Convertible Preferred Stock and Stockholders' Deficit (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Equity [Abstract] |
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| Schedule of Authorized, Issued and Outstanding Shares of Non-redeemable Convertible Preferred Stock |
The authorized, issued, and outstanding shares of non-redeemable convertible preferred stock as of June 30, 2026 consist of the following:
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Shares |
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Shares |
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Issued and |
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Liquidation |
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Carrying |
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Authorized |
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Outstanding |
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Preference |
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Value |
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(in thousands) |
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Series B |
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5,000,000 |
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250,000 |
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$ |
524 |
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$ |
— |
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Series G |
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5,000,000 |
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5,000,000 |
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5,000 |
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5 |
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Series I-2 |
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4,310 |
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4,310 |
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4,310 |
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— |
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Total |
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10,004,310 |
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5,254,310 |
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$ |
9,834 |
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$ |
5 |
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The authorized, issued and outstanding shares of non-redeemable convertible preferred stock as of December 31, 2025 consisted of the following:
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Shares |
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Shares |
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Issued and |
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Liquidation |
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Carrying |
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Authorized |
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Outstanding |
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Preference |
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Value |
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(in thousands) |
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Series B |
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5,000,000 |
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250,000 |
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$ |
516 |
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$ |
— |
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Series G |
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5,000,000 |
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5,000,000 |
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5,000 |
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5 |
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Series I-2 |
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4,310 |
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4,310 |
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4,310 |
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— |
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Total |
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10,004,310 |
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5,254,310 |
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$ |
9,826 |
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$ |
5 |
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| Summary of Conversion Ratio of Shares of Common Stock into Each Share of Preferred Stock Converted |
The following table summarizes the conversion ratio of shares of common stock into which each share of convertible preferred stock can be converted as of June 30, 2026:
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Conversion |
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Initial |
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Current |
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Ratio to |
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Conversion |
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Conversion |
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Common |
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Price |
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Price |
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Stock |
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Series B |
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$ |
75.00 |
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$ |
0.12 |
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8.33 |
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Series D |
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$ |
37.50 |
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$ |
1.75 |
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57,142.86 |
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Series G |
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$ |
60.00 |
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$ |
9.69 |
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0.10 |
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Series I-2 |
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$ |
1.75 |
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$ |
1.75 |
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571.43 |
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| Summary of Stock Option Activity |
The Company's stock option activity, involving stock options issued to employees, directors, and consultants under the 2010 Plan, for the six months ended June 30, 2026 is summarized below:
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Average |
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Weighted- |
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Remaining |
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Aggregate |
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Number of |
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Average |
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Contractual |
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Intrinsic |
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Outstanding |
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Exercise |
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Term |
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Value |
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Options |
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Price |
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(in years) |
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(in thousands) |
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Outstanding at December 31, 2025 |
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13,646,881 |
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$ |
0.54 |
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Granted |
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425,168 |
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$ |
0.18 |
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Expired |
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(460,500 |
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$ |
2.93 |
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Outstanding at June 30, 2026 |
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13,611,549 |
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$ |
0.45 |
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6.07 |
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$ |
389 |
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Vested and expected to vest at June 30, 2026 |
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13,587,493 |
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$ |
0.45 |
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6.06 |
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$ |
388 |
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Exercisable at June 30, 2026 |
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12,839,159 |
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$ |
0.46 |
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5.90 |
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$ |
363 |
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| Summary of Fair Value of Stock Options Grants, Weighted Average Assumptions |
The weighted-average assumptions used in the Black-Scholes option valuation model to determine the fair value of stock options granted for the three and six months ended June 30, 2026 and 2025 were as follows:
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Three and Six Months Ended June 30, |
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2026 |
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2025 |
Risk-free interest rate |
4.16% |
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3.98% |
Expected stock price volatility |
118.79% |
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126.78% |
Expected dividend yield |
0% |
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0% |
Expected life of options (in years) |
5.34 |
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5.32 |
Weighted-average grant date fair value |
$0.14 |
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$0.11 |
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| Schedule of Total Stock-Based Compensation Expense |
Total stock-based compensation expense recorded in the condensed consolidated statements of operations is as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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General and administrative |
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$ |
49 |
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$ |
46 |
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$ |
102 |
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$ |
120 |
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Research and development |
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10 |
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15 |
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21 |
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41 |
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Total |
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$ |
59 |
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$ |
61 |
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$ |
123 |
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$ |
161 |
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| Summary of Shares of Common Stock Reserved for Future Issuance |
As of June 30, 2026, the Company had shares of common stock reserved for future issuance as follows:
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Options outstanding |
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13,611,549 |
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Common stock available for issuance under the 2010 Plan |
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16,220,775 |
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Redeemable convertible preferred stock |
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2,457,143 |
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Non-redeemable convertible preferred stock |
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5,061,687 |
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Total |
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37,351,154 |
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