v3.26.1
Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2026
Stockholders' Equity [Abstract]  
Schedule of Stock Option Activity

The following table provides the stock option activity for the three and six months ended June 30, 2026:

 

    Total
Options
Outstanding
    Weighted
Average
Remaining
Term
(Years)
    Weighted
Average
Exercise
Price
 
Outstanding January 1, 2026     47,220       8.58     $ 151.15  
Forfeited                  
Granted                  
Outstanding March 31, 2026     47,220       8.33     $ 151.15  
Forfeited     (170,416 )           12.66  
Granted     1,769,881             1.43  
Outstanding June 30, 2026     1,646,685       8.82       4.56  
Outstanding June 30, 2026, vested and exercisable     643,156       7.19     $ 10.23  
Schedule of Black Scholes Valuation Model to Determine the Fair Value of the Options Issued

The Company used the Black Scholes valuation model to determine the fair value of the options issued and assumed in the acquisition of Azora, using the following key assumptions for the six months ended June 30, 2026 and 2025:

 

    June 30,
2026
    June 30,
2025
 
Fair Value per Share   $ 2.69     $ 17.25  
Expected Term     5.13 years       5.75 years  
Expected Dividend   $     $  
Expected Volatility     119.5 %     114.2 %
Risk free rate     4.22 %     4.05 %
Schedule of Stock-Based Compensation Expense

The components of stock-based compensation expense included in the Company’s Unaudited Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands):

 

    Three months ended 
June 30,
    Six months ended 
June 30,
 
    2026     2025     2026     2025  
Research and development options expense   $ 3     $ 2     $ 7     $ 7  
Total research and development expenses     3       2       7       7  
General and administrative options expense     131       73       214       162  
Restricted stock expense     3       49       65       192  
Total general and administrative expenses     134       122       279       354  
Total stock-based compensation expense   $ 137     $ 124     $ 285     $ 361  
Schedule of Activity in Warrants

The following table provides the activity for common stock warrants for the three and six months ended June 30, 2026:

 

    Total Warrants     Weighted
Average
Remaining
Term
(Years)
    Weighted
Average
Exercise
Price
    Average
Intrinsic
Value
 
Outstanding January 1, 2026     1,240,480       3.1     $ 19.25     $ 0.00  
Issued                        
Exercised                        
Outstanding March 31, 2026     1,240,480       2.8       19.25       0.00  
Issued                        
Forfeited     (404 )             1,441.77          
Exercised                        
Outstanding June 30, 2026     1,240,076       2.6     $ 18.79     $ 0.00  

The Following table provides the activity for pre-funded warrants for the three and six months ended June 30, 2026: 

 

    Total Warrants     Weighted
Average
Exercise
Price
 
Outstanding January 1, 2026         $  
Issued            
Exercised            
Outstanding March 31, 2026            
Issued     11,780,948       0.001  
Forfeited            
Exercised            
Outstanding June 30, 2026     11,780,948     $ 0.001  
Schedule of Restricted Stock Units

The following is a summary of the RSUs which were granted outside of the 2017 Equity Incentive Plan as inducement grants, during the three and six months ended June 30, 2026:

 

    Restricted Stock     Weighted
Average
Grant Date Fair Value
 
Unvested at January 1, 2026            
Vested            
Forfeited            
Granted            
Unvested at March 31, 2026            
Vested            
Forfeited            
Granted     557,248     $ 2.98  
Unvested at June 30, 2026     557,248     $ 2.98