Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2026

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


	Outstanding Options			Weighted- Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands) (a)
Balances as of December 31, 2025		10,414,561		$	1.24
Granted		5,806,750		$	1.56
Exercised		(758,097	)	$	0.77
Forfeitures and cancellations		-		$	-
Balances as of June 30, 2026		15,463,214		$	1.38		8.35	$	28,326
Options exercisable as of June 30, 2026		3,996,724		$	0.92		5.77	$	9,298

(a)

Aggregate intrinsic value in this table was calculated as the positive difference, if any, between the closing price per share of the Company’s common stock on June 30, 2026 of $3.20 and the exercise price of the underlying options.

Summary of Non-cash Stock-based Compensation Expense

The non-cash stock-based compensation expense for all stock awards, net of forfeitures recognized as they occur, that was recognized in the condensed consolidated statements of operations is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	354	$	180	$	641	$	390
General and administrative		734		383		1,377		794
Total	$	1,088	$	563	$	2,018	$	1,184

Summary of Reserved Shares of Common Stock for Future Issuance

Common stock reserved for future issuance is as follows:


	June 30,		December 31,
	2026		2025
Stock options issued and outstanding		15,463,214		10,414,561
Pre-funded warrants for common stock		48,515,298		30,816,705
Common stock or pre-funded warrants subject to milestone closing		35,087,717		35,087,717
Warrants for common stock		80,428		1,366,141
Awards available under the 2018 Equity Incentive Plan		137,025		292,972
Awards available under the 2024 Inducement Plan		306,050		1,342,800
Employee stock purchase plan		1,706,663		1,369,497
Total		101,296,395		80,690,393