v3.25.4
Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards Granted
The Company uses the Black-Scholes option pricing model to calculate the fair value of stock options granted. The fair value of stock options granted was estimated using the following assumptions during the years ended December 31, 2025, 2024 and 2023:
For the Year Ended December 31,
202520242023
Expected volatility
89.03% - 93.76%
96.84% - 108.61%
121.01% - 126.76%
Expected life of option, in years
5.5 - 6.1
5.5 - 6.1
5.5 - 6.1
Risk-free interest rate
3.68% - 4.13%
3.44% - 4.36%
3.42% - 4.61%
Expected dividend yield0.00%0.00%0.00%
Schedule of Stock Award Activity for the Period
The following table summarizes the activity related to the stock option awards for the year ended December 31, 2025 (in thousands, except per share amounts):
Number of SharesWeighted
Average Exercise Price
Aggregate Intrinsic Value (in thousands)
Awards outstanding at December 31, 2024705,593$35.85 
Granted409,06620.14 
Exercised(21,355)11.81 
Forfeited(58,350)16.98 
Expired(17,334)384.72 
Awards outstanding at December 31, 20251,017,620$25.18 $19,750 
Options exercisable at December 31, 2025404,640$35.25 $6,593 
Weighted average remaining contractual term6.9 Years
Options vested and expected to vest at December 31, 2025899,743$26.00 
Weighted average remaining contractual term8.0 Years 
Schedule of Compensation Expense Related to Grants of Stock Options
Compensation expense related to the grants of stock options is included in research and development and general and administrative expense as follows (in thousands):
202520242023
Research and development$1,124 $742 $425 
General and administrative2,651 2,015 1,153 
Total share-based compensation expense$3,775 $2,757 $1,578