v3.25.4
Equity-based Compensation and Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2025
Schedule of Restricted Common Stock Activity

The following table shows restricted common stock activity:

 

 

 

Restricted stock awards

 

 

 

 

 

 

Weighted
average
grant date

 

 

 

Number of

 

 

fair value

 

 

 

shares

 

 

(per share)

 

Unvested at December 31, 2024

 

 

194,066

 

 

$

5.97

 

Granted

 

 

30,000

 

 

 

1.12

 

Vested

 

 

(125,513

)

 

 

5.22

 

Forfeited

 

 

(27,190

)

 

 

5.04

 

Unvested at December 31, 2025

 

 

71,363

 

 

$

5.60

 

Schedule of Equity-based Compensation Expenses

The following table summarizes equity‑based compensation expense within the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2025 and 2024 (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

Research and development

 

$

 

 

$

232

 

General and administrative

 

 

117

 

 

 

570

 

Restructuring charges: expense acceleration

 

 

 

 

 

2,367

 

 

 

$

117

 

 

$

3,169

 

Schedule of Equity-based Compensation Expenses by Award Type

The following table summarizes equity‑based compensation expense by type of award for the years ended December 31, 2025 and 2024 (in thousands):

 

 

 

Years Ended December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

Stock options

 

$

41

 

 

$

2,064

 

 

 

Restricted stock awards

 

 

76

 

 

 

1,127

 

 

 

ESPP

 

 

 

 

 

(22

)

 

 

 

 

$

117

 

 

$

3,169

 

 

 

2015 and 2017 Plan  
Schedule of Weighted Average Assumption Used Black-Scholes Option-pricing Model for Stock Options Issued to Employees and Non-employees The weighted average assumptions used in the Black-Scholes option-pricing model for stock options issued to employees and non-employees under the 2015 Plan and the 2017 Plan, during the year ended December 31, 2024 were:

 

 

 

 

Year Ended December 31,

 

Employees:

 

 

2024

 

Expected term

 

 

5.6 years

 

Weighted-average, risk-free interest rate

 

 

3.9%

 

Expected volatility

 

 

92.0%

 

Dividend yield

 

 

 

 

 

 

 

 

2025 and 2017 Plans  
Schedule of Stock Option Activity

The following table summarizes stock option activity under the 2015 (replaced by the 2025 Plan) and 2017 Plans.

 

 

 

Stock options outstanding

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

average

 

 

 

 

 

 

 

 

 

Weighted

 

 

remaining

 

 

Aggregate

 

 

 

 

 

 

average

 

 

contractual

 

 

intrinsic

 

 

 

Number of

 

 

exercise

 

 

term

 

 

value (a)

 

 

 

options

 

 

price

 

 

(in years)

 

 

(in thousands)

 

Outstanding at December 31, 2024

 

 

324,983

 

 

$

11.88

 

 

 

7.0

 

 

$

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Cancelled/Forfeited

 

 

(90,634

)

 

 

13.29

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

234,349

 

 

 

11.34

 

 

 

6.1

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested or expected to vest at December 31, 2025

 

 

234,349

 

 

$

11.34

 

 

 

6.1

 

 

$

 

Exercisable at December 31, 2025

 

 

203,277

 

 

$

13.07

 

 

 

7.0

 

 

$

 

 

 

(a) The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair market value of the underlying common stock for the options that were in the money at December 31, 2025 and 2024. There were no options in the money at December 31, 2025 and December 31, 2024.