v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Schedule of Estimated Fair Value of Each Stock Option Award

For stock options requiring an assessment of value during the three months ended March 31, 2026 and 2025, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model utilizing the following assumptions:

 

 

 

March 31, 2026

Risk-free interest rate

 

3.92% - 3.98%

Expected dividend yield

 

0%

Expected volatility

 

88.60% - 89.63%

Expected life

 

5.50 to 6.25 years

 

 

 

 

 

March 31, 2025

Risk-free interest rate

 

4.05% - 4.46%

Expected dividend yield

 

0%

Expected volatility

 

86.46% - 87.69%

Expected life

 

5.50 to 6.25 years
Summary of Stock Option Activity

A summary of stock option activity for the three months ended March 31, 2026 is as follows:

 

 

 

Number of
Shares*

 

 

Weighted
Average
Exercise
Price*

 

 

Weighted
Average
Remaining
Contractual
Life
(in Years)

 

Stock options outstanding at December 31, 2025

 

 

424,910

 

 

$

116.68

 

 

 

6.79

 

Granted

 

 

6,960

 

 

 

10.10

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(113,196

)

 

 

28.65

 

 

 

—

 

Expired

 

 

(2,662

)

 

 

151.41

 

 

 

—

 

Stock options outstanding at March 31, 2026

 

 

316,012

 

 

 

145.57

 

 

 

5.06

 

Stock options exercisable at March 31, 2026

 

 

264,067

 

 

$

167.61

 

 

 

4.32

 

 

(*) Retroactively adjusted to reflect the one-for-thirty (1-for-30) reverse stock split, which was effective on April 23, 2026. See Note 2.
Schedule of Stock-Based Compensation Included in Statement of Operations and Comprehensive Loss

Stock-based compensation for the three months ended March 31, 2026 and 2025 was included in the Company’s condensed consolidated statements of operations as follows:

 

 

 

Three Months Ended
March 31,

 

(in thousands)

 

2026

 

 

2025

 

General and administrative

 

$

19

 

 

$

695

 

Research and development

 

 

29

 

 

 

643

 

Total stock-based compensation

 

$

48

 

 

$

1,338