Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Schedule of Share Based Compensation Available for Grant under Incentive Plans |
The number of shares available for grant under the Company’s incentive plans were as follows:
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New |
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Inducement |
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Plan |
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Plan |
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Total |
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Available for grant - January 1, 2024 |
|
|
3,162,725 |
|
|
|
4,000,000 |
|
|
|
7,162,725 |
|
Plan adjustments and amendments |
|
|
9,348,009 |
|
|
|
2,000,000 |
|
|
|
11,348,009 |
|
Grants |
|
|
(12,442,262 |
) |
|
|
(3,774,300 |
) |
|
|
(16,216,562 |
) |
Forfeitures |
|
|
632,958 |
|
|
|
774,000 |
|
|
|
1,406,958 |
|
Available for grant - December 31, 2024 |
|
|
701,430 |
|
|
|
2,999,700 |
|
|
|
3,701,130 |
|
Plan adjustments and amendments |
|
|
10,247,165 |
|
|
|
3,000,000 |
|
|
|
13,247,165 |
|
Grants |
|
|
(15,999,976 |
) |
|
|
(4,141,600 |
) |
|
|
(20,141,576 |
) |
Forfeitures |
|
|
1,136,093 |
|
|
|
1,283,950 |
|
|
|
2,420,043 |
|
Available for grant net of reserve - December 31, 2025 |
|
|
(3,915,288 |
) |
|
|
3,142,050 |
|
|
|
(773,238 |
) |
|
| Schedule of Restricted Stock Units Activity |
The Company’s RSU activity for the years ended December 31, 2025 and 2024 was as follows:
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Weighted |
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|
|
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Average |
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|
|
|
|
|
Grant Date |
|
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Number |
|
|
Fair Value |
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|
|
of Shares |
|
|
per Share |
|
Nonvested at January 1, 2024 |
|
|
375,044 |
|
|
$ |
6.63 |
|
Restricted units granted |
|
|
4,497,141 |
|
|
|
1.83 |
|
Vested |
|
|
(323,031 |
) |
|
|
7.50 |
|
Cancelled or forfeited |
|
|
— |
|
|
|
— |
|
Nonvested at December 31, 2024 |
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|
4,549,154 |
|
|
$ |
1.82 |
|
Restricted units granted |
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|
3,370,992 |
|
|
|
1.95 |
|
Vested |
|
|
(1,246,218 |
) |
|
|
1.94 |
|
Cancelled or forfeited |
|
|
(362,750 |
) |
|
|
2.40 |
|
Nonvested at December 31, 2025 |
|
|
6,311,178 |
|
|
$ |
1.78 |
|
|
| Schedule of Total Stock-Based Compensation Expense for Stock Options, ESPP, RSAs and RSUs |
The following table summarizes the total stock-based compensation expense for the stock options, ESPP and RSUs recorded in the consolidated statements of operations for the years ended December 31, 2025 and 2024 (in thousands):
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For the Year Ended December 31, |
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|
|
2025 |
|
|
2024 |
|
Research and development expense |
|
$ |
6,224 |
|
|
$ |
5,631 |
|
General and administrative expense |
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|
7,074 |
|
|
|
7,472 |
|
Total |
|
$ |
13,298 |
|
|
$ |
13,103 |
|
|
| Stock Options |
|
| Schedule of Assumptions Used to Estimate Fair Value of Stock Options |
The following weighted-average assumptions were used to estimate the fair value of time-based vesting stock options that were granted during the years ended December 31, 2025 and 2024:
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|
|
|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Risk-free interest rate |
|
|
4.24 |
% |
|
|
4.02 |
% |
Expected dividend yield |
|
|
— |
|
|
|
— |
|
Expected term (in years) |
|
|
6.0 |
|
|
|
6.1 |
|
Expected volatility |
|
|
89 |
% |
|
|
89 |
% |
|
| Schedule of Stock Option Activity |
The following table summarizes time-based vesting stock option activity, during the years ended December 31, 2025 and 2024:
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|
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|
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Weighted |
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|
Weighted |
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|
Average |
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Aggregate |
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|
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Average |
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|
Remaining |
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Intrinsic |
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|
Stock |
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|
Exercise |
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|
Contractual |
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Value |
|
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|
Options |
|
|
Price |
|
|
Life (in years) |
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|
(in thousands) |
|
Outstanding at January 1, 2024 |
|
|
5,960,922 |
|
|
|
5.75 |
|
|
|
8.7 |
|
|
|
1,960 |
|
Options granted |
|
|
11,719,421 |
|
|
|
2.02 |
|
|
|
|
|
|
|
Options exercised |
|
|
(58,832 |
) |
|
|
0.68 |
|
|
|
|
|
|
|
Options cancelled or forfeited |
|
|
(1,327,123 |
) |
|
|
2.50 |
|
|
|
|
|
|
|
Options expired |
|
|
(73,783 |
) |
|
|
17.01 |
|
|
|
|
|
|
|
Outstanding at December 31, 2024 |
|
|
16,220,605 |
|
|
$ |
3.29 |
|
|
|
8.7 |
|
|
$ |
1,967 |
|
Options granted |
|
|
11,005,584 |
|
|
|
2.09 |
|
|
|
|
|
|
|
Options exercised |
|
|
(629,478 |
) |
|
|
1.80 |
|
|
|
|
|
|
|
Options cancelled or forfeited |
|
|
(1,931,407 |
) |
|
|
2.00 |
|
|
|
|
|
|
|
Options expired |
|
|
(96,043 |
) |
|
|
2.13 |
|
|
|
|
|
|
|
Outstanding at December 31, 2025 |
|
|
24,569,261 |
|
|
$ |
2.90 |
|
|
|
8.3 |
|
|
$ |
81,677 |
|
Options exercisable at December 31, 2025 |
|
|
8,707,033 |
|
|
$ |
4.45 |
|
|
|
7.3 |
|
|
$ |
26,913 |
|
|
| Performance Stock Options | Initial Options and Original Options |
|
| Schedule of Assumptions Used to Estimate Fair Value of Stock Options |
The following weighted-average assumptions were used to estimate the fair value of the options granted in February 2023 and the Original Options that were granted in May 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-free interest rate |
|
|
4.02 |
% |
Expected dividend yield |
|
|
— |
|
Expected term (in years) |
|
|
6.0 |
|
Expected volatility |
|
|
81 |
% |
|
| Performance Stock Options | Modified Options |
|
| Schedule of Assumptions Used to Estimate Fair Value of Stock Options |
The following assumptions were used to estimate the fair value of the Modified Options:
|
|
|
|
|
|
|
|
|
Risk-free interest rate |
|
|
3.90 |
% |
Expected dividend yield |
|
|
— |
|
Expected term (in years) |
|
|
5.8 |
|
Expected volatility |
|
|
88 |
% |
|