v3.25.4
SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
The Company recorded employee and nonemployee share-based compensation expense as follows (in thousands):
Years Ended December 31,
20252024
Employee$9,506 $11,023 
Nonemployee680 1,581 
$10,186 $12,604 
Schedule of Stock-Based Compensation Expense
Share-based compensation expense is included in the following line items in the statements of operations (in thousands):
Years Ended December 31,
20252024
Research and development$1,874 $2,560 
General and administrative8,312 10,044 
$10,186 $12,604 
Schedule of Stock Options Valuation Assumptions Using a Black-Scholes Option Pricing Model The fair value of each stock option grant is estimated using a Black-Scholes option-pricing model on the date of grant using the following inputs:
Years Ended December 31,
20252024
Estimated dividend yield0.00%0.00%
Weighted-average expected stock price volatility%87.93%
Weighted-average risk-free interest rate%3.67%
Expected term of options (in years)0.005.63
Weighted-average fair value per option$— $10.58 
Summary of Activity of Option Plans
The following table summarizes activity in the Company’s stock option plans for the years ended December 31, 2024 and December 31, 2025 :
Outstanding
Option
Shares
Weighted-
Average
Exercise Price
Balance as of December 31, 2023349,662172.13 
Granted85,03410.58 
Exercised— 
Forfeited/canceled(58,145)166.04 
Balance as of December 31, 2024376,551136.59 
Granted— 
Exercised— 
Forfeited/canceled(207,558)113.02 
Balance as of December 31, 2025168,993165.54 
Summary of Restricted Stock Unit Activity
The following table summarizes the Company’s RSU activity for the years ended December 31, 2025 and December 31, 2024:
RSU AwardsWeighted-Average Grant Date Fair Value
Unvested RSUs as of December 31, 2023214,85751.03 
Granted881,23310.33 
Forfeited(18,438)23.04 
Vested(102,132)55.51 
Unvested RSUs as of December 31, 2024975,52014.32 
Granted1,059,3335.04 
Forfeited(22,791)18.39 
Vested(388,129)17.88 
Unvested RSUs as of December 31, 20251,623,9337.36 
Summary of Stock Options Granted under the Stock Option Plans are Vested or Expected to Vest
The following table summarizes certain information about stock options granted under the stock option plans which are vested or expected to vest as of December 31, 2025 and December 31, 2024.
Years Ended December 31,Number of OptionsWeighted-
Average
Remaining
Contractual
Life (in years)
Weighted-
Average
Exercise
Price
2025Expected to be exercisable168,9935.06$165.54 
2025Currently exercisable155,2824.90$176.53 
2024Expected to be exercisable376,5517.10$136.59 
2024Currently exercisable248,6176.31$178.27 
Summary of Stock Options Outstanding under the Stock Option Plans
The following table summarizes certain information about stock options outstanding under the stock option plans for the years ended December 31, 2025 and December 31, 2024, respectively:
Year Ended December 31, 2025
Exercise priceNumber of Options OutstandingWeighted- Average
Remaining Life
Number of Options Exercisable
$12.59 - $46.50
47,5726.0538,160
$50.40 - $100.20
34,6686.3931,018
$122.40 - $174.90
19,2624.4818,613
$193.50 - $293.70
36,0655.1836,065
$305.10 - $480.00
31,4262.3131,426
168,993155,282
Year Ended December 31, 2024
Exercise priceNumber of Options OutstandingWeighted- Average
Remaining Life
Number of Options Exercisable
$10.33- $46.50
130,8728.4041,626
$50.40 - $100.20
77,2077.3561,168
$122.40 - $174.90
50,0566.8737,295
$189.30 - $293.70
60,9166.2053,729
$305.10 - $480.00
57,5004.9754,799
376,551248,617