v3.26.1
Equity Incentive Plan - Stock-Based Compensation Expense (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Award Activity

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

 

 

Number of
Stock
Options

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Life

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of December 31, 2025

 

 

4,417,727

 

 

$

1.50

 

 

 

7.90

 

 

$

88

 

Granted

 

 

12,000

 

 

$

1.02

 

 

 

-

 

 

$

-

 

Exercised

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

Forfeited

 

 

(6,250

)

 

$

1.27

 

 

 

-

 

 

$

-

 

Expired

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

Outstanding as of March 31, 2026

 

 

4,423,477

 

 

$

1.52

 

 

 

7.66

 

 

$

325

 

Exercisable as of March 31, 2026

 

 

2,496,464

 

 

$

1.82

 

 

 

6.79

 

 

$

191

 

Vested and expected to vest as of March 31, 2026

 

 

4,423,477

 

 

$

1.52

 

 

 

7.66

 

 

$

325

 

Summary of Weighted-Average Assumptions Used to Calculate Fair Value of Stock Options Granted

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Expected volatility

 

116.2%

 

 

115.1% – 118.0%

 

Expected term (years)

 

 

10.00

 

 

 

10.00

 

Risk-free interest rate

 

4.18%

 

 

4.27% – 4.79%

 

Dividend rate

 

 

-

%

 

 

-

%

Schedule of Stock-Based Compensation Expense Recognized

The following table summarizes the components of stock-based compensation expense recognized in the Company’s Condensed Statements of Operations during the three months ended March 31, 2026, and 2025 (in thousands):

 

 

Three Months Ended

 

 

March 31,

 

 

2026

 

 

2025

 

Research and development

 

$

111

 

 

$

137

 

Selling, general and administrative

 

 

206

 

 

 

151

 

Total stock-based compensation expense

 

$

317

 

 

$

288

 

Schedule of RSU Activity

 

Shares

 

 

Weighted-
Average
Grant Date
Value

 

Outstanding as of December 31, 2025

 

 

-

 

 

$

-

 

Granted

 

 

12,380

 

 

$

1.04

 

Vested

 

 

(12,380

)

 

$

1.04

 

Forfeited

 

 

-

 

 

$

-

 

Outstanding as of March 31, 2026

 

 

-

 

 

$

-