v3.26.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Stock-Based Compensation [Abstract]  
Components of Stock-Based Compensation Expense
Following is the stock-based compensation expense related to common stock options, restricted common stock, common stock warrants and deferred stock units:
         
      Three Months Ended
March 31,
 
      2026      2025 
Research and development
  $ 284    $ 190 
General and administrative
    491      278 
Total stock-based compensation expense
  $ 775    $ 468 
Stock Option Activity
The following table summarizes the stock option activity in the Company’s equity incentive plans, including non-plan grants to Company executives, from December 31, 2025 through March 31, 2026:
 
         
     


Shares
 
      Weighted
Average
Exercise
Price
 
 
Outstanding, December 31, 2025
    6,572,509     $ 2.27  
Granted
    1,020,000       3.05  
Exercised
    (173,333     1.48  
Options forfeited/cancelled
    (211,583     2.72  
Outstanding, March 31, 2026
    7,207,593     $ 2.38  
Weighted Average Assumptions Used to Determine Fair Value of Options Granted
The fair value of all other options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used:
         
     Three
Months
Ended
March 31,
     Three
Months
Ended
March 31,
 
    
2026
     2025  
Risk-free interest rate
   3.84 %    4.48 %
Expected life of the options
   5.6 years      5.6 years  
Expected volatility of the underlying stock
   88 %    83 %
Expected dividend rate
   0 %    0 %