v3.26.1
Stock-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options

The Company estimated the fair value of the stock options on the date of grant using the following assumptions in the Black-Scholes option-pricing model:

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Estimated dividend yield

 

0%

 

 

 

0

%

Expected share price volatility (weighted average and range, if applicable)

 

99.1% (98.9% to 99.8%)

 

 

 

92.2

%

Risk-free interest rate (weighted average and range, if applicable)

 

3.91% (3.89% to 3.91%)

 

 

 

4.45

%

Expected term of options (in years)

 

 

6.25

 

 

6.25

 
Schedule of Stock Option Activity

A summary of option activity under the Company’s stock option plans during the three months ended March 31, 2026 is presented below:

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price
Per Share

 

 

Weighted
Average
Remaining
Contractual
Term (years)

 

 

Aggregate
Intrinsic Value
(in thousands)

 

Options outstanding at December 31, 2025

 

 

18,004,681

 

 

$

4.25

 

 

 

7.7

 

 

$

—

 

Granted

 

 

204,100

 

 

 

1.06

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

0.00

 

 

 

 

 

 

 

Forfeited

 

 

(893,265

)

 

 

4.19

 

 

 

 

 

 

 

Options outstanding at March 31, 2026

 

 

17,315,516

 

 

$

4.21

 

 

 

7.8

 

 

$

—

 

Vested and exercisable, March 31, 2026

 

 

8,490,916

 

 

$

5.23

 

 

 

6.7

 

 

$

—

 

Vested and expected to vest, March 31, 2026

 

 

17,315,516

 

 

$

4.21

 

 

 

7.8

 

 

$

—

 
Schedule of Restricted Stock Activity

The following table summarizes the Company’s RSU activity for the three months ended March 31, 2026:

 

Number of
Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Grants outstanding at December 31, 2025

 

 

1,985,390

 

 

$

1.23

 

Granted

 

 

—

 

 

 

 

Exercised

 

 

—

 

 

 

 

Forfeited

 

 

—

 

 

 

 

Grants outstanding at March 31, 2026

 

 

1,985,390

 

 

$

1.23

 
Schedule of Stock-Based Compensation Expense and Remaining Unrecognized Costs

The following table shows a summary of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive (loss) income:

 

Three Months Ended March 31,

 

($ in thousands)

 

2026

 

 

2025

 

Stock options

 

$

2,559

 

 

$

2,487

 

Restricted stock units

 

 

611

 

 

 

—

 

Total stock-based compensation expense

 

$

3,170

 

 

$

2,487

 

Research and development

 

 

1,228

 

 

 

1,149

 

General and administrative

 

 

1,942

 

 

 

1,338

 

Total stock-based compensation expense

 

$

3,170

 

 

$

2,487