Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Stock-Based Compensation Expense |
Our stock-based compensation expense was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Stock-based compensation expense: | | | | | | | | | | Pursuant to Equity Incentive Plans and Inducement Equity Awards | | $ | 1,788 | | | $ | 362 | | | $ | 4,087 | | | $ | 1,207 | | | Pursuant to consulting service agreements | | 657 | | | — | | | 1,387 | | | — | | | | $ | 2,445 | | | $ | 362 | | | $ | 5,474 | | | $ | 1,207 | | | Stock-based compensation expense in operating expenses: | | | | | | | | | | Research and development | | $ | 1,245 | | | $ | 144 | | | $ | 3,223 | | | $ | 763 | | | General and administrative | | 1,200 | | | 218 | | | 2,251 | | | 444 | | | | $ | 2,445 | | | $ | 362 | | | $ | 5,474 | | | $ | 1,207 | |
|
| Schedule of Stock Options |
Our stock option activity for the six months ended June 30, 2026 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock options subject only to a service condition | | | Number
Outstanding | | Weighted-
Average
Exercise
Price (i) | | Aggregate
Intrinsic
Value | | Weighted-
Average
Remaining
Contractual
Life
(in years) | | Outstanding at December 31, 2025 | | 17,216,957 | | | $ | 1.11 | | | $ | 1,576 | | | 3.8 | | Granted (ii) | | 4,761,000 | | | $ | 1.04 | | | | | | | Forfeited | | (561,417) | | | $ | 1.02 | | | | | | | Expired | | (1,219,166) | | | $ | 2.40 | | | | | | Outstanding at June 30, 2026 (iii) | | 20,197,374 | | | $ | 1.02 | | | 1,956 | | | 4.8 | Vested and exercisable at June 30, 2026 | | 5,329,017 | | | $ | 1.20 | | | $ | 753 | | | 2.4 | | | | | | | | | | i.The weighted-average exercise prices reflect the conversion of Canadian dollar denominated stock options translated into U.S. dollars using the applicable foreign exchange rate as of the date of grant. ii.Includes 800,000 Inducement Stock Options. iii.Includes 4,400,000 Inducement Stock Options. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock options subject to a performance condition | | | Number
Outstanding | | Weighted-
Average
Exercise
Price (i) | | Aggregate
Intrinsic
Value | | Weighted-
Average
Remaining
Contractual
Life
(in years) | | Outstanding at December 31, 2025 | | 1,900,000 | | $ | 0.42 | | | $ | 868 | | | 4.4 | Outstanding at June 30, 2026 (ii) | | 1,900,000 | | $ | 0.42 | | | $ | 1,012 | | | 4.0 | Vested and exercisable at June 30, 2026 | | — | | $ | — | | | $ | — | | | — | | | | | | | | | | | i.The weighted-average exercise prices reflect the conversion of Canadian dollar denominated stock options translated into U.S. dollars using the applicable foreign exchange rate as of the date of grant. ii.Includes 1,900,000 Inducement Stock Options. |
Our stock option activity for the six months ended June 30, 2025 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock options subject only to a service condition | | | Number
Outstanding | | Weighted-
Average
Exercise
Price (i) | | Aggregate
Intrinsic
Value | | Weighted-
Average
Remaining
Contractual
Life
(in years) | Outstanding at December 31, 2024 | | 6,876,345 | | $ | 1.61 | | | $ | 205 | | | 2.8 | | Granted (ii) | | 3,600,000 | | $ | 0.47 | | | | | | | Forfeited | | (211,733) | | $ | 1.00 | | | | | | | Expired | | (80,263) | | $ | 2.71 | | | | | | Outstanding at June 30, 2025 | | 10,184,349 | | $ | 1.21 | | | $ | 1,075 | | | 3.3 | Vested and exercisable at June 30, 2025 | | 5,116,947 | | $ | 1.78 | | | $ | — | | | 1.9 | | | | | | | | | | i.The weighted-average exercise prices reflect the conversion of Canadian dollar denominated stock options translated into U.S. dollars using the applicable foreign exchange rate as of the date of grant. ii.Includes 3,600,000 Inducement Stock Options.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock options subject to a performance condition | | | Number
Outstanding | | Weighted-
Average
Exercise
Price (i) | | Aggregate
Intrinsic
Value | | Weighted-
Average
Remaining
Contractual
Life
(in years) | | Outstanding at December 31, 2024 | | — | | $ | — | | | $ | — | | | — | | | Granted (ii) | | 1,900,000 | | $ | 0.42 | | | | | | Outstanding at June 30, 2025 (ii) | | 1,900,000 | | $ | 0.42 | | | $ | 670 | | | 4.9 | Vested and exercisable at June 30, 2025 | | — | | $ | — | | | $ | — | | | — | | | | | | | | | | | i.The weighted-average exercise prices reflect the conversion of Canadian dollar denominated stock options translated into U.S. dollars using the applicable foreign exchange rate as of the date of grant. ii.Includes 1,900,000 Inducement Stock Options. |
|
| Schedule of Stock Option, Valuation Assumptions |
The fair value of options granted during the six months ended June 30, 2026 was determined using the following weighted-average assumptions: | | | | | | | | | | Risk-free interest rate | | 4.2 % | | Expected life (years) | | 6.7 | | Expected volatility | | 89.3 | % | | Expected dividend yield | | — % | | Weighted-average grant date fair value | | $ | 0.82 | |
The fair value of the liability-classified options as of June 30, 2026 and January 1, 2026 was determined using the following weighted-average assumptions: | | | | | | | | | | | | | | | | | June 30, 2026 | | January 1, 2026 | | Risk-free interest rate | | 4.1 | % | | 3.6 | % | | Expected life (years) | | 3.5 | | 3.9 | | Expected volatility | | 83.4 | % | | 77.4 | % | | Expected dividend yield | | — | % | | — | % | | Weighted-average fair value | | $ | 0.64 | | | $ | 0.57 | | | Number of liability-classified stock options outstanding | | 7,336,535 | | 7,671,135 |
|
| Schedule of Deferred Compensation Liability |
A summary of the stock option liability for the six months ended June 30, 2026 was as follows: | | | | | | | | | | | Stock option
liability | Balance at December 31, 2025 | | $ | — | | | Reclassification of liability from equity | | 1,189 | | | Stock-based compensation expense | | 2,270 | | | Fair value adjustment to liability | | (66) | | Balance at June 30, 2026 | | $ | 3,393 | |
|
| Schedule of Restricted Stock Units |
Our RSU activity for the six months ended June 30, 2026 was as follows: | | | | | | | | | | | | | | | | | | | | | | | Number
of RSUs | | Weighted-
Average
Grant Date
Fair Value (i) | | Intrinsic
Value | Outstanding at December 31, 2025 | | 497,842 | | | $ | 0.95 | | | $ | 435 | | | Vested and released | | (10,317) | | | $ | 1.09 | | | 9 | | Forfeited | | (17,533) | | | $ | 1.11 | | | | Outstanding at June 30, 2026 | | 469,992 | | | $ | 0.89 | | | $ | 446 | | | | | | | | | i.The weighted-average grant date fair value prices reflect the conversion of Canadian dollar denominated RSUs translated into U.S. dollars using the applicable foreign exchange rate as of the date of grant. |
Our RSU activity for the six months ended June 30, 2025 was as follows: | | | | | | | | | | | | | | | | | | | | | | | Number
of RSUs | | Weighted-
Average
Grant Date
Fair Value (i) | | Intrinsic
Value | Outstanding at December 31, 2024 | | 1,118,510 | | | $ | 1.00 | | | $ | 1,018 | | | Granted | | 738,420 | | | $ | 0.67 | | | | | Vested and released | | (1,256,646) | | | $ | 0.83 | | | $ | 918 | | Outstanding at June 30, 2025 | | 600,284 | | | $ | 1.03 | | | $ | 462 | | | | | | | | | i.The weighted-average grant date fair value prices reflect the conversion of Canadian dollar denominated RSUs translated into U.S. dollars using the applicable foreign exchange rate as of the date of grant. |
|