| Schedule of Stock Option, Activity |
The following is a summary of stock option activity during the nine months ended September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
options
outstanding |
|
|
Weighted
average
exercise
price |
|
|
Average
remaining
contractual life
(in years) |
|
|
Aggregate
intrinsic value
(in thousands) |
|
Outstanding – December 31, 2025 |
|
|
9,119,589 |
|
|
$ |
2.15 |
|
|
|
7.85 |
|
|
$ |
4,305 |
|
Options granted |
|
|
969,663 |
|
|
|
1.37 |
|
|
|
|
|
|
|
Options exercised |
|
|
(35,000 |
) |
|
|
0.31 |
|
|
|
|
|
|
|
Options cancelled |
|
|
(311,754 |
) |
|
|
1.51 |
|
|
|
|
|
|
|
Outstanding – September 30, 2026 |
|
|
9,742,498 |
|
|
$ |
2.10 |
|
|
|
6.34 |
|
|
$ |
52 |
|
Exercisable – September 30, 2026 |
|
|
7,363,404 |
|
|
|
2.17 |
|
|
|
5.69 |
|
|
|
52 |
|
|
| Schedule of Assumptions Used to Estimate Grant Date Fair Value Per Option |
For the nine months ended September 30, 2026 and 2025, the assumptions used in the Black-Scholes option pricing model, which was used to estimate the grant date fair value per option, were as follows:
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|
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|
|
|
|
|
|
Nine months ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
Weighted-average Black-Scholes option pricing model assumptions: |
|
|
|
|
|
|
Volatility |
|
110.11% - 111.87% |
|
|
111.06% - 121.54% |
|
Expected term (in years) |
|
5.25 - 6.08 |
|
|
5.00 - 6.08 |
|
Risk-free rate |
|
3.69% - 4.24% |
|
|
3.74% - 4.41% |
|
Expected dividend yield |
|
|
— |
|
|
|
— |
|
Weighted average grant date fair value per share |
|
$0.65 - $1.23 |
|
|
$0.98 - $1.99 |
|
|
| Schedule of Nonvested Restricted Stock Units Activity |
The following is a summary of RSU awards activity during the nine months ended September 30, 2026:
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|
|
|
|
|
|
|
|
Nine months ended September 30, 2026 |
|
|
|
Numbers of Shares |
|
|
Weighted Average Grant Date Fair value |
|
Non-Vested at beginning of period |
|
|
457,522 |
|
|
$ |
1.30 |
|
Shares granted |
|
|
1,505,731 |
|
|
|
0.68 |
|
Shares vested |
|
|
(1,902,770 |
) |
|
|
0.81 |
|
Shares cancelled |
|
|
(60,483 |
) |
|
|
1.24 |
|
Non-vested at the end of period |
|
|
— |
|
|
$ |
— |
|
|
| Schedule of Stock-Based Compensation |
The following is a summary of stock-based compensation expense (rounded):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, |
|
|
Nine months ended
September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Selling, general and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
Stock option expense |
|
$ |
350,000 |
|
|
$ |
501,900 |
|
|
$ |
2,016,000 |
|
|
$ |
1,092,900 |
|
RSU expense |
|
|
14,000 |
|
|
|
237,100 |
|
|
|
359,000 |
|
|
|
503,600 |
|
Total Selling, general and administrative expense |
|
|
364,000 |
|
|
|
739,000 |
|
|
|
2,375,000 |
|
|
|
1,596,500 |
|
Research and development |
|
|
|
|
|
|
|
|
|
|
|
|
Stock option expense |
|
|
392,000 |
|
|
|
694,300 |
|
|
|
1,269,000 |
|
|
|
2,106,800 |
|
RSU expense |
|
|
181,000 |
|
|
|
— |
|
|
|
211,000 |
|
|
|
16,500 |
|
Total research and development expense |
|
|
573,000 |
|
|
|
694,300 |
|
|
|
1,480,000 |
|
|
|
2,123,300 |
|
Total Stock Based Compensation Expense |
|
$ |
937,000 |
|
|
$ |
1,433,300 |
|
|
$ |
3,855,000 |
|
|
$ |
3,719,800 |
|
|