v3.26.1
Stock Incentive Plans
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock Incentive Plans Stock Incentive Plans
Inducement Equity Incentive Plan
The following table summarizes information regarding stock option and RSU activity in the Inducement Equity Incentive Plan (the “Inducement EIP”) during the three months ended March 31, 2026 (in thousands, except per share data):
Stock Options
Number of Stock Options
Weighted-
Average
Exercise Price
Weighted-Average
Remaining
Contractual
Life (years)
Aggregate Intrinsic Value
Outstanding, January 1, 2026108 $7.47 9.7$— 
Outstanding, March 31, 2026108 $7.47 9.4$— 
Vested as of March 31, 2026— $— — $— 
Expected to vest as of March 31, 2026108 $7.47 9.4$— 
RSUs
Number of
RSUs
Weighted-
Average
Grant Date Fair Value per Share
Weighted-Average
Remaining
Contractual
Life (years)
Aggregate Intrinsic Value
Outstanding, January 1, 2026
220 $6.25 9.9$1,291 
Outstanding, March 31, 2026220 $6.25 9.7$1,291 
Exercisable as of March 31, 2026—$— — $— 
Expected to vest as of March 31, 2026220$6.25 9.7$1,291 
2024 Equity Incentive Plan
On January 1, 2026, we increased the number of authorized shares of common stock pursuant to the 2024 Equity Incentive Plan (the “2024 EIP”) by 595,110 shares.
The following table summarizes information regarding stock option and RSU activity in the 2024 EIP during the three months ended March 31, 2026 (in thousands, except per share data):
Stock Options
Number of
Stock Options		Weighted-
Average
Exercise Price		Weighted-Average
Remaining
Contractual
Life (years)		Aggregate Intrinsic Value
Outstanding, January 1, 2026
1,116$2.52 8.4
     Granted
17$6.95 
     Exercised
(116)$2.17 
     Cancelled
(24)$5.87 
Outstanding, March 31, 2026993$2.56 8.8$3,307 
Exercisable as of March 31, 2026570$2.12 8.7$2,140 
Expected to vest as of March 31, 2026423$3.17 8.9$1,167 
RSUs
Number of
RSUs
Weighted-
Average
Grant Date Fair Value per Share
Weighted-Average
Remaining
Contractual
Life (years)
Aggregate Intrinsic Value
Outstanding, January 1, 2026
—$— — $— 
   Granted
619$6.95 $3,632 
Outstanding, March 31, 2026619$6.95 4.0$3,632 
Exercisable as of March 31, 2026—$— — $— 
Expected to vest as of March 31, 2026619$6.95 4.0$3,632 
The determination of the fair value of options granted under the Inducement EIP and the 2024 EIP during the three months ended March 31, 2026 was computed using the Black-Scholes option pricing model with the following weighted-average assumptions:
Three Months Ended March 31, 2026
Stock price per share$6.95 
Expected option term (years)5.8
Expected volatility76.6 %
Risk-free rate of return4.1 %
Expected annual dividend yield— %
Weighted-average grant date fair value
$6.95 
No options or RSUs were granted during the three months ended March 31, 2025.
Stock-based Compensation
The following table shows stock-based compensation expense by functional area in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended March 31,
20262025
Research and development$30 $17 
Selling, general and administrative351 84 
Total stock-based compensation expense
$381 $101 
Stock-based compensation expense capitalized to inventory for the three months ended March 31, 2026 and 2025 was insignificant.
As of March 31, 2026, the total unrecognized compensation cost related to all nonvested stock options and RSUs was $6.6 million and the weighted-average period over which it is expected to be recognized is 1.7 years.