Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation

A summary of stock option activity is presented below (in thousands, except per share and contractual life data).

A summary of stock option activity is presented below (in thousands, except per share and contractual life data).

							Weighted
				Weighted			Average
				Average			Remaining
				Exercise			Contractual
	Number of			Price			Life
	Shares			Per Share			(in Years)
Options outstanding as of December 31, 2025		8,366		$	2.23			6.09
Granted		227		$	1.18
Exercised		-			-
Forfeited or expired		(39)		$	2.49
Options outstanding, vested and expected to vest as of March 31, 2026		8,554		$	2.21			5.91
Options exercisable as of March 31, 2026		5,944		$	2.62			4.74

A summary of restricted stock activity and related information (in thousands, except per share data):

A summary of restricted stock activity and related information (in thousands, except per share data):

	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2025		800		$	1.15
Granted		-			-
Vested and released		-			-
Forfeited and canceled		-			-
Outstanding as of March 31, 2026		800		$	1.15

The following table summarizes total stock-based compensation expense for stock options and RSUs, which is included in the statements of operations (in thousands):

The following table summarizes total stock-based compensation expense for stock options and RSUs, which is included in the condensed consolidated statements of operations (in thousands):

	Three Months Ended March 31,
	2026			2025
Research and development, net	$	153		$	196
General and administrative, net		159			154
Total stock-based compensation expense	$	312		$	350

Summary of Option Grant using the Black-Scholes Option-pricing Model

		Three Months Ended March 31,
		2026			2025
Risk-free interest rate		3.76% to 4.06%			4.02% to 4.39%
Expected dividend yield		-%			-%
Expected volatility		100%			100%
Expected term		5.31 to 6.08 years			5.25 to 6.08 years