v3.26.1
STOCK BASED COMPENSATION
 6 Months Ended
Jun. 30, 2026
STOCK BASED COMPENSATION  
STOCK BASED COMPENSATION

NOTE 6 – STOCK BASED COMPENSATION

The following table summarizes stock option activities:

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Weighted

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Weighted

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ADS

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Average

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Average

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Underlying

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Exercise

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Contractual

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Options

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Price

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Terms

Outstanding at December 31, 2025

 

215,957

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$

42.83

 

9.30

Granted

 

809,661

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​

7.37

 

—

Outstanding at June 30, 2026

 

1,025,618

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$

14.84

 

9.43

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Exercisable options at June 30, 2026

 

42,069

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$

148.08

 

8.62

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The intrinsic value of outstanding options at June 30, 2026 was $0.

Stock options granted during the six months ended June 30, 2026 were valued using the Black-Scholes option-pricing model with the following weighted average assumptions:

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June 30, 

 

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2026

 

Expected volatility

 

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118.7

%

Risk-free interest rate

 

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4.0

%

Expected dividend yield

 

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0.0

%

Expected life of options in years

 

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6.4

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Exercise Price

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$

7.37

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Fair value of common stock

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$

7.37

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Estimate fair value of option

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$

6.51

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Stock based compensation expense was approximately $532,000 ($280,000 included in research and development expense and $252,000 included in general and administrative expenses) in the three months ended June 30, 2026. Stock based compensation expense was approximately $977,000 ($502,000 included in research and development expense and $475,000 included in general and administrative expenses) in the six months ended June 30, 2026.

Stock based compensation expense was approximately $321,000 ($86,000 included in research and development expense and $235,000 included in general and administrative expenses) in the three months ended June 30, 2025 and approximately $682,000 ($206,000 included in research and development expense and $476,000 included in general and administrative expenses) in the six months ended June 30, 2025.

At June 30, 2026, the total unrecognized compensation expense related to non-vested options was approximately $6.8 million and is expected to be recognized over the remaining weighted average service period of approximately 3.47 years.