Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

The following table presents share-based compensation expense on all employee and non-employee awards included in the accompanying condensed statements of operations as follows:


	For the Three Months Ended March 31,
(in thousands)	2026		2025
Research and development	$	3	$	2
General and administrative		138		66
Stock-based compensation expense	$	141	$	68

The grant date fair value of stock options was estimated on the date of grant using a Black-Scholes option valuation model with the following assumptions:


	For the Three Months Ended March 31,
		2025
Risk-free interest rate		4.05%
Expected life in years		6.06
Expected volatility		113.26%
Expected dividend yield		—%

Stock option activity under the Company’s stock option plans for the three months ended March 31, 2026 was as follows:


(in thousands, except share and per share data)	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding, December 31, 2025		222,485		$	23.98		9.04	$	31
Cancelled		(1,837	)		85.50
Outstanding, March 31, 2026		220,646		$	23.80		8.86	$	19
Options exercisable, March 31, 2026		122,286		$	37.97		8.51	$	19
Options available for future grant, March 31, 2026		955,333

At March 31, 2026, total unrecognized compensation costs related to unvested stock options outstanding amounted to $492 and is expected to be recognized over a weighted-average period of 2.55 years.