Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Weighted Average Grant Fair Value of Stock Options Using Black-Scholes Option-Pricing Model |
The
following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the
grant-date fair value of stock options granted during the years ended December 31, 2025 and 2024:
Schedule of Weighted Average Grant Fair Value of Stock Options Using Black-Scholes Option-Pricing Model
| | |
Year Ended December 31, | |
| | |
2025 | | |
2024 | |
| Risk-free interest rate | |
| 3.9 | % | |
| 4.4 | % |
| Expected term (in years) | |
| 5.3 | | |
| 5.7 | |
| Expected volatility | |
| 98.1 | % | |
| 104.9 | % |
| Expected dividend yield | |
| — | | |
| — | |
|
| Schedule of Stock Option Activity |
The
following table summarizes option activity with service conditions under the 2021 Plan and the 2017 Plan:
Schedule of Stock Option Activity
| | |
Options | | |
Weighted Average Exercise Price | | |
Weighted Average Contract Term (years) | | |
Aggregate Intrinsic Value | |
| Outstanding at January 1, 2025 | |
| 3,961,525 | | |
$ | 27.27 | | |
| 6.4 | | |
$ | 16 | |
| Granted | |
| 931,336 | | |
| 1.50 | | |
| | | |
| | |
| Exercised | |
| (38,430 | ) | |
| 2.80 | | |
| | | |
| | |
| Forfeited/Expired | |
| (912,671 | ) | |
| 15.63 | | |
| | | |
| | |
| Outstanding at December 31, 2025* | |
| 3,941,760 | | |
$ | 24.12 | | |
| 7.0 | | |
$ | — | |
| Vested and expected to vest at December 31, 2025 | |
| 3,941,760 | | |
$ | 24.12 | | |
| 7.0 | | |
$ | — | |
| Exercisable at December 31, 2025 | |
| 2,568,592 | | |
$ | 35.51 | | |
| 5.7 | | |
$ | — | |
| * |
Options
outstanding at December 31, 2025 under the 2021 Plan and 2017 Plan were 3,100,493 and 886,267, respectively. Options outstanding
at December 31, 2025 under the 2021 Plan include 45,000 awards with performance conditions (see below). |
|
| Schedule of Warrants Purchase Agreement |
Schedule of Warrants Purchase Agreement
| Tranche | |
Shares | | |
Exercise Price | | |
Vesting Conditions |
| 1 | |
| 600,000 | | |
$ | 3.00 | | |
50,000 warrants vest monthly from Feb 1, 2025, with the first 50,000 warrants vesting immediately upon execution. |
| 2 | |
| 200,000 | | |
$ | 5.00 | | |
Vest upon the closing of a specified transaction. |
| 3 | |
| 200,000 | | |
$ | 6.00 | | |
Vest upon the closing of the same transaction. |
| 4 | |
| 500,000 | | |
$ | 12.00 | | |
Vest ratably over 12 months from May 19, 2025. |
| | |
| 1,500,000 | | |
| | | |
|
|
| Schedule of Activity Related to RSU Stock-Based Payment Awards |
The
following table summarizes activity related to RSU stock-based payment awards under the 2021 Plan:
Schedule of Activity Related to RSU Stock-Based Payment Awards
| | |
Number of Shares | | |
Weighted Average Grant Date Fair Value | |
| Outstanding at January 1, 2025 | |
| 659,439 | | |
$ | 9.29 | |
| Granted | |
| 781,813 | | |
$ | 1.43 | |
| Vested | |
| (628,386 | ) | |
$ | 5.83 | |
| Forfeited | |
| (169,007 | ) | |
$ | 4.13 | |
| Outstanding at December 31, 2025 | |
| 643,859 | | |
$ | 4.48 | |
|
| Schedule of Stock-based Compensation Expense |
The
Company recorded stock-based compensation expense in the following expense categories of its consolidated statement of operations and
comprehensive loss:
Schedule
of Stock-based Compensation Expense
| | |
2025 | | |
2024 | |
| | |
Year Ended December 31, | |
| | |
2025 | | |
2024 | |
| Cost of revenues | |
$ | 287 | | |
$ | 450 | |
| Research and development | |
| 767 | | |
| 1,287 | |
| Selling, general and administrative | |
| 9,588 | | |
| 9,832 | |
| Stock-based
compensation expense | |
$ | 10,642 | | |
$ | 11,569 | |
| | |
| | | |
| | |
| Stock-based compensation due to stock options with service conditions | |
$ | 5,081 | | |
$ | 8,336 | |
| Stock-based compensation due to RSU’s, including director fees paid with
RSU’s of $264 | |
| 3,062 | | |
| 3,022 | |
| Stock-based compensation due to MCU’s | |
| 30 | | |
| 211 | |
Stock-based compensation due to October 2025 Consultant warrants market condition award | |
| 2,469 | | |
| — | |
| Stock-based
compensation expense | |
$ | 10,642 | | |
$ | 11,569 | |
|