v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Summary of Transactions Related to Grant of Stock Options to Employees and Directors
Transactions related to stock options awarded to employees and directors during the three months ended March 31, 2026 were as follows:
 
    
Shares
     
Weighted
average
exercise
price
     
Weighted
average
remaining
contractual
life (years)
     
Aggregate
intrinsic
value
  
Options outstanding at December 31, 2025
     
903,096
     
$
11.99
       
9.62
     
$
893
  
Granted
     
— 
     
— 
       
— 
       
— 
  
Exercised
     
(23,723
)
   
$
1.65
       
— 
       
23
  
Forfeited
     
— 
       
— 
       
— 
       
— 
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Options outstanding at March 31, 2026
     
879,373
     
$
12.21
       
9.44
     
$
845
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Options exercisable at March 31, 2026
     
550,593
     
$
19.03
       
9.41
     
$
519
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Transactions during the year ended December 31, 2025 related to stock options granted to employees and directors were as follows:
 
    
Shares
     
Weighted
average
exercise
price per
Share
     
Weighted
average
remaining
contractual life
(years)
     
Aggregate
intrinsic
value
(in thousands)
  
Options outstanding as of December 31, 2024
     
27,322
     
$
352.55
       
7.09
       
— 
  
Granted
     
894,356
       
1.76
       
— 
       
833
  
Exercised
     
(18,245
)
   
$
0.0011
       
— 
       
— 
  
Forfeited
     
(237
)
   
$
0.0011
       
— 
       
— 
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Options outstanding as of December 31, 2025
     
903,096
     
$
11.99
       
9.62
     
$
893
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Options exercisable at December 31, 2025
     
589,711
     
$
17.82
       
9.57
     
$
567
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Summary of Assumptions Used to Estimate Fair Values of Stock Options Granted  
The following table presents the assumptions used to estimate the fair values of stock options granted in the periods presented:
 
    
2025
  
2023
Dividend yield
   
0%
  
0%
Volatility
   
63.65% - 63.92%
  
79.1% - 86.95%
Risk-free interest rate
   
3.68% - 3.74%
  
3.53% - 4.36%
Expected term (years)
   
5.7
  
6
Exercise Price
   
$1.65 - $2.64
  
$46.97 - $50.93
Summary of Allocated Stock-based Compensation Expense Total stock-based compensation expense related to all of the Company’s stock-based awards was recognized as follows (in thousands): 
 
    
Three Months Ended March 31,
  
    
2026
     
2025
  
Research and development
    $ 16      $ 15  
General and administrative
      30        5  
  
 
 
     
 
 
  
Total stock-based compensation expense
    $ 46      $ 20  
  
 
 
     
 
 
  
The total equity-based compensation expense related to all of the Company’s equity-based awards was recognized as follows (in thousands):
 
    
Year ended December 31,
  
    
2025
     
2024
     
2023
  
Research and development
    $ 51      $ 142      $ 691  
General and administrative
      184        399        1,274  
  
 
 
     
 
 
     
 
 
  
Total stock-based compensation expense
    $ 235      $ 541      $ 1,965  
  
 
 
     
 
 
     
 
 
  
Restricted Stock Units [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Summary of Transactions Related to Grant of Restricted Stock Units to Employees
Activity related to restricted stock units awarded to employees during the three months ended March 31, 2026 were as follows:
 
    
Shares
     
Weighted
average
grant date
fair value
per share
  
Unvested at December 31, 2025
     
4,317
     
$
0.0011
  
Granted
     
— 
       
—
 		  
Vested
     
(1,978
)
 
     
0.0011
  
Forfeited
     
— 
       
— 
  
  
 
 
     
 
 
  
Unvested at March 31, 2026
     
2,339
     
$
0.0011
  
  
 
 
     
 
 
  
Transactions during the year ended December 31, 2025 related to RSUs were as follows:
 
    
Shares
     
Weighted
average
grant date
fair value
per share
  
Unvested at December 31, 2024
     
10,767
     
$
0.0011
  
Granted
     
90,909
       
1.65
  
Vested
     
(95,928
)
     
1.43
  
Cancelled
     
(1,431
)
 
     
0.0011
  
  
 
 
     
 
 
  
Unvested at December 31, 2025
     
4,317
     
$
0.0011
  
  
 
 
     
 
 
  
Restricted Stock Awards [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Summary of Transactions Related to Grant of Restricted Stock Units to Employees
Activity related to restricted stock awards awarded to employees during the three months ended March 31, 2026 were as follows:
 
    
Shares
     
Weighted
average
grant date
fair value
per share
  
Unvested at December 31, 2025
     
15,683
     
$
0.0011
  
Granted
     
— 
       
—
 		  
Vested
     
(1,302
)
 
     
0.0011
  
Repurchased
     
— 
       
—
 		  
  
 
 
     
 
 
  
Unvested at March 31, 2026
     
14,381
     
$
0.0011
  
  
 
 
     
 
 
  
Transactions during the year ended December 31, 2025 related to RSAs were as follows:
 
    
Shares
     
Weighted
average
grant date
fair value
per share
  
Unvested at December 31, 2024
     
20,906
     
$
0.0011
  
Granted
     
— 
       
— 
  
Vested
     
(5,223
)
 
     
0.0011
  
Repurchased
     
— 
       
— 
  
  
 
 
     
 
 
  
Unvested at December 31, 2025
     
15,683
     
$
0.0011