​ | Contractual | ​ | Intrinsic |
​ | ​ | Options | ​ | Price | ​ | Fair Value | ​ | Years | ​ | Value |
Balance, January 1, 2024 |  | 948,464 | ​ | $ | 6.20 |  | ​ | ​ |  | 7.25 |  | ​ | ​ | ​
Granted |  | 5,059,228 | ​ | ​ | 2.57 | ​ | $ | 1.50 |  | ​ |  | ​ | ​ | ​
Forfeited | ​ | (6,769) | ​ | ​ | 2.57 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expired |  | (1,878) | ​ | ​ | 348.07 | ​ |  | ​ |  | ​ |  | ​ | ​ | ​
Exercised |  | (14,841) | ​ | ​ | 2.29 | ​ |  | ​ |  | ​ |  | ​ | ​ | ​
Balance, December 31, 2024 |  | 5,984,204 | ​ | $ | 3.04 | ​ |  | ​ |  | 8.00 |  | ​ | ​ | ​
Vested and Exercisable, December 31, 2024 |  | 5,554,326 | ​ | $ | 3.07 | ​ |  | ​ |  | 7.91 |  | ​ | ​ | ​
Vested and Expected to Vest, December 31, 2024 |  | 5,984,204 | ​ | $ | 3.04 | ​ |  | ​ |  | 8.00 |  | ​ | ​ | ​
Expired |  | (1,839) | ​ | ​ | 340.36 | ​ |  | ​ |  | ​ |  | ​ | ​ | ​
Forfeited | ​ | (28,435) | ​ | ​ | 2.46 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercised |  | (100,274) | ​ | ​ | 1.56 | ​ |  | ​ |  | ​ |  | ​ | ​ | ​
Balance, December 31, 2025 |  | 5,853,656 | ​ | $ | 3.00 | ​ |  | ​ |  | 7.00 | ​ | $ | — | (1)
Vested and Exercisable, December 31, 2025 |  | 5,834,573 | ​ | $ | 3.01 | ​ |  | ​ |  | 6.91 | ​ | $ | — | (1)
Vested and Expected to Vest, December 31, 2025 |  | 5,853,656 | ​ | $ | 3.00 | ​ |  | ​ |  | 7.00 | ​ | $ | — | (1)
(1) The Company’s closing stock price as of December 31, 2025 is $0.47 per share. As all outstanding options have an exercise price greater than the closing price, there does not exist any intrinsic value as of December 31, 2025. ​
Summary of stock-based compensation expense | Stock-based compensation included in the consolidated statements of operations for the year ended December 31, 2025 and 2024, are presented below:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ ​ ​ | 2024
Cost of goods sold | ​ | $ | 77 | ​ | $ | 130
Research and development | ​ | ​ | 388 | ​ | ​ | 802
Sales and marketing | ​ |  | 2,122 | ​ |  | 2,808
General and administrative | ​ |  | 4,533 | ​ | ​ | 3,995
Total stock-based compensation expense | ​ | $ | 7,120 | ​ | $ | 7,735
​

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