Quarterly report [Sections 13 or 15(d)]

Share-based Compensation (Tables)

v3.25.3
Share-based Compensation (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Information about Incentive Plan

The following table contains information about the 2019 Plan as of September 30, 2025:

 

    Awards Reserved     Awards     Awards     Awards Available  
    for Issuance     Issued     Exercised     for Grant  
2019 Plan(1)     1,651,429       1,134,407       173,548       547,022  
Awards issued outside of 2019 Plan(2)     -       100,821       92,113       -  

 

(1) Includes incentive stock options and restricted stock units discussed below.
(2) Includes shares of restricted common stock granted outside of the 2019 Plan to our Chief Executive Officer.
Schedule of Incentive Stock Option Activity

The following table summarizes the Company’s incentive stock option activity and related information for the period ended September 30, 2025:

 

                Weighted  
          Weighted     Average  
          Average     Contractual  
    Number of     Exercise     Term in  
    Options     Price     Years  
Outstanding at January 1, 2025     588,397     $ 2.67       7.81  
Granted     400,000       3.26       8.13  
Exercised     (6,458 )     2.05        
Forfeited                  
Cancelled     (58,542 )     2.01        
Expired     (14,286 )     5.25        
Outstanding at September 30, 2025     909,111     $ 2.94       7.29  
Exercisable at September 30, 2025     436,611     $ 2.24       7.18  
Schedule of Assumptions used in Share-based Compensation

The following assumptions were used to calculate share-based compensation expense for the nine months ended September 30, 2025:

 

    2025  
Volatility     76.26-108.75 %
Risk-free interest rate     3.83-4.38 %
Dividend yield     0.0 %
Expected term     5.00-5.5 years  
Schedule of Restricted Stock Units Granted

 

          Weighted  
          Average  
    Number of     Grant Date  
    Units     Fair Value  
Outstanding at January 1, 2025     55,874     $ 2.16  
Granted     45,198       3.57  
Exercised and converted to common shares     (39,116 )     3.39  
Forfeited     (1,500 )     2.72  
Outstanding at September 30, 2025     60,456     $ 2.41  
Exercisable at September 30, 2025     15,928     $ 2.17  
Schedule of Common Stock Warrants

The following table shows a summary of common stock warrants through September 30, 2025:

 

          Weighted     Weighted  
          Average     Average  
    Number of     Exercise     Contractual  
    Warrants     Price     Term in Years  
Outstanding at January 1, 2025     4,765,205     $ 5.18       2.42  
Granted     262,392       4.25       5.00  
Exercised                  
Forfeited                  
Cancelled                  
Expired                  
Outstanding at September 30, 2025     5,027,597     $ 5.13       1.84  
Exercisable at September 30, 2025     5,027,597     $ 5.13       1.84