Stockholders' Equity (Tables)
|
3 Months Ended |
Jun. 30, 2026 |
|---|
| Class Of Stock [Line Items] |
|
| Summary of Stock Option Activity |
The following table summarizes the Company’s stock option activity from March 31, 2026 to June 30, 2026:
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|
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Options
Outstanding |
|
|
Weighted
Average
Exercise Price |
|
|
Aggregate
Intrinsic
Value |
|
Outstanding at March 31, 2026 |
|
|
261,084 |
|
|
$ |
12.40 |
|
|
$ |
— |
|
Options granted |
|
|
8,830 |
|
|
$ |
1.31 |
|
|
$ |
— |
|
Options cancelled / forfeited |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
Options expired |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
Outstanding at June 30, 2026 |
|
|
269,914 |
|
|
$ |
12.03 |
|
|
$ |
— |
|
Vested and Exercisable at June 30, 2026 |
|
|
61,796 |
|
|
$ |
39.75 |
|
|
$ |
— |
|
|
| Common Stock Reserved for Future Issuance |
Common stock reserved for future issuance consisted of the following at June 30, 2026:
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|
|
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Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan |
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|
27,565 |
|
Common stock issuable pursuant to options outstanding and reserved under the A&R 2022 Plan |
|
|
238,183 |
|
Common stock reserved under the A&R 2022 Plan |
|
|
3,422 |
|
Common stock reserved under the ESPP |
|
|
3,708 |
|
Common stock reserved under the 2021 Inducement Equity Plan |
|
|
83 |
|
Common stock issuable pursuant to restricted stock units outstanding under the A&R 2022 Plan |
|
|
75,000 |
|
Common stock issuable pursuant to options outstanding and reserved under the Inducement Plan |
|
|
4,166 |
|
Common stock issuable pursuant to outstanding 2024 Common Warrants |
|
|
539,060 |
|
Common stock issuable pursuant to outstanding 2026 Pre-Funded Warrants |
|
|
2,045,022 |
|
Common stock issuable pursuant to outstanding 2026 Common Warrants |
|
|
3,947,369 |
|
Common stock issuable pursuant to outstanding Placement Agent Warrants |
|
|
131,579 |
|
Total at June 30, 2026 |
|
|
7,015,157 |
|
|
| Schedule of Stock-based Compensation Expense |
Stock-based compensation expense for all stock-based awards consists of the following (in thousands):
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|
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|
Three Months Ended |
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|
Three Months Ended |
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|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
|
Research and development |
|
$ |
14 |
|
|
$ |
13 |
|
|
General and administrative |
|
|
77 |
|
|
|
65 |
|
|
Total |
|
$ |
91 |
|
|
$ |
78 |
|
|
|
| Fair Value of Employee Stock Options |
The fair value of stock options was estimated at the grant date using the following weighted average assumptions:
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|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
Dividend yield |
|
|
— |
|
|
|
— |
|
Volatility |
|
|
112.08 |
% |
|
|
118.70 |
% |
Risk-free interest rate |
|
|
4.12 |
% |
|
|
4.07 |
% |
Expected life of options |
|
6 years |
|
|
6 years |
|
Weighted average grant
date fair value |
|
$ |
1.11 |
|
|
$ |
1.68 |
|
|
| Summary of Warrant Activity |
The following table summarizes the Company’s activity under the 2024 Common Warrants from March 31, 2026 to June 30, 2026:
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|
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|
Number of
Warrants |
|
|
Exercise
Price |
|
Outstanding at March 31, 2026 |
|
|
539,060 |
|
|
$ |
9.60 |
|
Issued |
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
Outstanding at June 30, 2026 |
|
|
539,060 |
|
|
$ |
9.60 |
|
The following table summarizes the Company's activity under the 2026 Pre-Funded Warrants, the 2026 Common Warrants, and the Placement Agent Warrants from March 31, 2026 to June 30, 2026:
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|
2026 Pre-Funded Warrants |
|
Exercise Price |
|
2026 Common Warrants |
|
Exercise Price |
|
Placement Agent Warrants |
|
Exercise Price |
|
Outstanding at March 31, 2026 |
|
|
2,345,022 |
|
$ |
0.001 |
|
|
3,947,369 |
|
$ |
1.71 |
|
|
131,579 |
|
$ |
1.43 |
|
Issued |
|
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
Exercised |
|
|
(300,000 |
) |
$ |
0.001 |
|
|
— |
|
$ |
— |
|
|
— |
|
$ |
— |
|
Outstanding at June 30, 2026 |
|
|
2,045,022 |
|
$ |
0.001 |
|
|
3,947,369 |
|
$ |
1.71 |
|
|
131,579 |
|
$ |
1.43 |
|
The following table summarizes the Company’s common stock warrant liability change from March 31, 2026, to June 30, 2026, which represents a recurring measurement that is classified with Level 3 of the fair value hierarchy wherein the fair value is estimated using significant unobservable inputs (in thousands):
|
|
|
|
|
Beginning common stock warrant liability at March 31, 2026 |
|
$ |
5,700 |
|
Common warrants issued |
|
|
— |
|
Common warrants exercised |
|
|
— |
|
Change in fair value |
|
|
(1,400 |
) |
Ending common stock warrant liability at June 30, 2026 |
|
$ |
4,300 |
|
|
| Summary of Assumptions Used to Determine the Fair Value |
The fair value of the common stock warrant liability is measured using a Monte Carlo model and is remeasured each reporting period, and the change in fair value is recorded in earnings. The fair value of the 2026 Common Warrants is inherently sensitive to changes in the Company's stock price and related volatility assumptions. The assumptions that the Company used to determine the fair value at the reporting date were as follows:
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|
As of
June 30, 2026 |
|
Dividend yield |
|
|
— |
|
Volatility |
|
|
110.00 |
% |
Risk-free interest rate |
|
|
4.10 |
% |
Expected life of warrants |
|
4.75 years |
|
Weighted average grant date fair value |
|
$ |
1.71 |
|
|
| Restricted stock units (RSUs) [Member] |
|
| Class Of Stock [Line Items] |
|
| Summary of Company's RSUs Activity |
The following table summarizes the Company’s RSUs activity for the three months ended June 30, 2026:
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|
|
|
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|
Number of
Shares |
|
|
Weighted Average Grant-Date Fair Value |
|
Unvested at March 31, 2026 |
|
|
75,000 |
|
|
$ |
1.73 |
|
Granted |
|
|
— |
|
|
$ |
— |
|
Vested |
|
|
— |
|
|
$ |
— |
|
Cancelled / forfeited |
|
|
— |
|
|
$ |
— |
|
Unvested at June 30, 2026 |
|
|
75,000 |
|
|
$ |
1.73 |
|
|