Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance Disclosure

As required by Item 402(v) of SEC Regulation S-K, the following table, footnotes and discussion provide “Pay versus Performance” regarding the relationship between executive compensation actually paid, or CAP, as calculated under the applicable SEC rules, for the last two (2) fiscal years. As required by SEC rules, as it applies to smaller reporting companies, the table presented below discloses CAP for (i) our principal executive officer, or PEO, and (ii) our named executive officers, or NEOs, other than the PEO, or the non-PEO NEOs, on an average basis. The information provided below was not considered by our compensation committee in structuring or determining compensation for our NEOs.


Year		Summary Compensation Table Total for PEO ($)(1)		Compensation Actually Paid to PEO ($)(1)(2)(3)		Average Summary Compensation Table Total for Non-PEO NEOs ($)(4)		Average Compensation Actually Paid to Non-PEO NEOs ($)(2)(3)(4)	Year-end value of $100 invested in LONA on 12/31/2023 ($)(5)	Net Income (Loss) ($, in millions)(6)
2025		1,423,814		1,954,031		770,805		886,859	31	(106)
2024		3,175,009		1,153,337		1,433,340		531,861	24	(97)

(1)

Mark Litton, Ph.D., our president and chief executive officer, was the PEO for 2024 and 2025.

(2)

Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate CAP include:


		Mark Litton ($)		Average Non-PEO NEOs ($)		Mark Litton ($)		Average Non-PEO NEOs ($)
Total Compensation from Summary Compensation Table		1,423,814		770,805		3,175,009		1,433,340
Total Adjustments for Pension		-	-	-	-	-	-	-
Adjustments for Equity Awards
Adjustment for grant date values in the Summary Compensation Table		(601,854)		(186,096)		(2,129,612)		(702,663)
Year-end fair value of unvested awards granted in the current year		1,354,529		399,819		540,619		91,567
Year-over-year difference of year-end fair values for unvested awards granted in prior years		(31,750)		(7,766)		(567,052)		(109,767)
Fair values at vest date for awards granted and vested in current year		19,286		5,699		298,686		99,407
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years		(209,994)		(95,602)		(164,313)		(37,934)
Forfeitures during current year equal to prior year-end fair value		-		-		-		(242,089)
Total Adjustments for Equity Awards		530,216		116,054		(2,021,673)		(901,479)
Compensation Actually Paid (as calculated)		1,954,031		886,859		1,153,337		531,861

(3)

The following summarizes the valuation assumptions used for stock option awards included as part of CAP:

•

Expected life of each stock option is based on the "simplified method" using an average of the remaining vest and remaining term, as of the vest/FYE date.

•

Strike price is based on each grant date closing price and asset price is based on each vest/FYE closing price.

•

Risk free rate is based on the Treasury Constant Maturity rate closest to the remaining expected life as of the vest/FYE date.

•

Historical volatility is based on daily price history for each expected life (years) prior to each vest/FYE date. Closing prices provided by S&P Capital IQ are adjusted for dividends and splits.

•

Represents annual dividend yield on each vest/FYE date.

(4)

Non-PEO NEOs reflect the average Summary Compensation Table total compensation and average CAP for the following executives by year:

•

2025: Javier San Martin and Mark Worthington

•

2024: Kevin Church, Mark Worthington, Andrew Gengos and Rachel Lenington

(5)

Total shareholder return, or TSR, is determined based on the value of an initial fixed investment of $100 on December 31, 2023. Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period.

(6)

The dollar amounts reported represent the amount of net loss reflected in the Company’s audited financial statements for the applicable year.

Named Executive Officers, Footnote

(1)

Mark Litton, Ph.D., our president and chief executive officer, was the PEO for 2024 and 2025.

(4)

Non-PEO NEOs reflect the average Summary Compensation Table total compensation and average CAP for the following executives by year:

•

2025: Javier San Martin and Mark Worthington

•

2024: Kevin Church, Mark Worthington, Andrew Gengos and Rachel Lenington

PEO Total Compensation Amount

$ 1,423,814

$ 3,175,009

PEO Actually Paid Compensation Amount

$ 1,954,031

1,153,337

Adjustment To PEO Compensation, Footnote

(2)

Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate CAP include:


		Mark Litton ($)		Average Non-PEO NEOs ($)		Mark Litton ($)		Average Non-PEO NEOs ($)
Total Compensation from Summary Compensation Table		1,423,814		770,805		3,175,009		1,433,340
Total Adjustments for Pension		-	-	-	-	-	-	-
Adjustments for Equity Awards
Adjustment for grant date values in the Summary Compensation Table		(601,854)		(186,096)		(2,129,612)		(702,663)
Year-end fair value of unvested awards granted in the current year		1,354,529		399,819		540,619		91,567
Year-over-year difference of year-end fair values for unvested awards granted in prior years		(31,750)		(7,766)		(567,052)		(109,767)
Fair values at vest date for awards granted and vested in current year		19,286		5,699		298,686		99,407
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years		(209,994)		(95,602)		(164,313)		(37,934)
Forfeitures during current year equal to prior year-end fair value		-		-		-		(242,089)
Total Adjustments for Equity Awards		530,216		116,054		(2,021,673)		(901,479)
Compensation Actually Paid (as calculated)		1,954,031		886,859		1,153,337		531,861

Non-PEO NEO Average Total Compensation Amount

$ 770,805

1,433,340

Non-PEO NEO Average Compensation Actually Paid Amount

$ 886,859

531,861

Adjustment to Non-PEO NEO Compensation Footnote

(2)

Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate CAP include:


		Mark Litton ($)		Average Non-PEO NEOs ($)		Mark Litton ($)		Average Non-PEO NEOs ($)
Total Compensation from Summary Compensation Table		1,423,814		770,805		3,175,009		1,433,340
Total Adjustments for Pension		-	-	-	-	-	-	-
Adjustments for Equity Awards
Adjustment for grant date values in the Summary Compensation Table		(601,854)		(186,096)		(2,129,612)		(702,663)
Year-end fair value of unvested awards granted in the current year		1,354,529		399,819		540,619		91,567
Year-over-year difference of year-end fair values for unvested awards granted in prior years		(31,750)		(7,766)		(567,052)		(109,767)
Fair values at vest date for awards granted and vested in current year		19,286		5,699		298,686		99,407
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years		(209,994)		(95,602)		(164,313)		(37,934)
Forfeitures during current year equal to prior year-end fair value		-		-		-		(242,089)
Total Adjustments for Equity Awards		530,216		116,054		(2,021,673)		(901,479)
Compensation Actually Paid (as calculated)		1,954,031		886,859		1,153,337		531,861

Equity Valuation Assumption Difference, Footnote

(3)

The following summarizes the valuation assumptions used for stock option awards included as part of CAP:

•

Expected life of each stock option is based on the "simplified method" using an average of the remaining vest and remaining term, as of the vest/FYE date.

•

Strike price is based on each grant date closing price and asset price is based on each vest/FYE closing price.

•

Risk free rate is based on the Treasury Constant Maturity rate closest to the remaining expected life as of the vest/FYE date.

•

Historical volatility is based on daily price history for each expected life (years) prior to each vest/FYE date. Closing prices provided by S&P Capital IQ are adjusted for dividends and splits.

•

Represents annual dividend yield on each vest/FYE date.

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Total Shareholder Return Amount

$ 31,000

24,000

Net Income (Loss)

$ (106,000,000)

$ (97,000,000)

Mark Litton

Mark Litton

PEO | Equity Awards Adjustments

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 530,216

$ (2,021,673)

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(601,854)

(2,129,612)

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,354,529

540,619

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(31,750)

(567,052)

PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

19,286

298,686

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(209,994)

(164,313)

Non-PEO NEO | Equity Awards Adjustments

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

116,054

(901,479)

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(186,096)

(702,663)

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

399,819

91,567

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(7,766)

(109,767)

Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

5,699

99,407

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (95,602)

(37,934)

Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (242,089)