v3.26.1
Equity Incentive Plans and Warrants
 6 Months Ended
Jun. 30, 2026
Equity Incentive Plans and Warrants [Abstract]  
Equity Incentive Plans and Warrants
(10)
Equity Incentive Plans and Warrants
 
In June 2021, in connection with the IPO, the 2021 Equity Incentive Plan (2021 Plan), which was adopted by the Board of Directors in February 2021 and approved by stockholders in March 2021, became effective. As of June 30, 2026, approximately 256,501 shares were reserved for future issuance under the Company’s stock plans for stock options and RSUs.
 
Stock-Based Awards
 
(a)
Stock Option Plans
 
Activity under the Company’s stock option plans for the six months ended June 30, 2026 was as follows:
 
 
 
Number
of
options
 
 
Weighted
average
exercise
price
 
 
Aggregate
Intrinsic
Value
 
Outstanding at December 31, 2025
 
 
191,552
 
 
$
29.36
 
 
 
92,127
 
Granted
 
 
11,280
 
 
 
6.70
 
 
 
2,045
 
Forfeited
 
 
(34,226
)
 
 
26.90
 
 
 
 
 
Outstanding at June 30, 2026
 
 
168,606
 
 
$
28.34
 
 
$
2,045
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and exercisable at June 30, 2026
 
 
98,295
 
 
$
36.52
 
 
$
—
 
 
The intrinsic value represents the amount by which the market price of the underlying stock at June 30, 2026 exceeds the exercise price of an option.
 
(b)
Inducement Grants
 
Since 2023, the Company has granted inducement grants, which are stock option grants to certain employees for the right to purchase shares, which were approved by the Compensation Committee. The inducement grants vest in equal installments over four years provided the employee remains employed by the Company on the vesting date. For the six months ended June 30, 2026, 16,750 options were granted and 1,875 options were forfeited.
The inducement grants are summarized as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number
of
options
 
 
Weighted
average
exercise
price
 
 
Weighted
average
remaining
life years
 
Outstanding at December 31, 2025
 
 
6,875
 
 
$
50.40
 
 
 
4.53
 
Granted
 
 
16,750
 
 
 
9.28
 
 
 
9.69
 
Forfeited
 
 
(1,875
)
 
 
26.40
 
 
 
—
 
Outstanding at June 30, 2026
 
 
21,750
 
 
$
20.80
 
 
 
8.77
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested and exercisable at June 30, 2026
 
 
5,000
 
 
$
59.40
 
 
 
5.66
 
 
The Black-Scholes weighted-average assumptions for stock option awards granted to employees and nonemployees for the six months ended June 30, 2026 were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended
June 30, 2026
 
 
 
Employees
 
 
Nonemployees
 
 
 
2021
Plan
 
 
Inducement
Grants
 
 
2021
Plan
 
Options Granted
 
 
6,000
 
 
 
16,750
 
 
 
5,280
 
Fair Value of Awards
 
$
5.53
 
 
 
7.36
 
 
$
5.05
 
Exercise Price
 
$
6.92
 
 
 
9.28
 
 
$
6.45
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected term (in years)
 
 
6.25
 
 
 
6.25
 
 
 
5.67
 
Risk‑free interest rate
 
 
4.15
%
 
 
3.83
%
 
 
4.10
%
Dividend yield
 
 
—
%
 
 
—
%
 
 
—
%
Expected volatility
 
 
96.38
%
 
 
96.84
%
 
 
97.40
%
 
No options were exercised for the six months ended June 30, 2026 under our stock option plans.
 
(c)
Restricted Stock Units (RSUs)
 
Restricted stock units were granted to employees in the first quarter of 2026 with service-based vesting conditions. Related activity during the six months ended June 30, 2026 was as follows:
 
 
 
 
 
 
 
 
 
 
 
Number
of
RSUs
 
 
Weighted
average
grant
date
fair value
 
Outstanding at December 31, 2025
 
 
—
 
 
$
—
 
Granted
 
 
71,750
 
 
 
10.85
 
Forfeited
 
 
(1,025
)
 
 
10.40
 
Outstanding at June 30, 2026
 
 
70,725
 
 
$
10.85
 
(d)
Share-Based Compensation Expense
 
The following table shows the share-based compensation expense related to stock option and RSU grants to employees and nonemployees by financial statement line item on the accompanying condensed statements of operations and comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30,
 
 
Six Months Ended June 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
 
Research and development
 
$
35,744
 
 
 
68,299
 
 
 
64,681
 
 
 
205,223
 
Sales and marketing
 
 
22,529
 
 
 
21,418
 
 
 
38,453
 
 
 
10,987
 
General and administrative
 
 
152,547
 
 
 
92,254
 
 
 
259,294
 
 
 
332,998
 
Total share-based compensation expense
 
$
210,820
 
 
 
181,971
 
 
 
362,428
 
 
 
549,208
 
 
Share-based compensation expense by award type during the three and six months ended June 30, 2026 and 2025 was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30,
 
 
Six Months Ended June 30,
 
 
 
2026
 
 
2025
 
 
2026
 
 
2025
 
Stock options
 
 
110,462
 
 
 
167,087
 
 
 
217,337
 
 
 
534,324
 
ESPP
 
 
6,636
 
 
 
14,884
 
 
 
6,636
 
 
 
14,884
 
Restricted stock units
 
 
93,722
 
 
 
—
 
 
 
138,455
 
 
 
—
 
Total share-based compensation expense
 
$
210,820
 
 
 
181,971
 
 
 
362,428
 
 
 
549,208
 
 
As of June 30, 2026, the remaining share-based compensation expense for stock options that are expected to be recognized in future periods for employees and nonemployees is $885,087, over a weighted average period of 2.4 years.
 
As of June 30, 2026, the remaining share-based compensation expense for RSUs that is expected to be recognized in future periods for employees is $629,216, over a weighted average period of 2.9 years.
 
(e)
Employee Stock Purchase Plan (ESPP)
 
For the six months ended June 30, 2026, 4,318 shares of common stock were issued under the Company’s ESPP Plan. As of June 30, 2026, the total number of shares of common stock reserved for future awards under the ESPP was 56,405.