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

A summary of option activity for the three months ended March 31, 2026 is presented below:

 

 

Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding at December 31, 2025

 

 

5,039,487

 

 

$

25.20

 

 

 

 

 

 

 

Granted

 

 

40,904

 

 

 

3.02

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Forfeited

 

 

(2,157

)

 

 

8.86

 

 

 

 

 

 

 

Expired

 

 

(125,152

)

 

 

63.58

 

 

 

 

 

 

 

Outstanding at March 31, 2026

 

 

4,953,082

 

 

 

23.90

 

 

 

7.06

 

 

$

1,206,319

 

Vested or expected to vest at March 31, 2026

 

 

4,953,082

 

 

 

23.90

 

 

 

7.06

 

 

$

1,206,319

 

Exercisable at March 31, 2026

 

 

4,545,096

 

 

$

25.11

 

 

 

6.85

 

 

$

1,146,279

 
Summary of Non-vested Stock Activity

A summary of non-vested stock activity for the three months ended March 31, 2026 is presented below:

 

 

Non-vested
Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding at December 31, 2025

 

 

19,075

 

 

$

14.91

 

Granted

 

 

422,565

 

 

 

3.32

 

Vested

 

 

(428,045

)

 

 

3.42

 

Forfeited

 

 

—

 

 

 

—

 

Outstanding at March 31, 2026

 

 

13,595

 

 

$

14.18

 
Schedule of Share-Based Compensation Expense

The impact on our results of operations from share-based compensation for the three months ended March 31, 2026 and 2025, was as follows (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Research and development

 

$

219

 

 

$

826

 

General and administrative

 

 

647

 

 

 

2,507

 

Total share-based compensation expense

 

$

866

 

 

$

3,333