v3.26.1
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Assumptions Used to Determine Fair Value of Stock Option Awards Granted to Employees and Directors

For the six months ended June 30, 2026, the assumptions that the Company used in the Black-Scholes option-pricing model to determine the fair value of stock option awards granted to employees were as follows, presented on a weighted average basis:

 

 

 

Six Months Ended June 30,

 

 

 

2026

 

Risk-free interest rate

 

 

3.50

%

Expected term (in years)

 

 

5.48

 

Expected volatility

 

 

92.4

%

Expected dividend yield

 

 

0.0

%
Summary of Stock Option Activity

The following table summarizes stock option activity under the Equity Plans for the six months ended June 30, 2026:

 

 

 

2017 Plan

 

 

2019 Inducement Plan

 

 

2026 Plan

 

 

Total Number of Stock Options

 

Outstanding as of December 31, 2025

 

 

2,356,266

 

 

 

44,167

 

 

 

—

 

 

 

2,400,433

 

Granted

 

 

1,118,350

 

 

 

—

 

 

 

140,000

 

 

 

1,258,350

 

Forfeited

 

 

(89,750

)

 

 

—

 

 

 

—

 

 

 

(89,750

)

Outstanding as of June 30, 2026

 

 

3,384,866

 

 

 

44,167

 

 

 

140,000

 

 

 

3,569,033

 
Summary of Activity of Options and RSUs of Performance-Based Options

The following table summarizes stock option activity under the Equity Plans during the six months ended June 30, 2026:

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding as of December 31, 2025

 

 

2,400,433

 

 

$

9.98

 

 

 

3.62

 

 

$

58

 

Granted

 

 

1,258,350

 

 

 

2.22

 

 

 

—

 

 

 

—

 

Forfeited or cancelled

 

 

(89,750

)

 

 

11.68

 

 

 

—

 

 

 

—

 

Outstanding as of June 30, 2026

 

 

3,569,033

 

 

$

7.20

 

 

 

5.4

 

 

$

57

 

Outstanding as of June 30, 2026 - vested and
   expected to vest

 

 

3,569,033

 

 

$

7.20

 

 

 

5.4

 

 

$

57

 

Exercisable at June 30, 2026

 

 

2,315,625

 

 

$

9.90

 

 

 

3.11

 

 

$

48

 
Summary of Share-Based Compensation Expense

The Company recorded share-based compensation expense for both RSUs and stock options in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development expenses

 

$

316

 

 

$

395

 

 

$

588

 

 

$

924

 

General and administrative expenses

 

 

506

 

 

 

319

 

 

 

1,348

 

 

 

1,346

 

Total

 

$

822

 

 

$

714

 

 

$

1,936

 

 

$

2,270

 
Restricted Stock Units (RSUs) [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Activity of Options and RSUs of Performance-Based Options

The following table summarizes RSU activity under the Equity Plans (excluding performance-based RSUs) during the six months ended June 30, 2026:

 

 

 

Number of
RSU Shares

 

 

Weighted Average Grant Date Fair Value

 

Outstanding as of December 31, 2025

 

5,436,774

 

 

$

1.33

 

Granted

 

922,525

 

 

 

2.22

 

Vested and released

 

(1,732,253

)

 

 

1.70

 

Forfeited or cancelled

 

(453,263

)

 

 

1.21

 

Outstanding as of June 30, 2026

 

4,173,783

 

 

$

1.39