v3.26.1
Stock Based Compensation (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]    
Schedule of Stock Based Compensation Expense

Stock based compensation has been reported within expense line items on the consolidated statement of operations for the three months ended March 31, 2026 and 2025 as shown in the following table (in $000s):

   2026   2025 
   Three Months Ended 
   March 31, 
   2026   2025 
General and administrative  $1   $1,592 
Research and development      $74 
Stock-based compensation costs  $1   $1,666 

Stock based compensation has been reported within expense line items on the consolidated statement of operations for the years ended 2025 and 2024 as shown in the following table (in thousands):

 

 

   2025   2024 
   Year Ended 
   December 31, 
   2025   2024 
General and administrative  $2,297   $498 
Research and development   37    94 
Stock-based compensation costs  $2,334   $592 
Schedule of Assumptions Used for Fair Value of the Stock Options Granted Using Black-Scholes Option-Pricing Model  

The fair value of the stock options granted is calculated using the Black-Scholes option-pricing model as prescribed by ASC 718 using the following assumptions:

 

   Year ended   Year ended 
   December 31, 2025   December 31, 2024 
Expected term (years)   5 - 10    6 
Risk free interest rate   4.060%  – 4.250%    3.995%
Volatility   100% – 107%    93%
Expected dividend yield over expected term   0.00%   0.00%
Resulting weighted average grant date fair value  $70.79   $424.80 
Schedule of Share Option Activity  

A summary of the share option activity and related information is as follows:

 

      

Weighted

Average

  

Weighted

Average Remaining

     
   Number of   Exercise   Contractual   Aggregate 
   Options   Price Per   Term   Intrinsic 
   Outstanding   Share   (Years)   Value ($000) 
                 
Options outstanding at December 31, 2023   595   $12,048.00    7.96   $         
Granted   52   $547.20       $ 
Exercised      $       $ 
Cancelled/forfeited   (153)  $12,327.88       $ 
Options outstanding at December 31, 2024   494   $10,658.14    7.20   $ 
                     
Granted   24,812   $78.92       $ 
Exercised      $       $ 
Cancelled/forfeited   (385)  $9,610.52       $ 
Options outstanding at December 31, 2025   24,921   $103.04    9.13   $ 
                     
Unvested at December 31, 2025   4   $2,094.84    7.49   $ 
Vested and exercisable at December 31, 2025   24,917   $102.72    9.13   $ 
Schedule of Restricted Stock Units Activity  

Summarized information for restricted stock units as of December 31, 2025 and 2024 is as follows:

 

      

Weighted

Average

 
   Restricted   Grant Date 
   Stock Units   Value Per 
   Outstanding   Share 
         
RSUs outstanding at Dec 31, 2023   144   $3,902.40 
Granted   52   $547.20 
Cancelled/forfeited   (32)  $3,675.17 
RSUs outstanding at Dec 31, 2024   164   $2,881.62 
           
Granted   500,178   $1.40 
Vested and converted to Common Stock   (500,178)  $1.40 
Cancelled/forfeited   (162)  $3,284.47 
RSUs outstanding at December 31, 2025   2   $3,240.00