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Equity Incentive Plans and Warrants

3 Months Ended

Mar. 31, 2026

Equity Incentive Plans and Warrants [Abstract]

(10)

Equity Incentive Plans and Warrants

In June 2021, in connection with the IPO, the 2021 Equity Incentive Plan (2021 Plan) became effective, which was adopted by the Board of Directors in February 2021 and approved by stockholders in March 2021. As of March 31, 2026, approximately 5,233,948 shares were reserved for future issuance under the Company’s stock plans for stock options and RSUs.

Stock-Based Awards

(a) Stock Option Plans

Activity under the Company’s stock option plans for the three months ended March 31, 2026 was as follows:


	Number of options			Weighted average exercise price		Aggregate Intrinsic Value
Outstanding at December 31, 2025	3,830,391		$	1.47		92,127
Granted	45,200			0.60
Forfeited	(623,322	)		1.36
Outstanding at March 31, 2026	3,252,269		$	1.48	$	—

Vested and exercisable at March 31, 2026	1,904,941		$	1.85	$	—

The intrinsic value represents the amount by which the market price of the underlying stock at March 31, 2026 exceeds the exercise price of an option.

(b) Inducement Grants

Since 2023, the Company has granted inducement grants, a stock option grant to certain employees for the right to purchase shares, which were approved by the Compensation Committee. The inducement grants vest in equal installments over four years provided the employee remains employed by the Company on the vesting date. In the first quarter of 2026, 335,000 options were granted and 37,500 options were forfeited.

The inducement grants are summarized as follows:


	Number of options			Weighted average exercise price	Weighted average remaining life years
Outstanding at December 31, 2025	137,500		$	2.52	4.53
Granted	335,000			0.46	9.94
Forfeited	(37,500	)		1.32	—
Outstanding at March 31, 2026	435,000		$	1.04	9.02

Vested and exercisable at March 31, 2026	100,000		$	2.97	5.91

The Black-Scholes weighted- average assumptions for stock option awards granted in the first quarter of 2026 was as follows:


	Three Months Ended March 31, 2026
		2021 Plan		Inducement Grants
Fair Value of Awards	$	0.47		0.37
Grant Price	$	0.6		0.46

Expected term (in years)		6.06		6.25
Risk‑free interest rate		3.89	%	3.83	%
Dividend yield		—	%	—	%
Expected volatility		95.8	%	96.84	%

No options were exercised for the three months ended March 31, 2026 under our stock option plans.

Restricted stock units were granted to employees in the first quarter of 2026 with service-based vesting conditions. Related activity during the three months ended March 31, 2026 was as follows:


	Number of RSUs			Weighted average grant date fair value
Outstanding at December 31, 2025	—		$	—
Granted	1,435,000			0.54
Forfeited	(5,000	)		0.52
Outstanding at March 31, 2026	1,430,000		$	0.54

(d) Share-Based Compensation Expense

The following table shows the share-based compensation expense related to vested stock option and RSU grants to employees and nonemployees by financial statement line item on the accompanying condensed statements of comprehensive loss:


		Three Months Ended March 31,
		2026	2025
Research and development	$	28,937	136,924
Sales and marketing		15,924	(10,431	)
General and administrative		106,747	240,744
Total share-based compensation expense	$	151,608	367,237

Stock-based compensation expense by award type during the three months ended March 31, 2026 and 2025 was as follows:


	Three Months Ended March 31,
		2026	2025
Stock options	$	106,875	367,237
Restricted stock units		44,733	—
Total share-based compensation expense	$	151,608	367,237

As of March 31, 2026, the remaining share-based compensation expense for stock options that are expected to be recognized in future periods for employees and nonemployees is $980,179, over a weighted average period of 2.6 years.

As of March 31, 2026, the remaining share-based compensation expense for RSUs that is expected to be recognized in future periods for employees is $730,997, over a weighted average period of 3.0 years.

(e) Employee Stock Purchase Plan (ESPP)

For the three months ended March 31, 2026, no shares of common stock were issued under the Company’s ESPP Plan. As of March 31, 2026, the total number of shares of common stock reserved for future awards under the ESPP was 1,214,760.