| Schedule of Stock Options Activity |
Activity for service-based stock options under the Quince 2019 Plan is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Options and
Unvested
Shares |
|
|
Weighted
Average
Exercise Price |
|
|
Weighted
average
remaining
contractual
life (years) |
|
|
Aggregate
intrinsic
value |
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Balance as of December 31, 2025 |
|
|
51,454 |
|
|
$ |
546.01 |
|
|
|
6.79 |
|
|
$ |
18,844 |
|
Options granted |
|
|
14,174 |
|
|
|
604.12 |
|
|
|
— |
|
|
|
— |
|
Options exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Options cancelled / forfeited |
|
|
(8,598 |
) |
|
|
830.44 |
|
|
|
— |
|
|
|
— |
|
Balance as of June 30, 2026 |
|
|
57,030 |
|
|
$ |
517.57 |
|
|
|
7.71 |
|
|
$ |
— |
|
Options vested and expected to vest as of June 30, 2026 |
|
|
57,030 |
|
|
|
517.57 |
|
|
|
7.71 |
|
|
|
— |
|
Options exercisable as of June 30, 2026 |
|
|
29,276 |
|
|
$ |
622.97 |
|
|
|
6.83 |
|
|
$ |
— |
|
Activity for service-based stock options under the 2019 Novosteo Plan is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Options and
Unvested
Shares |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
average
remaining
contractual
life (years) |
|
|
Aggregate
intrinsic
value |
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Balance as of December 31, 2025 |
|
|
808 |
|
|
$ |
110.00 |
|
|
|
6.23 |
|
|
$ |
451 |
|
Options granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Options exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Options cancelled / forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance as of June 30, 2026 |
|
|
808 |
|
|
$ |
110.00 |
|
|
|
5.73 |
|
|
$ |
— |
|
Options vested and expected to vest as of June 30, 2026 |
|
|
808 |
|
|
|
110.00 |
|
|
|
5.73 |
|
|
|
— |
|
Options exercisable as of June 30, 2026 |
|
|
806 |
|
|
$ |
110.00 |
|
|
|
5.73 |
|
|
$ |
— |
|
Activity for service-based stock options under the 2022 Inducement Plan is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Options and
Unvested
Shares |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
average
remaining
contractual
life (years) |
|
|
Aggregate
intrinsic
value |
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Balance as of December 31, 2025 |
|
|
11,667 |
|
|
$ |
596.00 |
|
|
|
6.39 |
|
|
|
863 |
|
Options granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Options exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Options cancelled / forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance as of June 30, 2026 |
|
|
11,667 |
|
|
$ |
596.00 |
|
|
|
5.90 |
|
|
|
— |
|
Options vested and expected to vest as of June 30, 2026 |
|
|
11,667 |
|
|
|
596.00 |
|
|
|
5.90 |
|
|
|
— |
|
Options exercisable as of June 30, 2026 |
|
|
11,667 |
|
|
$ |
596.00 |
|
|
|
5.90 |
|
|
|
— |
|
Activity for service-based stock options under the 2013 Orphai Plan is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Options and
Unvested
Shares |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
average
remaining
contractual
life (years) |
|
|
Aggregate
intrinsic
value |
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Balance as of December 31, 2025 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
Options assumed |
|
|
118,257 |
|
|
|
17.99 |
|
|
|
— |
|
|
|
— |
|
Options exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Options cancelled / forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance as of June 30, 2026 |
|
|
118,257 |
|
|
$ |
17.99 |
|
|
|
5.80 |
|
|
|
1,633 |
|
Options vested and expected to vest as of June 30, 2026 |
|
|
118,257 |
|
|
|
17.99 |
|
|
|
5.80 |
|
|
|
1,633 |
|
Options exercisable as of June 30, 2026 |
|
|
112,210 |
|
|
$ |
18.85 |
|
|
|
5.65 |
|
|
|
1,535 |
|
Activity for service-based stock options under the 2026 Orphai Plan is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Options and
Unvested
Shares |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
average
remaining
contractual
life (years) |
|
|
Aggregate
intrinsic
value |
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Balance as of December 31, 2025 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
Options assumed |
|
|
1,190,547 |
|
|
|
14.71 |
|
|
|
— |
|
|
|
— |
|
Options exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Options cancelled / forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance as of June 30, 2026 |
|
|
1,190,547 |
|
|
$ |
14.71 |
|
|
|
9.84 |
|
|
$ |
4,141 |
|
Options vested and expected to vest as of June 30, 2026 |
|
|
1,190,547 |
|
|
|
14.71 |
|
|
|
9.84 |
|
|
|
4,141 |
|
Options exercisable as of June 30, 2026 |
|
|
657,144 |
|
|
$ |
13.28 |
|
|
|
9.84 |
|
|
$ |
3,224 |
|
|
| Schedule of Employee and Non-Employee Stock-Based Compensation Expense |
The following table summarizes employee and non-employee stock-based compensation expense for the three and six months ended June 30, 2026 and 2025 and the allocation within the condensed consolidated statements of operations and comprehensive loss (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
General and administrative expense |
$ |
8,911 |
|
|
$ |
835 |
|
|
$ |
9,655 |
|
|
$ |
1,785 |
|
Research and development expense |
|
3,182 |
|
|
|
438 |
|
|
|
3,724 |
|
|
|
874 |
|
Total stock-based compensation |
$ |
12,093 |
|
|
$ |
1,273 |
|
|
$ |
13,379 |
|
|
$ |
2,659 |
|
|