| Summary of incentive plan activity |
The following table summarizes the incentive plan activity for the three months ended March 31, 2026, and the year ended December 31, 2025:
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(in thousands, except share and per share data) |
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Shares Available for Grant |
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Stock Options Outstanding |
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RSUs Outstanding |
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Weighted Average Stock Option Exercise Price |
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Weighted Average Remaining Contractual Life (Years) |
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Aggregate Intrinsic Value* |
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Balances as of January 1, 2025 |
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506 |
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|
871 |
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6 |
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$ |
|
10,900.05 |
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9.77 |
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$ |
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— |
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Additional shares authorized |
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9,453 |
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— |
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— |
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— |
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— |
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Options granted |
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(4,807 |
) |
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4,807 |
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— |
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50.75 |
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— |
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Options canceled |
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62 |
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(62 |
) |
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— |
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1,128.75 |
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— |
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RSUs granted |
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(5,181 |
) |
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— |
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5,181 |
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— |
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— |
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RSUs vested and released |
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93 |
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— |
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(93 |
) |
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— |
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— |
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RSUs cancelled |
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74 |
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— |
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(74 |
) |
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— |
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— |
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Outstanding at December 31, 2025 |
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200 |
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5,616 |
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5,020 |
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$ |
|
311.43 |
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9.77 |
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$ |
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— |
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Additional shares authorized |
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9,915 |
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— |
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— |
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— |
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— |
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Options granted |
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— |
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— |
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— |
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— |
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— |
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Options canceled |
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255 |
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(255 |
) |
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— |
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144.90 |
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— |
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RSUs granted |
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— |
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— |
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— |
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— |
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— |
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RSUs vested |
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51 |
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— |
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(51 |
) |
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— |
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— |
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RSUs cancelled |
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532 |
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— |
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(532 |
) |
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— |
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— |
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Outstanding at March 31, 2026 |
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10,953 |
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5,361 |
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4,437 |
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$ |
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19,653.55 |
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9.47 |
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$ |
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— |
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Exercisable at March 31, 2026 |
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1,607 |
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$ |
|
2,274.65 |
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9.16 |
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$ |
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— |
|
Vested and expected to vest at March 31, 2026 |
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1,607 |
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$ |
|
2,274.65 |
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9.16 |
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$ |
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— |
|
* The fair market value of Jaguar stock on March 31, 2026, was $12.97 per share.
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| Summary of stock-based compensation expense |
The following table summarizes stock-based compensation expenses related to stock options, inducement stock options, and RSUs for the three months ended March 31, 2026 and 2025, and are included in the unaudited condensed consolidated statements of operations as follows:
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Three Months Ended |
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March 31, |
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2026 |
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2025 |
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(in thousands) |
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(unaudited) |
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Research and development expense |
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$ |
|
57 |
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$ |
|
117 |
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Sales and marketing expense |
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— |
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18 |
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General and administrative expense |
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|
98 |
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|
166 |
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Total |
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$ |
|
155 |
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$ |
|
301 |
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