v3.26.1
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Stock Options

The following shows the stock option activities for the six months ended June 30, 2026 and 2025:

 

 

 

Total
Options
Outstanding

 

 

Weighted-Average
Exercise
Price

 

Balance—December 31, 2025

 

 

450,104

 

 

$

64.44

 

Granted

 

 

497,541

 

 

 

2.08

 

Exercised

 

 

 

 

 

 

Cancelled and forfeited

 

 

(147,743

)

 

 

2.61

 

Balance—June 30, 2026

 

 

799,902

 

 

$

36.81

 

 

 

 

 

 

 

 

Balance—December 31, 2024

 

 

320,013

 

 

$

86.06

 

Granted

 

 

130,091

 

 

 

11.20

 

Exercised

 

 

 

 

 

 

Cancelled and forfeited

 

 

 

 

 

 

Balance—June 30, 2025

 

 

450,104

 

 

$

64.44

 

Summary of Information About Stock Options Outstanding

The following table summarizes information about stock options outstanding at June 30, 2026:

 

 

 

Shares

 

 

Weighted
Average
Remaining
Contractual
Life (In Years)

 

 

Weighted
Average
Exercise Price

 

 

Aggregate
Intrinsic Value

 

Options outstanding

 

 

799,902

 

 

 

4.61

 

 

$

36.81

 

 

$

 

Vested and expected to vest

 

 

799,902

 

 

 

4.61

 

 

$

36.81

 

 

$

 

Exercisable

 

 

441,391

 

 

 

0.53

 

 

$

64.20

 

 

$

 

Schedule of Stock Based Compensation Expense

The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed consolidated statement of operations for the three and six months ended June 30, 2026 and 2025:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

2

 

 

$

380

 

 

$

5

 

 

$

970

 

General and administrative

 

 

(119

)

 

 

712

 

 

 

104

 

 

 

1,511

 

Total

 

$

(117

)

 

$

1,092

 

 

$

109

 

 

$

2,481

 

Share-based Payment Arrangement, Employee  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Grant Date Fair Value The fair value of employee and non-employee stock options was estimated using the following assumptions for the six months ended June 30, 2026 and 2025:

 

 

 

2026

 

 

2025

 

Expected term (in years)

 

 

6.1

 

 

 

6.0

 

Expected volatility

 

135% - 152%

 

 

115% - 116%

 

Risk-free interest rate

 

 

4.0

%

 

 

4.4

%

Dividends

 

 

 %

 

 

 %