Common Stock (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| Equity [Abstract] |
|
| Summary of Fair Value of Option Awards |
The estimated fair value of stock options granted in the respective periods was determined using the Black-Scholes option pricing model using the following weighted average assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
Risk-free interest rates |
|
|
3.93 |
% |
|
|
4.00 |
% |
|
Expected dividend yield |
|
|
0 |
% |
|
|
0 |
% |
|
Expected life |
|
5.89 years |
|
|
5.74 years |
|
|
Expected volatility |
|
|
79.72 |
% |
|
|
87.40 |
% |
|
Forfeiture rate |
|
|
0 |
% |
|
|
0 |
% |
|
|
| Summary of Stock-Based Compensation Expense |
The results for the periods set forth below included stock-based compensation expense in the following expense categories of the consolidated statements of loss (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended |
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Research and development |
|
$ |
2,515 |
|
|
$ |
1,736 |
|
|
$ |
1,122 |
|
General and administrative |
|
|
6,246 |
|
|
|
3,589 |
|
|
|
2,317 |
|
Total stock-based compensation |
|
$ |
8,761 |
|
|
$ |
5,325 |
|
|
$ |
3,439 |
|
|
| Summary of Stock Options Activity |
Stock option transactions and the number of stock options outstanding are summarized below:
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
|
Weighted |
|
|
|
Optioned |
|
|
Average |
|
|
|
Common |
|
|
Exercise |
|
|
|
Shares |
|
|
Price |
|
Balance, January 1, 2025 |
|
|
2,139,414 |
|
|
$ |
9.18 |
|
Granted |
|
|
929,500 |
|
|
|
3.81 |
|
Expired |
|
|
(322,203 |
) |
|
|
11.64 |
|
Forfeited |
|
|
(16,500 |
) |
|
|
6.46 |
|
Balance, December 31, 2025 |
|
|
2,730,211 |
|
|
$ |
7.08 |
|
|
| Summary of Stock Options Outstanding Regarding Number of Common Shares Issuable upon Exercise of Outstanding Options |
(1) Number of common shares issuable upon exercise of outstanding options:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted- |
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
Remaining |
|
|
|
|
|
|
Weighted- |
|
|
Contractual |
|
|
|
|
|
|
Average |
|
|
Life |
|
Exercise Prices |
|
Number of Options |
|
|
Exercise Price |
|
|
(in years) |
|
$3.10 - $3.10 |
|
|
321,000 |
|
|
$ |
3.10 |
|
|
|
9.75 |
|
$3.11 - $4.18 |
|
|
313,500 |
|
|
|
3.62 |
|
|
|
9.27 |
|
$4.19 - $4.54 |
|
|
236,000 |
|
|
|
4.52 |
|
|
|
8.75 |
|
$4.55 - $4.67 |
|
|
388,500 |
|
|
|
4.55 |
|
|
|
8.06 |
|
$4.68 - $4.84 |
|
|
295,000 |
|
|
|
4.78 |
|
|
|
9.92 |
|
$4.85 - $4.99 |
|
|
307,250 |
|
|
|
4.90 |
|
|
|
7.07 |
|
$5.00 - $6.15 |
|
|
219,750 |
|
|
|
5.92 |
|
|
|
7.25 |
|
$6.16 - $8.43 |
|
|
269,450 |
|
|
|
7.84 |
|
|
|
6.01 |
|
$8.44 - $12.60 |
|
|
165,280 |
|
|
|
10.66 |
|
|
|
4.59 |
|
$12.61 - $2,200.00 |
|
|
214,481 |
|
|
|
29.22 |
|
|
|
4.62 |
|
|
|
|
2,730,211 |
|
|
$ |
7.08 |
|
|
|
7.80 |
|
|
| Summary of Stock Options Outstanding Regarding Number of Common Shares Issuable upon Exercise of Vested Options |
(2) Number common shares issuable upon exercise of vested options:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted- |
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
Remaining |
|
|
|
|
|
|
Weighted- |
|
|
Contractual |
|
|
|
|
|
|
Average |
|
|
Life |
|
Exercise Prices |
|
Number of Options |
|
|
Exercise Price |
|
|
(in years) |
|
$3.11 - $4.18 |
|
|
37,001 |
|
|
$ |
3.30 |
|
|
|
9.04 |
|
$4.19 - $4.54 |
|
|
82,749 |
|
|
|
4.52 |
|
|
|
8.57 |
|
$4.55 - $4.67 |
|
|
305,082 |
|
|
|
4.55 |
|
|
|
8.06 |
|
$4.85 - $4.99 |
|
|
295,070 |
|
|
|
4.90 |
|
|
|
7.07 |
|
$5.00 - $6.15 |
|
|
206,064 |
|
|
|
5.92 |
|
|
|
7.25 |
|
$6.16 - $8.43 |
|
|
267,888 |
|
|
|
7.85 |
|
|
|
6.01 |
|
$8.44 - $12.60 |
|
|
165,280 |
|
|
|
10.66 |
|
|
|
4.59 |
|
$12.61 - $2,200.00 |
|
|
214,481 |
|
|
|
29.22 |
|
|
|
4.62 |
|
|
|
|
1,573,615 |
|
|
$ |
9.33 |
|
|
|
6.63 |
|
|
| Summary of Restricted Stock Unit Award Activity |
The following table summarizes our restricted stock unit award activity during the year ended December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
Number |
|
|
Average |
|
|
|
of |
|
|
Grant Date |
|
|
|
Shares |
|
|
Fair Value |
|
Balance, January 1, 2025 |
|
|
1,283,750 |
|
|
$ |
4.65 |
|
Granted |
|
|
1,487,400 |
|
|
|
3.20 |
|
Released |
|
|
(1,667,520 |
) |
|
|
3.95 |
|
Cancelled/Forfeited |
|
|
(19,300 |
) |
|
|
3.86 |
|
Balance, December 31, 2025 |
|
|
1,084,330 |
|
|
$ |
3.76 |
|
|
| Summary of Outstanding Warrants |
The following is a summary of outstanding warrants to purchase common stock at December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
Outstanding |
|
|
Exercise |
|
|
|
|
|
and |
|
|
price per |
|
|
|
|
|
Exercisable |
|
|
Share |
|
|
Expiration Date |
(1) Pre-Funded Warrants issued in August 2020 financing |
|
|
142,857 |
|
|
$ |
0.0010 |
|
|
* |
(2) Warrants issued in November 2022 financing |
|
|
4,093,141 |
|
|
$ |
4.5000 |
|
|
November 2029 |
(3) Warrants issued in June 2025 financing |
|
|
16,305,166 |
|
|
$ |
3.0000 |
|
|
June 2030 |
* The pre-funded warrants do not have an expiration date.
|
| Computation of Basic and Diluted Net Loss Attributable to Common Shareholders Per Share |
The following table presents the computation of basic and diluted net loss attributable to common stockholders per share (in thousands, except per share and share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Numerator |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(54,648 |
) |
|
$ |
(39,827 |
) |
|
$ |
(29,815 |
) |
Denominator |
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding |
|
|
43,594,652 |
|
|
|
32,071,146 |
|
|
|
19,827,534 |
|
Basic and diluted net loss per common share |
|
$ |
(1.25 |
) |
|
$ |
(1.24 |
) |
|
$ |
(1.50 |
) |
|