Stock-based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Stock-based Compensation [Abstract] |
|
| Stock-Based Compensation Expense |
Stock-based compensation expense was included in general and administrative, and research and development costs as follows in the accompanying consolidated
statements of comprehensive loss for the year end periods below (in thousands):
| |
|
December 31,
|
|
| |
|
2025
|
|
|
2024
|
|
|
General and administrative
|
|
$
|
2,363
|
|
|
$
|
2,382
|
|
|
Research and development
|
|
|
1,036
|
|
|
|
980
|
|
|
Total stock-based compensation
|
|
$
|
3,399
|
|
|
$
|
3,362
|
|
|
| Stock Option Plan Activity |
The following table
summarizes the Company’s stock option plan activity:
|
|
Number of
Options
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted Average
Remaining
Contractual
Term (years)
|
|
|
Aggregate
Intrinsic
Value(1)
(in thousands)
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2023
|
|
|
4,410,258
|
|
|
$
|
2.98
|
|
|
|
7.81
|
|
|
$
|
2,385
|
|
|
Granted
|
|
|
1,366,914
|
|
|
$
|
2.17
|
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
Forfeited/Cancelled
|
|
|
(703,436
|
)
|
|
$
|
3.58
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2024
|
|
|
5,073,736
|
|
|
$
|
2.68
|
|
|
|
7.37
|
|
|
$
|
124
|
|
|
Granted
|
|
|
3,331,725
|
|
|
$
|
1.16
|
|
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(336,759
|
)
|
|
$
|
1.05
|
|
|
|
|
|
|
|
|
|
|
Forfeited/Cancelled
|
|
|
(813,067
|
)
|
|
$
|
2.31
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2025
|
|
|
7,255,635
|
|
|
$
|
2.10
|
|
|
|
7.76
|
|
|
$
|
3,414
|
|
| Vested and expected to vest at December 31, 2025 |
|
|
7,255,635
|
|
|
$ |
2.10 |
|
|
|
7.76 |
|
|
$
|
3,414 |
|
|
Vested and exercisable at December 31, 2025
|
|
|
3,288,148
|
|
|
$
|
2.84
|
|
|
|
5.96
|
|
|
$
|
731
|
|
| (1) |
The aggregate intrinsic value is
calculated as the difference between the exercise price of the underlying options and the fair value of our common stock as of December 31, 2025 and 2024 of $2.01 and $1.19 per share, respectively.
|
|
| Weighted-Average Assumptions Used in Black-Scholes Option-pricing Model |
The weighted average assumptions used in the Black-Scholes option pricing model are as follows during the years ended December 31, 2025 and 2024:
| |
|
2025
|
|
|
2024
|
|
| |
|
|
|
|
|
|
|
Expected stock price volatility
|
|
|
75.7
|
%
|
|
|
98.1
|
%
|
|
Expected life of options (years)
|
|
|
6.0
|
|
|
|
5.9
|
|
|
Expected dividend yield
|
|
|
0
|
%
|
|
|
0
|
%
|
|
Risk free interest rate
|
|
|
3.9
|
%
|
|
|
4.2
|
%
|
|
| Restricted Stock Units Activity |
A summary of RSU
activity is as follows for the years ended December 31, 2025 and 2024:
| |
|
Number of
Shares
|
|
|
Non-vested at December 31, 2023
|
|
|
801,700
|
|
|
Granted
|
|
|
1,025,022
|
|
Forfeited
|
|
|
(119,330 |
) |
|
Vested
|
|
|
(314,162
|
)
|
|
Non-vested at December 31, 2024
|
|
|
1,393,230
|
|
| Granted |
|
|
1,688,361 |
|
| Forfeited |
|
|
(325,630 |
) |
Vested
|
|
|
(664,734 |
) |
|
Non-vested at December 31, 2025
|
|
|
2,091,227 |
|
|