Annual report [Section 13 and 15(d), not S-K Item 405]

SHARE-BASED COMPENSATION (Tables)

v3.25.4
SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2025
SHARE-BASED COMPENSATION  
Schedule of unvested Class A membership interest converted

Year Ended

Stock Option

Number of

Exercise

December 31,

Issuance Date

Options

Price

2025

2024

June 2021

40,375

$

125.20

$

$

363,440

July 2021

77,500

123.60

981,833

January 2022

4,000

88.80

6,317

75,800

April 2022

1,500

75.80

7,170

21,511

February 2023

23,375

68.20

438,084

438,084

June 2023

2,500

55.00

53,600

February 2024

41,750

63.00

734,852

612,375

June 2024

3,000

47.60

55,260

55,260

January 2025

1,500

15.54

5,718

February 2025

32,275

15.96

Total

227,775

$

1,247,401

$

2,601,903

Schedule of fair value of options assumptions

Years Ended

December 31,

2025

2024

Expected term

5.0

years

6.7

years

Volatility

102

%

103

%

Dividend yield

%

%

Risk-free interest rate

4.25

%

4.28

%

Weighted average grant date fair value

$

12.33

$

51.80

Schedule of stock option activity

Weighted

Average

Weighted

Remaining

Aggregate

Number of

  ​ ​ ​

Average

Contractual Term

Intrinsic

Options

  ​ ​ ​

Exercise Price

(in years)

Value

Outstanding, vested and expected to vest at December 31, 2024

194,000

 

$

101.07

7.36

 

$

Granted

33,775

15.94

9.08

Exercised

Forfeited

Outstanding, vested and expected to vest at December 31, 2025

227,775

$

88.45

6.76

$

Exercisable

209,199

$

90.91

6.55

$