v3.26.1
Stock Award Plan and Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity for Employees and Non-Employees

Stock option activity for employees and non-employees for the six months ended June 30, 2026 is as follows:

 

Shares Issuable Pursuant to Stock Options

 

 

Weighted- Average Exercise Price

 

 

Weighted-Average Remaining Contractual Terms (years)

 

Total Intrinsic Value (in thousands)

 

Outstanding January 1, 2026

 

8,173,509

 

 

$

4.73

 

 

 

9.5

 

 

$

1,270

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

5,288,669

 

 

$

5.10

 

 

 

 

 

 

 

Exercised

 

—

 

 

$

—

 

 

 

 

 

 

 

Cancelled/Forfeited

 

(34,375

)

 

$

41.24

 

 

 

 

 

 

 

Expired

 

(4,686

)

 

$

(81.60

)

 

 

 

 

 

 

Outstanding June 30, 2026

 

13,423,117

 

 

$

4.75

 

 

 

8.6

 

 

$

16,221

 

Exercisable June 30, 2026

 

2,658,080

 

 

$

5.69

 

 

 

4.6

 

 

$

3,826

 

Available for future grant

 

624,906

 

 

 

 

 

 

 

 

 

 
Summary of Assumptions Used in Black Scholes Model to Estimate Fair Value of Stock Options

The Company uses the Black-Scholes model to estimate the fair value of stock options granted. There were no stock options granted during the six months ended June 30, 2025. For stock options granted during the six months ended June 30, 2026, the Company utilized the following assumptions:

 

Six Months Ended June 30, 2026

Expected term (years)

5.31 - 6.25

Risk free interest rate

3.75% - 4.29%

Volatility

119% - 133%

Dividend yield

0%

Weighted-average fair value of options granted during the period

$4.53
Schedule of Stock-Based Compensation Expense Included in the Company's Consolidated Statements of Operations

The following table presents stock-based compensation expense included in the Company’s consolidated statements of operations, including $6.6 million recognized in connection with the modification of stock options granted to Mr. Race pursuant to the settlement agreement described in Note 10.

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

$

996,213

 

 

$

100,130

 

 

$

1,734,150

 

 

$

199,829

 

General and administrative

 

1,276,627

 

 

 

198,088

 

 

 

9,248,992

 

 

 

395,618

 

Total

$

2,272,840

 

 

$

298,218

 

 

$

10,983,142

 

 

$

595,447