v3.26.1
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Based Compensation Expense

Stock-based compensation expense is recognized in the condensed consolidated statements of operations as follows:

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

(in thousands of dollars)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

111

 

 

$

116

 

 

$

218

 

 

$

200

 

General and administrative

 

 

596

 

 

 

613

 

 

 

1,183

 

 

 

1,080

 

Total stock-based compensation expense

 

$

707

 

 

$

729

 

 

$

1,401

 

 

$

1,280

 
Schedule of Unvested Awards and Weighted Average Period

Unrecognized stock-based compensation costs related to unvested awards and the weighted-average period over which the costs are expected to be recognized as of June 30, 2026, are as follows:

 

Stock Options

 

Unrecognized stock-based compensation expense (in thousands)

 

$

3,867

 

Expected weighted-average period compensation costs to be recognized (years)

 

 

2.1

 

Schedule of Stock Option Activity

A summary of the Company’s stock option activity is as follows:

 

Stock Options

 

 

Weighted-Average Exercise Price per Share

 

 

Weighted-Average Remaining Contractual Life (years)

 

 

Aggregate Intrinsic Value (in thousands)

 

Outstanding as of December 31, 2025

 

 

285,801

 

 

$

47.80

 

 

 

8.0

 

 

$

—

 

Granted

 

 

400,443

 

 

$

1.19

 

 

 

—

 

 

$

—

 

Exercised

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Forfeited/canceled

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Outstanding as of June 30, 2026

 

 

686,244

 

 

$

20.63

 

 

 

8.9

 

 

$

—

 

Exercisable as of June 30, 2026

 

188,259

 

 

$

49.65

 

 

 

7.1

 

 

$

—

 
Schedule of Fair Value of Option Granted Black Scholes

The fair value of stock options granted to employees, directors, and consultants was estimated on the date of grant using the Black-Scholes option pricing model using the following weighted-average assumptions:

Assumptions:

 

Six Months Ended
June 30, 2026

Risk-free interest rate

 

4.23%

Expected volatility

 

110.53%

Expected term (years)

 

7.00

Expected dividend

 

N/A