v3.26.1
Stock-based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option Transations

The following table summarizes the stock option transactions for the 2023 Plan:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Options

 

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Contractual Term (years)

 

 

 

Aggregate Intrinsic Value (in thousands)

 

Outstanding at December 31, 2025

 

 

4,853,408

 

 

$

 

3.87

 

 

 

8.10

 

 

$

 

15,936

 

Granted

 

 

732,500

 

 

 

 

0.59

 

 

 

9.77

 

 

 

 

324

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited/Cancelled

 

 

(17,324

)

 

 

 

1.88

 

 

 

 

 

 

 

 

Outstanding at June 30, 2026

 

 

5,568,584

 

 

$

 

3.44

 

 

 

7.90

 

 

$

 

323

 

Vested and exercisable at June 30, 2026

 

 

3,178,850

 

 

$

 

4.45

 

 

 

7.22

 

 

$

 

14

 

Schedule of Assumptions Using Black-Scholes to Estimate Fair Value of the Stock Option Grants

The following are the underlying assumptions in Black-Scholes to determine the fair value of the stock option grants for the six months ended June 30, 2026 and 2025:

 

 

 

For the Six Months
Ended June 30,

 

 

2026

 

2025

Risk free interest rate

 

3.56%

 

3.49%

Expected volatility

 

106%

 

101%

Expected term (years)

 

5.88

 

5.87

Expected dividend yield

 

0%

 

0%

Summary of Restricted Stock Units (RSU) Activity

The following table summarizes RSU activity for the 2023 Plan:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of RSUs

 

 

 

Weighted Average Grant Date Fair Value

 

Weighted Average Remaining Contractual Term (years)

 

 

Aggregate Intrinsic Value (in thousands)

 

Nonvested at December 31, 2025

 

 

30,000

 

 

$

 

3.50

 

 

3.75

 

$

 

198

 

Vested

 

 

(5,000

)

 

 

 

3.50

 

 

 

 

 

 

Nonvested at June 30, 2026

 

 

25,000

 

 

$

 

3.50

 

 

2.25

 

$

 

26

 

Expected to vest at June 30, 2026

 

 

25,000

 

 

$

 

3.50

 

 

2.25

 

$

 

26

 

Summary of Stock-Based Compensation Expense Recognized for Options and RSUs and Common Stock Warrants Granted

Stock-based compensation expense recognized for options, RSUs and Common Stock Warrants granted was as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

224

 

 

$

381

 

 

$

443

 

 

$

559

 

General and administrative

 

 

316

 

 

 

793

 

 

 

658

 

 

 

1,165

 

Total stock-based compensation expense

 

$

540

 

 

$

1,174

 

 

$

1,101

 

 

$

1,724

 

 

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following at June 30, 2026:

 

 

 

June 30,

 

 

 

2026

 

Common stock warrants

 

 

8,422,337

 

Stock options issued and outstanding

 

 

5,568,584

 

RSUs outstanding

 

 

25,000

 

Shares available for issuance under the 2023 Plan

 

 

79,935

 

Shares available under the 2023 ESPP

 

 

411,738

 

Total

 

 

14,507,594