v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense The amounts included in the consolidated statements of operations relating to stock-based compensation associated with the two equity incentive plans, cash awards, and CSBUs are as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development expenses

 

$

1,078,089

 

 

$

177,819

 

 

$

585,853

 

 

$

1,498,906

 

General and administrative expenses

 

 

564,911

 

 

 

18,745

 

 

$

69,594

 

 

$

921,672

 

Total stock-based compensation expense

 

$

1,643,000

 

 

$

196,564

 

 

$

655,447

 

 

$

2,420,578

 
Summary of Activity Relating to Stock Options

The table below summarizes activity relating to stock options under the incentive plans for the six months ended June 30, 2026:

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic
Value(a)

 

Outstanding at December 31, 2025

 

 

8,582,483

 

 

$

5.50

 

 

 

6.18

 

 

$

6,607,251

 

Granted

 

 

2,704,090

 

 

 

1.77

 

 

 

 

 

 

—

 

Forfeited

 

 

(670,821

)

 

 

4.60

 

 

 

 

 

 

8,357

 

Exercised

 

 

(20,009

)

 

 

3.56

 

 

 

 

 

 

12,997

 

Expired

 

 

(1,316,525

)

 

 

5.98

 

 

 

 

 

 

—

 

Outstanding at June 30, 2026

 

 

9,279,218

 

 

$

4.41

 

 

 

7.02

 

 

$

975,876

 

Exercisable at June 30, 2026

 

 

5,562,758

 

 

$

5.48

 

 

 

5.57

 

 

$

74,719

 

 

(a)
The aggregate intrinsic value in the above table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on June 30, 2026 of $2.13 and the per share exercise price of the underlying options.
Summary of Activity Relating to Restricted Stock Units

The table below summarizes activity relating to restricted stock units (RSUs) for the six months ended June 30, 2026:

 

 

 

Number
of Shares

 

 

Weighted-Average Grant Date Fair Value

 

Outstanding at December 31, 2025

 

 

274,496

 

 

$

5.55

 

Released

 

 

(138,286

)

 

 

5.49

 

Cancelled / Forfeited

 

 

(46,402

)

 

 

4.72

 

Outstanding at June 30, 2026

 

 

89,808

 

 

$

6.08

 
Summary of Employee Stock Purchase Plan Activity A summary of the weighted-average grant-date fair value, and total stock-based compensation expense recognized related to the 2016 ESPP are as follows:

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

Weighted-average grant-date fair value per share

$

2.06

 

 

$

—

 

Total stock-based compensation expense

$

11,006

 

 

$

—