v3.26.1
Stock-Based Compensation Plans (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes stock option activity for the six months ended June 30, 2026 and 2025, respectively, for the 2019 Plan and the 2026 Inducement plan:
OptionsWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (Years)		Aggregate
Intrinsic
Value
Outstanding as of January 1, 20262,572,850 $12.08 
Granted3,603,969 $11.78 
Exercised(4,100)$7.73 $23,341 
Forfeited or expired(22,225)$43.33 
Outstanding as of June 30, 20266,150,494 $11.79 8.57$23,610,172 
Options exercisable as of June 30, 20261,760,240 $12.77 6.25$6,031,157 

OptionsWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (Years)		Aggregate
Intrinsic
Value
Outstanding as of January 1, 20251,613,605 $15.20 
Granted993,710 $7.80 
Exercised— $— 
Repricing Modification— $— 
Forfeited or expired(21,954)$15.00 
Outstanding as of June 30, 20252,585,361 $12.40 8.77$— 
Options exercisable as of June 30, 2025704,289 $17.90 7.04$— 
Schedule of Valuation Assumptions Used
The following table summarizes the key assumptions used in estimating the fair value of the SARs at June 29, 2026, and December 31, 2025:


June 29, 2026December 31, 2025
Expected term (years)
0.09-2.71
1.00-2.40
Risk-free interest rate
4.02%-4.34%
3.64%-4.11%
Stock price volatility
85%-110%
65%-115%
Probability (1)
50%-50%
50%-50%
Dividend rate
—%
—%

(1) Scenario probability was based on timing expectations of the Company that a corporate transaction occurring was estimated at 50%; and a corporate transaction not occurring at 50%.
The following are the underlying assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan:
Six Months Ended June 30,
20262025
Risk-free interest rate4.20%4.14%
Expected dividend yield0%0%
Expected volatility109.4%116.0%
Expected term of options (years)5.805.91
The following table summarizes the key assumptions used in estimating the fair value of the SARs at June 29, 2026 which was the date the SARs were reclassified to equity and December 31, 2025:

June 29, 2026December 31, 2025
Expected term (years)
0.09-2.71
1.00-2.40
Risk-free interest rate
4.02%-4.34%
3.64%-4.11%
Stock price volatility
85%-110%
65%-115%
Probability (1)
50%-50%
50%-50%
Dividend rate
—%
—%

(1) Scenario probability was based on timing expectations of the Company that a corporate transaction occurring was estimated at 50%; and a corporate transaction not occurring at 50%.
Schedule of SAR's Activity
The Company’s SARs activity is as follows:

SARs grantsSharesWeighted average exercise priceWeighted average remaining contractual term (years)Aggregate intrinsic value
Balance at January 1, 20261,623,007$7.65
SARs granted—$—
SARs forfeited or expired(718,557)$7.65
SARs exercised—$—
Balance at June 30, 2026904,450$7.659.02$6,982,357
Exercisable at June 30 2026—$——$—
Schedule of Stock-Based Compensation Expense for Stock Awards Recognized
Total stock-based compensation expense for all stock awards recognized in the accompanying unaudited condensed consolidated statements of operations is as follows:
Three Months
 Ended June 30,		Six Months
 Ended June 30,
2026202520262025
Research and development$3,906,000 $761,000 $5,389,000 $1,592,000 
General and administrative2,876,000 1,138,000 5,859,000 2,349,000 
Total$6,782,000 $1,899,000 $11,248,000 $3,941,000