v3.26.1
Stock Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation
The Company recorded total stock-based compensation for its outstanding stock options and warrants in its Statements of Operations as follows (in thousands):
Three Months Ended
June 30,
Six Months Ended June 30,
2026202520262025
Research and development$150 $263 $299 $423 
General and administrative237 381 475 656 
Total stock-based compensation expense$387 $644 $774 $1,079 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The following table summarizes the range of assumptions used to estimate the fair value of stock options issued using the Black-Scholes-Merton option pricing model:
Six Months Ended June 30,
20262025
Stock pricen/a$14.25
Exercise pricen/a$14.25
Expected volatilityn/a
106.8% to 107.9%
Risk free interest ratesn/a
4.1% to 4.6%
Expected term (years)n/a
6.5 to 7
Schedule of Share-Based Payment Arrangement, Option, Activity
The following table summarizes the activity for stock options under the 2013 and 2021 Plans for the six months ended June 30, 2026:
OptionsWeighted-
Average
Exercise Price
Weighted Average
Remaining
Contractual Term
(in years)
Aggregate
Intrinsic
Value (in
thousands)
Outstanding at December 31, 2025160,428 $102.46 7.8$— 
Issued— $— 
Exercised— $— 
Forfeited and cancelled(2,800)$100.00 
Outstanding at June 30, 2026157,628 $102.50 7.5$— 
Exercisable at June 30, 202698,372 $131.09 6.8$— 
Schedule of Share-Based Payment Award, Warrants, Valuation Assumptions
The following table summarizes the range of assumptions used to estimate the fair value of warrants issued using the Black-Scholes-Merton option pricing model:
Six Months Ended June 30,
20262025
Stock pricen/a
$7.50 to $18.75
Exercise pricen/a
$9.50 to $21.25
Expected volatilityn/a
96.3% to 103.8%
Risk free interest ratesn/a
3.87% to 3.91%
Expected term (years)n/a
1.5 to 5
Schedule of Warrants, Activity
The following table summarizes the activity for warrants for the six months ended June 30, 2026:
WarrantsWeighted-
Average
Exercise Price
Weighted Average
Remaining Contractual Term
(in years)
Aggregate
Intrinsic
Value (in
thousands)
Outstanding at December 31, 2025339,298 $40.11 3.0$13 
Issued— $— 
Exercised— $— 
Forfeited and cancelled(3,640)$242.17 
Outstanding at June 30, 2026335,658 $37.92 2.4$— 
Exercisable at June 30, 2026335,037 $37.71 2.4$—