v3.26.1
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity for 2015 Plan and Current Plan and Related Information
The table below summarizes stock option activity under the Company's stock incentive plans and related information for the years ended December 31, 2025 and 2024. The exercise price of all options granted during the years ended December 31, 2025 and 2024 was equal to the market value of the Company’s common stock on the date of grant. As of December 31, 2025, unamortized stock-based compensation expense of approximately $1.8 million will be amortized over the weighted average period of 1.2 years. The number of shares of common stock available for future awards granted under the 2022 Plan as of December 31, 2025 was 540,043.
Number of
Shares
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value *
Outstanding at December 31, 2024883,334 $14.58 
Granted583,890 2.72 
Exercised— — 
Canceled/forfeited(765)3.18 
Expired(57,417)20.90 
Outstanding at December 31, 20251,409,042 $9.41 7.51$— 
Options exercisable at December 31, 2025870,141 $12.57 6.64$— 
Options vested and expected to vest at December 31, 2025870,141 $12.57 6.64$— 
*The aggregate intrinsic value is the sum of the amounts by which the quoted market price of the Company's common stock exceeded the exercise price of the stock options at December 31, 2025 for those stock options for which the quoted market price was in excess of the exercise price.
Schedule of Stock-Based Compensation Expense
Total stock-based compensation expense related to stock options granted to employees and directors recognized in the consolidated statements of operations and comprehensive loss is as follows:
Years Ended December 31,
20252024
Research and development $636,303 $833,689 
Selling, general and administrative
860,259 1,369,567 
Total$1,496,562 $2,203,256 
Schedule of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted to Employees, and Non-Employee Directors
The weighted-average assumptions used in the Black-Scholes option-pricing model for stock options granted to employees and to directors in respect of their service on the Company's board of directors during the years ended December 31, 2025 and 2024 is as follows:
20252024
Expected life in years5.86.0
Risk-free interest rate4.07 %4.13 %
Expected volatility86 %90 %
Dividend yield0.0 %0.0 %