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 | |
|