Quarterly report [Sections 13 or 15(d)]

Stock-Based Compensation (Tables)

v3.25.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Stock Option Activity
Stock option activity for the nine months ended September 30, 2025 was as follows: 
Common Stock Options Number of
Options		 Exercise
Price
Per
Share		 Weighted Average Exercise Price Weighted
Average
Remaining
Life		 Aggregate
Intrinsic
Value
Outstanding, December 31, 2024 2,752,962  $0.71 — $3.93 $ 1.14  6.70 years $ 1,348,684 
Granted
 279,836  $2.14 — $8.61 $ 7.60 
Exercised
 (547,654) $0.71 — $3.93 $ 1.20  $ 4,166,480 
Canceled and forfeited
 (110,600) $0.71 — $3.48 $ 0.95 
Outstanding, September 30, 2025 2,374,544  $0.71 — $8.61 $ 1.90  6.06 years $ 16,412,063 
Exercisable, September 30, 2025 1,480,958  $ 1.24  $ 11,217,693 
Vested and expected to vest, September 30, 2025 2,240,506  $ 1.83    $ 15,632,907 
We used a forfeiture rate of 15% to calculate the shares which are expected to vest in the table above. We use the Black-Scholes option pricing model to determine the fair value of stock options granted as of the date of grant. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on the average volatility of four comparable publicly traded companies. The average expected life was estimated using the simplified method to determine the expected life based on the vesting period and contractual terms, since we do not have the necessary historical exercise data to determine an expected life for stock options. We use a single weighted-average expected life to value option awards and recognize compensation on a straight-line basis over the requisite service period for each separately vesting portion of the awards. The risk-free interest rate is based on U.S. Treasury zero-coupon issues
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The weighted average assumptions used in the Black-Scholes option pricing model for options granted in nine months ended September 30, 2025 and 2024 are as follows:
Stock Option Award Assumptions September 30, 2025 September 30, 2024
Expected dividend yield —% —%
Expected life 6.25 years 6.25 years
Risk-free interest rate 4.10% 4.28%
Expected volatility 44.32% 40.17%