v3.26.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense Related to Stock Options
The Company recorded stock-based compensation expense related to stock options and RSUs in the following expense categories of the statements of operations and comprehensive loss for the periods shown (in thousands):
Year Ended December 31,
20252024
General and administrative$5,913 $6,113 
Research and development3,939 3,522 
Total stock-based compensation$9,852 $9,635 
Schedule of Assumptions Used for Valuation of Fair Value of Stock Options
The Black-Scholes option-pricing model was used to estimate the fair value of stock options granted during the years ended December 31, 2025 and 2024 with the following weighted average assumptions:
Year Ended December 31,
20252024
Risk-free interest rate
3.8% – 4.5%
3.8% – 5.1%
Expected term (in years)
1.0 – 6.0
0.9 – 6.1
Expected volatility
76% - 92%
92% - 103%
Expected dividend yield0%0%
Schedule of Stock Option Activity
The following table reflects summarized stock option activity during the year ended December 31, 2025:
Stock Options Weighted Average
Exercise Price		Weighted Average
Remaining
Contractual Life
(in years)		Aggregate Intrinsic
Value (in thousands)
Outstanding as of December 31, 202410,656,129$3.83 
Granted2,188,960$1.64 
Exercised(34,530)$1.13 
Forfeited(75,402)$2.75 
Expired(156,391)$4.23 
Outstanding as of December 31, 202512,578,766$3.46 7.0$374 
Vested and exercisable as of December 31, 20258,421,358$3.66 6.2$346 
Schedule of Nonvested Restricted Stock Units Activity
The following table reflects summarized RSU activity during the year ended December 31, 2025:
Number of SharesWeighted Average Grant Date Fair Value
Unvested as of December 31, 20241,354,543$4.46 
Granted1,066,950 $1.73 
Vested(485,867)$4.57 
Forfeited(27,650)$2.31 
Unvested as of December 31, 20251,907,976 $2.93