v3.26.1
Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity

The following table summarizes the stock option activity during the three months ended March 31, 2026:

 

 

Stock
Option
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term
(in Years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding as of December 31, 2025

 

 

8,120,654

 

 

$

6.31

 

 

 

8.19

 

 

$

2,642

 

Granted

 

 

145,000

 

 

 

3.18

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

0.00

 

 

 

 

 

 

 

Cancelled/Forfeited

 

 

(21,183

)

 

 

2.94

 

 

 

 

 

 

 

Outstanding as of March 31, 2026

 

 

8,244,471

 

 

$

6.27

 

 

 

7.96

 

 

$

8,069

 

Options exercisable as of March 31, 2026

 

 

3,653,884

 

 

$

11.18

 

 

 

6.73

 

 

$

1,716

 

Vested and expected to vest as of March 31, 2026

 

 

8,244,471

 

 

$

6.27

 

 

 

7.96

 

 

$

8,069

 

Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

Activity with respect to the Company’s restricted stock units during the three months ended March 31, 2026 is as follows:

 

 

Shares

 

 

Weighted Average
Grant Date Fair
Value

 

Nonvested shares at December 31, 2025

 

 

2,452,690

 

 

$

1.73

 

Granted

 

 

 

 

 

 

Vested/Issued

 

 

(50,845

)

 

 

1.92

 

Forfeited

 

 

(13,234

)

 

 

1.74

 

Nonvested shares at March 31, 2026

 

 

2,388,611

 

 

$

1.72

 

Schedule of Recognized Compensation Cost Related to Employee and Non-employee Stock-Based Compensation Activity

The Company recognized the following compensation cost related to employee and non-employee share-based compensation activity for the periods presented (in thousands):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Selling, general and administrative

 

$

1,459

 

 

$

983

 

Research and development

 

 

734

 

 

 

697

 

Total

 

$

2,193

 

 

$

1,680

 

Schedule of Stock Options Valuation Assumptions

The calculation was based on the following assumptions:

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Weighted average grant date fair value (per share)

 

$

2.29

 

 

$

1.76

 

Risk-free interest rate

 

3.72% - 3.94%

 

 

4.02% - 4.02%

 

Expected volatility

 

81.73% - 82.12%

 

 

89.48% - 89.48%

 

Expected term (in years)

 

6.04 - 6.05

 

 

6.10 - 6.10

 

Expected dividend yield