Equity Incentive Plans and Warrants (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Equity Incentive Plans and Warrants [Abstract] |
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| Stock Option Plans Activity |
Activity under the Company’s stock option plans for the six months ended June 30, 2026 was as follows:
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Number
of
options
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Weighted
average
exercise
price
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Aggregate
Intrinsic
Value
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Outstanding at December 31, 2025
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191,552 |
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$
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29.36 |
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92,127 |
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Granted
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11,280 |
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6.70 |
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2,045 |
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Forfeited
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(34,226 |
)
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26.90 |
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Outstanding at June 30, 2026
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168,606 |
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$
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28.34 |
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$
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2,045 |
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Vested and exercisable at June 30, 2026
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98,295 |
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$
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36.52 |
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$
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— |
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| Black-Scholes Weighted Average Assumptions |
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 | % |
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| 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:
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Number
of
RSUs
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Weighted
average
grant
date
fair value
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Outstanding at December 31, 2025
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— |
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$
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— |
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Granted
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71,750 |
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10.85 |
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Forfeited
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(1,025 |
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10.40 |
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Outstanding at June 30, 2026
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70,725 |
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$
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10.85 |
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| 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:
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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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Research and development
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$
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35,744 |
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68,299 |
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64,681 |
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205,223 |
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Sales and marketing
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22,529 |
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21,418 |
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38,453 |
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10,987 |
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General and administrative
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152,547 |
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92,254 |
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259,294 |
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332,998 |
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Total share-based compensation expense
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$
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210,820 |
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181,971 |
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362,428 |
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549,208 |
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Share-based compensation expense by award type during the three and six months ended June 30, 2026 and 2025 was as follows:
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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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Stock options
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110,462 |
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167,087 |
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217,337 |
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534,324 |
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ESPP
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6,636 |
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14,884 |
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6,636 |
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14,884 |
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Restricted stock units
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93,722 |
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— |
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138,455 |
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— |
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Total share-based compensation expense
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$
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210,820 |
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181,971 |
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362,428 |
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549,208 |
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| Inducement Grants [Member] |
|
| Equity Incentive Plans and Warrants [Abstract] |
|
| Stock Option Plans Activity |
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 | |
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