v3.26.1
Stock Options, Restricted Stock and Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity

Stock option activity is summarized as follows:

 

 

NUMBER OF
STOCK
OPTIONS

 

 

WEIGHTED-
AVERAGE
EXERCISE
PRICE

 

 

WEIGHTED-
AVERAGE
REMAINING
CONTRACTUAL
TERM (IN YEARS)

 

 

AGGREGATE
INTRINSIC
VALUE
(IN THOUSANDS)

 

Outstanding as of December 31, 2025

 

 

6,246,920

 

 

$

4.21

 

 

 

6.79

 

 

$

13,695

 

Granted

 

 

2,652,270

 

 

 

6.17

 

 

 

 

 

 

 

Exercised

 

 

(32,455

)

 

 

1.82

 

 

 

 

 

 

 

Cancelled, forfeited or expired

 

 

(76,262

)

 

 

5.46

 

 

 

 

 

 

 

Outstanding as of June 30, 2026

 

 

8,790,473

 

 

$

4.80

 

 

 

7.31

 

 

$

48,325

 

Exercisable as of June 30, 2026

 

 

4,804,318

 

 

$

3.43

 

 

 

5.80

 

 

$

33,003

 

Unvested as of June 30, 2026

 

 

3,986,155

 

 

$

6.46

 

 

 

9.13

 

 

$

15,322

 

Schedule of Fair Value of Stock Options Granted Was Estimated on Black-Scholes Options

The fair value of stock options granted was estimated on the grant date using the Black-Scholes option pricing model based on the following range of assumptions:

 

 

SIX MONTHS ENDED
JUNE 30,

 

 

 

2026

 

 

2025

 

Expected option life (years)

 

5.00 - 6.08

 

 

5.50 - 6.08

 

Risk-free interest rate

 

3.62% - 4.30%

 

 

3.83% - 4.52%

 

Expected volatility

 

117.24% - 120.71%

 

 

118.46% - 121.09%

 

Expected dividend yield

 

 

0

%

 

 

0

%

Summary of Restricted Stock Activity

A summary of the Company's performance stock unit (PSU) activity and related information is summarized as follows:

 

 

NUMBER OF
SHARES OPTIONS

 

 

WEIGHTED-
AVERAGE GRANT
DATE FAIR VALUE

 

Unvested at December 31, 2025

 

 

 

 

$

 

Granted

 

 

300,000

 

 

 

4.95

 

Vested

 

 

 

 

 

 

Forfeited

 

 

(4,518

)

 

 

4.95

 

Unvested at June 30, 2026

 

 

295,482

 

 

$

4.95

 

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the three and six months ended June 30, 2026 and 2025 was classified in the condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands):

 

 

 

THREE MONTHS ENDED
JUNE 30,

 

 

SIX MONTHS ENDED
JUNE 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

1,816

 

 

$

424

 

 

$

2,420

 

 

$

298

 

General and administrative

 

 

1,042

 

 

 

626

 

 

 

1,890

 

 

 

1,066

 

Total stock-based compensation expense

 

$

2,858

 

 

$

1,050

 

 

$

4,310

 

 

$

1,364