v3.26.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of stock option activity
The following is a summary of option activity under the Company’s Amended and Restated Plan and the Inducement Plan, for the three months ended March 31, 2026:
Number of
Shares
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Term (Years)
Aggregate Intrinsic Value*
Outstanding, December 31, 20254,528,555 $5.74 8.73$ 
Granted1,407,800 0.99 
Cancelled(6,866)7.67 
Forfeited(296,404)2.53 
Outstanding, March 31, 20265,633,085$4.72 8.74$ 
Exercisable, March 31, 20262,207,015$6.56 8.15$ 
*The aggregate intrinsic value is the sum of the amounts by which the quoted market price of the Company’s stock exceeded the exercise price of the stock options at March 31, 2026 for those stock options for which the quoted market price was in excess of the exercise price ("in-the-money options").
Schedule of fair value assumptions of stock option granted
The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model under the following assumptions:
Three Months Ended
March 31,
20262025
Dividend yield0.00%0.00%
Volatility
84.61 - 86.16%
83.87 - 85.93%
Risk-free interest rate
3.84- 4.00%
4.24 - 4.27%
Expected term (years)
5.27- 6.08
5.27 - 6.08
Schedule of Nonvested Restricted Stock Units Activity
The following is a summary of restricted stock unit ("RSU") activity during the three months ended March 31, 2026:
Number of
Shares
Weighted
Average Grant Date Fair Value
Unvested, December 31, 2025492,488 $9.72 
Vested(937)7.56 
Unvested, March 31, 2026491,551$9.72 
Schedule of stock-based compensation expense The Company recognized stock-based compensation expense for the stock options, ESPP, and the RSUs discussed above, in its unaudited condensed consolidated statements of operations as follows:
Three Months Ended
March 31,
20262025
Research and development$559,453 $489,588 
General and administrative937,536 1,712,321 
$1,496,989 $2,201,909