v3.26.1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Stock Option Activity

The following table summarizes stock option activity under the Equity Plans (excluding RSUs) for the three months ended March 31, 2026:

 

 

 

2017 Plan

 

 

2019 Inducement Plan

 

 

Total Number of Stock Options

 

Outstanding as of December 31, 2025

 

 

2,356,266

 

 

 

44,167

 

 

 

2,400,433

 

Granted

 

 

1,118,350

 

 

 

—

 

 

 

1,118,350

 

Outstanding as of March 31, 2026

 

 

3,474,616

 

 

 

44,167

 

 

 

3,518,783

 

The following table summarizes stock option activity under the Equity Plans (excluding RSUs) during the three months ended March 31, 2026:

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding as of December 31, 2025

 

 

2,400,433

 

 

$

9.98

 

 

 

3.62

 

 

$

58

 

Granted

 

 

1,118,350

 

 

 

2.23

 

 

 

—

 

 

 

—

 

Outstanding as of March 31, 2026

 

 

3,518,783

 

 

$

7.52

 

 

 

5.34

 

 

$

182

 

Outstanding as of March 31, 2026 - vested and
   expected to vest

 

 

3,518,783

 

 

$

7.52

 

 

 

5.34

 

 

$

182

 

Exercisable at March 31, 2026

 

 

3,518,783

 

 

$

7.52

 

 

 

5.34

 

 

$

182

 
Summary of assumptions used to Determine fair value of stock option awards granted to employees

For the three months ended March 31, 2026, the assumptions that the Company used in the Black-Scholes option-pricing model to determine the fair value of stock option awards granted to employees were as follows, presented on a weighted average basis:

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

Risk-free interest rate

 

 

3.90

%

Expected term (in years)

 

 

6.17

 

Expected volatility

 

 

104.0

%

Expected dividend yield

 

 

0.0

%
Summary of Share-Based Compensation Expense

The Company recorded share-based compensation expense for both RSUs and stock options in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Research and development expenses

 

$

272

 

 

$

529

 

General and administrative expenses

 

 

842

 

 

 

1,027

 

Total

 

$

1,114

 

 

$

1,556

 
Restricted Stock Units (RSUs) [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Activity of Options and RSUs of Performance-Based Options

The following table summarizes RSU activity under the Equity Plans (excluding performance-based RSUs) during the three months ended March 31, 2026:

 

 

 

Number of
RSU Shares

 

 

Weighted Average Grant Date Fair Value

 

Outstanding as of December 31, 2025

 

5,436,774

 

 

$

1.33

 

Granted

 

852,525

 

 

 

2.23

 

Vested and released

 

(1,476,836

)

 

 

1.60

 

Forfeited or cancelled

 

(410,055

)

 

 

1.20

 

Outstanding as of March 31, 2026 - vested and
   expected to vest

 

4,402,408

 

 

$

1.43