v3.26.1
Equity Incentive Plan - Stock-Based Compensation Expense (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Award Activity

A summary of the stock option activity for the six months ended June 30, 2026 is as follows:

 

 

Number of
Stock
Options

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Life

 

 

Aggregate
Intrinsic
Value

 

Outstanding as of December 31, 2025

 

 

4,417,727

 

 

$

1.50

 

 

 

7.90

 

 

$

88

 

Granted

 

 

2,161,829

 

 

$

0.98

 

 

 

-

 

 

$

-

 

Exercised

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

Forfeited

 

 

(130,324

)

 

$

1.06

 

 

 

-

 

 

$

-

 

Expired

 

 

-

 

 

$

-

 

 

 

-

 

 

$

-

 

Outstanding as of June 30, 2026

 

 

6,449,232

 

 

$

1.35

 

 

 

8.07

 

 

$

285

 

Exercisable as of June 30, 2026

 

 

2,952,805

 

 

$

1.72

 

 

 

6.69

 

 

$

181

 

Vested and expected to vest as of June 30, 2026

 

 

6,449,232

 

 

$

1.35

 

 

 

8.07

 

 

$

285

 

Summary of Weighted-Average Assumptions Used to Calculate Fair Value of Stock Options Granted

 

Six Months Ended June 30,

 

 

2026

 

2025

 

Expected volatility

 

109.9% - 116.2%

 

115.1% – 121.3%

 

Expected term (years)

 

5.06 - 10.00

 

6.02 – 10.00

 

Risk-free interest rate

 

3.92% - 4.35%

 

4.11% – 4.79%

 

Dividend rate

 

- %

 

 

-

%

Schedule of Stock-Based Compensation Expense Recognized

The following table summarizes the components of stock-based compensation expense recognized in the Company’s Condensed Statements of Operations during the three and six months ended June 30, 2026 and 2025 (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

216

 

 

$

106

 

 

$

327

 

 

$

243

 

Selling, general and administrative

 

 

354

 

 

 

239

 

 

 

560

 

 

 

390

 

Total stock-based compensation expense

 

$

570

 

 

$

345

 

 

$

887

 

 

$

633

 

Schedule of RSU Activity

A summary of the restricted stock units activity for the six months ended June 30, 2026 is as follows:

 

Shares

 

 

Weighted-
Average
Grant Date
Value

 

Outstanding as of December 31, 2025

 

 

-

 

 

$

-

 

Granted

 

 

105,380

 

 

$

0.99

 

Vested

 

 

(76,802

)

 

$

1.00

 

Forfeited

 

 

-

 

 

$

-

 

Outstanding as of June 30, 2026

 

 

28,578

 

 

$

0.98