Equity Incentive Plan – Stock-Based Compensation Expense (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Summary of Stock Option Award Activity |
A summary of the stock option activity for the year ended December 31, 2025 is as follows:
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Number of
Stock
Options |
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Weighted-
Average
Exercise
Price |
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Weighted-
Average
Remaining
Contractual
Life |
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Aggregate
Intrinsic
Value |
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Outstanding as of December 31, 2024 |
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2,797,529 |
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|
$ |
1.84 |
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|
7.82 |
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|
$ |
521 |
|
Granted |
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1,845,809 |
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$ |
1.02 |
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- |
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$ |
- |
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Exercised |
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(39,650 |
) |
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$ |
0.41 |
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- |
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$ |
- |
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Forfeited |
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(117,299 |
) |
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$ |
1.31 |
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|
- |
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$ |
- |
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Expired |
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(68,662 |
) |
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$ |
1.82 |
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- |
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$ |
- |
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Outstanding as of December 31, 2025 |
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4,417,727 |
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|
$ |
1.50 |
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|
7.90 |
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|
$ |
88 |
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Exercisable as of December 31, 2025 |
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2,271,223 |
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$ |
1.87 |
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|
6.85 |
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$ |
87 |
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Vested and expected to vest as of December 31, 2025 |
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4,417,727 |
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$ |
1.52 |
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|
7.90 |
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$ |
88 |
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| Schedule of Ranges of Stock Options |
The following table summarizes the outstanding and exercisable options as of December 31, 2025:
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Options Outstanding |
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Options Exercisable |
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Range of
Exercise Prices |
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Number of
Shares |
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Weighted
Average
Remaining
Contractual
Life |
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|
Number of
Shares |
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|
Weighted
Average
Remaining
Contractual
Life |
|
$ 0.00 - $ 1.00 |
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1,434,730 |
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|
7.55 |
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556,133 |
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4.66 |
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$ 1.01 - $ 2.00 |
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2,200,410 |
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8.58 |
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1,027,801 |
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8.22 |
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$ 2.01 - $ 3.00 |
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244,583 |
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6.90 |
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211,972 |
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|
6.85 |
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$ 3.01 - $ 4.00 |
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332,120 |
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6.94 |
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269,433 |
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6.88 |
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$ 5.01 - $ 6.00 |
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33,462 |
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5.75 |
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33,462 |
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5.75 |
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$ 6.01 - $ 7.00 |
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170,069 |
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5.75 |
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170,069 |
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5.75 |
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$ 8.01 - $ 9.00 |
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2,353 |
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5.86 |
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2,353 |
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5.86 |
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Total |
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4,417,727 |
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7.89 |
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2,271,223 |
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6.84 |
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| Summary of Weighted-Average Assumptions Used to Calculate Fair Value of Stock Options Granted |
For the years ended December 31, 2025, and 2024, the Company utilized the Black-Scholes option-pricing model for estimating the fair value of the stock option granted. The Company estimated the fair value of each option grant on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions:
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Years Ended December 31, |
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2025 |
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2024 |
Expected volatility |
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114.4% – 121.3% |
|
118.28% – 143.10% |
Expected term (years) |
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5.27 – 10.00 |
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5.27 – 10.00 |
Risk-free interest rate |
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3.68% – 4.79% |
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3.52% – 4.30% |
Dividend rate |
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-% |
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-% |
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| Schedule of Stock-Based Compensation Expense Recognized |
The following table summarizes the components of stock-based compensation expense recognized in the Company’s Statements of Operations (in thousands):
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Years Ended December 31, |
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2025 |
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2024 |
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Research and development |
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$ |
565 |
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$ |
724 |
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Selling, general and administrative |
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$ |
702 |
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|
450 |
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Total stock-based compensation expense |
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$ |
1,267 |
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$ |
1,174 |
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| Schedule of RSU Activity |
The following table summarizes RSU activity under the 2021 Plan, as of December 31, 2025:
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Shares |
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Weighted-
Average
Grant Date
Value |
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Outstanding as of December 31, 2024 |
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- |
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$ |
- |
|
Granted |
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|
4,032 |
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$ |
1.24 |
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Vested |
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|
(4,032 |
) |
|
$ |
1.24 |
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Forfeited |
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|
- |
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$ |
- |
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Outstanding as of December 31, 2025 |
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- |
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$ |
- |
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