The Company utilizes share-based compensation in the form of stock options, restricted stock, restricted stock units and warrants. The following table summarizes the components of share-based compensation expense for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	71	$	126
General and administrative	293		404
Total share-based compensation expense	$	364	$	530

Total compensation cost related to unvested awards not yet recognized and the weighted-average periods over which the awards were expected to be recognized at March 31, 2026 were as follows (in thousands):


	Stock Options		Restricted Stock Units		Restricted Stock
Unrecognized compensation cost	$	272	$	233	$	712
Expected weighted-average period in years of compensation cost to be recognized	1.92		0.78		2.01

Total fair value of shares vested and the weighted average estimated fair values of shares granted for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Stock Options				Warrants
	Three Months Ended March 31,				Three Months Ended March 31,
	2026		2025		2026		2025
Total fair value of shares vested	$	218	$	263	$	—	$	150
Weighted average estimated fair value of shares granted	$	1.34	$	2.60	$	—	$	1.99

The fair value of stock options and warrants at the date of grant was estimated using the Black-Scholes option pricing model. The expected volatility is based upon historical volatility of the Company’s stock. The expected term for the options is based upon observation of actual time elapsed between date of grant and exercise of options for all employees. The expected term for the warrants is based upon the contractual term of the warrants.