Stock-Based Compensation |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Stock-Based Compensation | 8. Stock-based Compensation Stock Incentive Plans On March 12, 2018, the Board adopted the 2018 Equity Incentive Plan (the “2018 Plan”). The 2018 Plan became effective on April 20, 2018 upon approval by the stockholders of the Company with the outstanding options and shares available for future grant under any prior plans being assumed by the 2018 Plan. During September 2025, the Board of Directors approved to reset the number of shares of common stock reserved under the 2018 Plan to be 1,818,181 shares. As of March 31, 2026, there were 854,686 shares remaining and available for issuance under the 2018 Plan. Stock options granted have a ten-year contractual life and, upon termination of service, vested options are generally exercisable between and three months following the termination date, while unvested options are forfeited immediately. Summary of Stock Option Activity Transactions related to stock options awarded to employees and directors during the three months ended March 31, 2026 were as follows:
The aggregate intrinsic value represents the total intrinsic value (the difference between the fair value of the common stock as of March 31, 2026 and the exercise price, multiplied by the number of in-the-money Summary of Restricted Stock Unit Activity Activity related to restricted stock units awarded to employees during the three months ended March 31, 2026 were as follows:
Summary of Restricted Stock Award Activity Activity related to restricted stock awards awarded to employees during the three months ended March 31, 2026 were as follows:
Stock-based Compensation Stock-based compensation relates to employees, non-employee directors and non-employee consultants, time-based stock options, performance-based stock options, restricted stock awards, and restricted stock units granted. Total stock-based compensation expense related to all of the Company’s stock-based awards was recognized as follows (in thousands):
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10. Stock-Based Compensation Stock Incentive Plans On March 12, 2018, the Board adopted the 2018 Plan. The 2018 Plan became effective on April 20, 2018 upon approval by the stockholders of the Company with the outstanding options and shares available for future grant under any prior plans being assumed by the 2018 Plan. During September 2025, the Board of Directors approved to reset the number of shares of common stock reserved under the 2018 Plan to be 1,818,181 shares. As of December 31, 2025, there were 854,686 shares remaining and available for issuance under the 2018 Plan. Stock options granted have a ten-year contractual life and, upon termination of service, vested options are generally exercisable between and three months following the termination date, while unvested options are forfeited immediately. Summary of Stock Option Activity Transactions during the year ended December 31, 2025 related to stock options granted to employees and directors were as follows:
On March 25, 2024 and October 16, 2024, the Board approved two separate stock option repricings. Pursuant to the March 25, 2024 repricing, the exercise price of each relevant option was amended to reduce the exercise price to $9.90 the closing price per share of the Company’s common stock on that date. Pursuant to the October 16, 2024 repricing, the exercise price of each relevant option was amended to reduce the exercise price to $0.0011 the closing price per share of the Company’s common stock on that date. The relevant options for each repricing were all outstanding eligible stock options granted under the 2018 Plan. As a result of the repricings, the Company recorded an incremental stock compensation charge of less than $0.1 million during the year ended December 31, 2024. The weighted average grant date fair values of stock options granted was $0.99 and $34.43 during the years ended December 31, 2025 and 2023, respectively. No stock options were granted during the year ended December 31, 2024. The fair value of shares vested during the year ended December 31, 2025 was $0.88. The fair value of shares exercised during the year ended December 31, 2025 was $0.0011. As of December 31, 2025, the unrecognized compensation cost related to the outstanding options was $0.9 million, which is expected to be recognized over a weighted-average period of 2.70 years. The following table presents the assumptions used to estimate the fair values of stock options granted in the periods presented:
Summary of RSU Activity Transactions during the year ended December 31, 2025 related to RSUs were as follows:
The RSUs granted during the year ended December 31, 2025 vested 100% immediately, for which the Company recognized $150,000 of stock-based compensation expense. The fair value of restricted stock units vested during the year ended December 31, 2025 was $1.65. As of December 31, 2025, there was no unrecognized compensation cost related to the RSUs. Summary of RSA Activity Transactions during the year ended December 31, 2025 related to RSAs were as follows:
The Company granted RSAs during the year ended December 31, 2024 at a weighted grant-date fair value of $0.0011 per share under the 2018 Plan. There were no grants of RSAs during the years ended December 31, 2025. Stock-based Compensation Expense Stock-based compensation expense relates to stock options granted to employees, non-employee directors and consultants, time-based RSUs, time-based RSAs and performance-based stock options granted to an employee. The total equity-based compensation expense related to all of the Company’s equity-based awards was recognized as follows (in thousands):
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