v3.25.4
Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Option Activity A summary of stock option activity for the year ended December 31, 2025 is as follows:

 

 

 

Options

 

 

Weighted
Average
 Exercise Price

 

 

Weighted
Average
Remaining
Contractual
Term (years)

 

 

Aggregate
Intrinsic Value

 

Balance as of December 31, 2024

 

 

598,540

 

 

$

7.08

 

 

 

9.00

 

 

 

 

Granted

 

 

11,174,201

 

 

 

0.61

 

 

 

 

 

 

 

Cancelled/forfeited

 

 

(125,814

)

 

 

4.50

 

 

 

 

 

 

 

Balance as of December 31, 2025

 

 

11,646,927

 

 

$

0.90

 

 

 

9.52

 

 

$

-

 

Vested and expected to vest at December 31, 2025

 

 

10,559,625

 

 

$

0.93

 

 

 

9.52

 

 

$

-

 

Exercisable at December 31, 2025

 

 

1,683,986

 

 

$

2.51

 

 

 

9.21

 

 

$

-

 

Weighted-average Assumptions The fair value of each option awarded during the years ended December 31, 2025 and 2024 was estimated on the date of grant using the Black-Scholes-Merton option valuation model based on the following weighted-average assumptions:

 

 

December 31,
2025

 

December 31,
2024

 

Expected term (years)

 

6.0

 

 

6.0

 

Risk-free interest rate

 

3.87

%

 

3.79

%

Expected volatility

 

149.6

%

 

120.6

%

Dividend yield

 

0

%

 

0

%

Resulting fair value

$

0.57

 

$

1.39

 

 

Summary of Restricted Stock Unit Activity

A summary of restricted stock unit activity for the year ended December 31, 2025 is as follows:

 

 

Shares

 

 

Weighted
Average
 Grant Date Fair Value

 

Unvested as of December 31, 2024

 

 

 

 

$

 

Granted

 

 

2,948,545

 

 

$

0.58

 

Vested

 

 

(219,193

)

 

$

0.57

 

Cancelled/forfeited

 

 

(91,764

)

 

$

0.57

 

Unvested as of December 31, 2025

 

 

2,637,588

 

 

$

0.58

 

Summary of Share-Based Compensation Recognized

The following table summarizes share-based compensation recognized during the years ended December 31, 2025 and 2024 in the statement of operations (in thousands):

 

 

 

Years ended December 31,

 

 

 

2025

 

 

2024

 

Research and development

 

$

46

 

 

$

51

 

General and administrative

 

 

1,494

 

 

 

499

 

Total share-based compensation

 

$

1,540

 

 

$

550