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

The following shows the stock option activities for the three months ended March 31, 2026 and 2025:

 

 

 

Total
Options
Outstanding

 

 

Weighted-Average
Exercise
Price

 

Balance—December 31, 2025

 

 

450,104

 

 

$

64.44

 

Granted

 

 

447,541

 

 

 

2.10

 

Exercised

 

 

 

 

 

 

Cancelled and forfeited

 

 

 

 

 

 

Balance—March 31, 2026

 

 

897,645

 

 

$

33.36

 

 

 

 

 

 

 

 

Balance—December 31, 2024

 

 

320,090

 

 

$

86.06

 

Granted

 

 

130,014

 

 

 

11.20

 

Exercised

 

 

 

 

 

 

Cancelled and forfeited

 

 

 

 

 

 

Balance—March 31, 2025

 

 

450,104

 

 

$

64.44

 

Summary of Information About Stock Options Outstanding

The following table summarizes information about stock options outstanding at March 31, 2026:

 

 

 

Shares

 

 

Weighted
Average
Remaining
Contractual
Life (In Years)

 

 

Weighted
Average
Exercise Price

 

 

Aggregate
Intrinsic Value

 

Options outstanding

 

 

897,645

 

 

 

8.68

 

 

$

33.36

 

 

$

 

Vested and expected to vest

 

 

897,645

 

 

 

8.68

 

 

$

33.36

 

 

$

 

Exercisable

 

 

444,442

 

 

 

7.46

 

 

$

64.34

 

 

$

 

Schedule of Stock Based Compensation Expense

The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2026:

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Research and development

 

$

3

 

 

$

589

 

General and administrative

 

 

223

 

 

 

800

 

Total

 

$

226

 

 

$

1,389

 

Share-based Payment Arrangement, Employee  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Grant Date Fair Value The fair value of employee and non-employee stock options was estimated using the following assumptions for the three months ended March 31, 2026 and 2025:

 

 

 

For the Three Months
Ended March 31,

 

 

2026

 

 

2025

Expected term (in years)

 

5.5 - 6.1

 

 

6.0

Expected volatility

 

135%

 

 

115% - 116%

Risk-free interest rate

 

3.8% - 4.0%

 

 

4.4%

Dividends

 

 

 %

 

%