v3.26.1
Stock Incentive Plans
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock Incentive Plans Stock Incentive Plans
Inducement Equity Incentive Plan
The following table summarizes information regarding stock option and RSU activity in the Inducement Equity Incentive Plan (the “Inducement EIP”) during the six months ended June 30, 2026 (in thousands, except per share data and weighted average contractual life):
Stock Options
Number of Stock Options
Weighted-
Average
Exercise Price
Weighted-Average
Remaining
Contractual
Life (years)
Aggregate Intrinsic Value
Outstanding, January 1, 2026108 $7.47 9.7$— 
Outstanding, June 30, 2026108 $7.47 9.2$— 
Expected to vest as of June 30, 2026108 $7.47 9.2$— 
RSUs
Number of
RSUs
Weighted-
Average
Grant Date Fair Value per Share
Weighted-Average
Remaining
Contractual
Life (years)
Aggregate Intrinsic Value
Outstanding, January 1, 2026
220 $6.25 2.9$895 
Outstanding, June 30, 2026220 $6.25 2.4$895 
Expected to vest as of June 30, 2026220$6.25 2.4$895 
2024 Equity Incentive Plan
On January 1, 2026, we increased the number of authorized shares of common stock pursuant to the 2024 Equity Incentive Plan (the “2024 EIP”) by 595,110 shares.
The following table summarizes information regarding stock option and RSU activity in the 2024 EIP during the six months ended June 30, 2026 (in thousands, except per share data and weighted average contractual life):
Stock Options
Number of
Stock Options		Weighted-
Average
Exercise Price		Weighted-Average
Remaining
Contractual
Life (years)		Aggregate Intrinsic Value
Outstanding, January 1, 2026
1,116 $2.52 8.4$3,996 
     Granted
17 $6.95 
     Exercised
(119)$2.17 
     Forfeited(78)$3.62 
Outstanding, June 30, 2026936 $2.55 8.4$1,618 
Exercisable as of June 30, 2026638 $2.12 8.3$1,246 
Expected to vest as of June 30, 2026298 $3.48 8.7$373 
RSUs
Number of
RSUs
Weighted-
Average
Grant Date Fair Value per Share
Weighted-Average
Remaining
Contractual
Life (years)
Aggregate Intrinsic Value
Outstanding, January 1, 2026— $— — $— 
     Granted634 $6.96 
     Released(37)$6.95 
     Forfeited(21)$6.95 
Outstanding, June 30, 2026576 $6.96 3.3$2,316 
Exercisable as of June 30, 2026— $— — $— 
Expected to vest as of June 30, 2026576 $6.96 3.3$2,316 
No options were granted during the three months ended June 30, 2026.
The determination of the fair value of options granted under the Inducement EIP and the 2024 EIP during the six months ended June 30, 2026 was computed using the Black-Scholes option pricing model with the following weighted-average assumptions:
Six Months Ended June 30,
20262025
Stock price per share$6.95 $2.01 
Expected option term (years)5.85.5
Expected volatility76.6 %71.2 %
Risk-free rate of return4.1 %4.0 %
Expected annual dividend yield— %— %
Weighted-average grant date fair value
$6.95 $1.29 
Stock-based Compensation
The following table shows stock-based compensation expense by functional area in the unaudited condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Research and development$77 $11 $107 $28 
Selling, general and administrative591 208 942 292 
Total stock-based compensation expense
$668 $219 $1,049 $320 
Stock-based compensation expense capitalized to inventory for the three and six months ended June 30, 2026 and 2025 was insignificant.
As of June 30, 2026, the total unrecognized compensation cost related to all nonvested stock options and RSUs was $5.8 million and the weighted-average period over which it is expected to be recognized is 1.6 years.