v3.26.1
STOCK BASED COMPENSATION
 3 Months Ended
Mar. 31, 2026
STOCK BASED COMPENSATION  
STOCK BASED COMPENSATION

NOTE 6 – STOCK BASED COMPENSATION

The following table summarizes stock option activities:

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Weighted

  ​ ​ ​

Weighted

​

​

​

​

Average

​

Average

​

​

ADS Underlying

​

Exercise

​

Contractual

​

​

Options

​

Price

​

Terms

Outstanding at December 31, 2025

 

215,957

​

$

42.83

 

9.30

Granted

 

804,661

​

​

7.38

 

—

Outstanding at March 31, 2026

 

1,020,618

​

$

14.88

 

9.68

​

​

​

​

​

​

​

​

Exercisable options at March 31, 2026

 

10,774

​

$

485.14

 

8.04

​

The intrinsic value of outstanding options at March 31, 2026 was $0.

Stock options granted during the three months ended March 31, 2026 were valued using the Black-Scholes option-pricing model with the following weighted average assumptions:

​

​

​

​

​

​

​

  ​ ​ ​

March 31, 

 

​

​

2026

 

Expected volatility

 

​

118.7

%

Risk-free interest rate

 

​

4.0

%

Expected dividend yield

 

​

0.0

%

Expected life of options in years

 

​

6.4

​

Exercise Price

​

$

7.38

​

Fair value of common stock

​

$

7.38

​

Estimate fair value of option

​

$

6.51

​

​

Stock based compensation expense was approximately $445,000 ($222,000 included in research and development expense and $223,000 included in general and administrative expenses) in the three months ended March 31, 2026. Stock based compensation expense was approximately $360,000 ($120,000 included in research and development expense and $240,000 included in general and administrative expenses) in the three months ended March 31, 2025.

At March 31, 2026, the total unrecognized compensation expense related to non-vested options was approximately $7.3 million and is expected to be recognized over the remaining weighted average service period of approximately 3.7 years.