Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Schedule of Estimated Fair Value of Each Stock Option Award |
For stock options requiring an assessment of value during the six months ended June 30, 2026 and 2025, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model utilizing the following assumptions:
|
|
|
|
|
June 30, 2026 |
Risk-free interest rate |
|
3.92 - 4.19% |
Expected dividend yield |
|
0% |
Expected volatility |
|
88.60% - 104.03% |
Expected life |
|
5.50 to 6.25 years |
|
|
|
|
|
June 30, 2025 |
Risk-free interest rate |
|
4.05% - 4.46% |
Expected dividend yield |
|
0% |
Expected volatility |
|
86.46% - 88.15% |
Expected life |
|
5.50 to 6.25 years |
|
| Summary of Stock Option Activity |
A summary of stock option activity for the six months ended June 30, 2026 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Shares* |
|
|
Weighted
Average
Exercise
Price* |
|
|
Weighted
Average
Remaining
Contractual
Life
(in Years) |
|
Stock options outstanding at December 31, 2025 |
|
|
424,910 |
|
|
$ |
116.68 |
|
|
|
6.79 |
|
Granted |
|
|
1,320,053 |
|
|
|
29.85 |
|
|
|
— |
|
Exercised |
|
|
(43,390 |
) |
|
|
18.82 |
|
|
|
— |
|
Forfeited |
|
|
(113,684 |
) |
|
|
28.66 |
|
|
|
— |
|
Expired |
|
|
(24,094 |
) |
|
|
228.53 |
|
|
|
— |
|
Stock options outstanding at June 30, 2026 |
|
|
1,563,795 |
|
|
|
50.78 |
|
|
|
9.07 |
|
Stock options exercisable at June 30, 2026 |
|
|
351,300 |
|
|
$ |
121.44 |
|
|
|
6.52 |
|
|
| Summary of Restricted Stock Unit Activity |
The following table summarizes the RSU activity under the 2026 Inducement Plan for the six months ended June 30, 2026:
|
|
|
|
|
|
|
|
Restricted Securities |
Number of Shares |
|
|
Weighted Average Grant Date Fair Value Per Share |
|
Nonvested balance at December 31, 2025 |
|
— |
|
|
$ |
— |
|
Granted |
|
655,071 |
|
|
|
30.42 |
|
Vested/Released |
|
(655,071 |
) |
|
|
30.42 |
|
Nonvested balance at June 30, 2026 |
|
— |
|
|
$ |
— |
|
|
| Schedule of Stock-Based Compensation Included in Statement of Operations and Comprehensive Loss |
Stock-based compensation for the three and six months ended June 30, 2026 and 2025 was included in the Company’s condensed consolidated statements of operations as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended June 30, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
General and administrative |
|
$ |
20,336 |
|
|
$ |
580 |
|
|
$ |
20,355 |
|
|
$ |
1,275 |
|
Research and development |
|
|
3,502 |
|
|
|
683 |
|
|
|
3,531 |
|
|
|
1,326 |
|
Total stock-based compensation |
|
$ |
23,838 |
|
|
$ |
1,263 |
|
|
$ |
23,886 |
|
|
$ |
2,601 |
|
|
| Schedule of share-based payment arrangement. |
Stock-based compensation for the three and six months ended June 30, 2026 and 2025 by type was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended June 30, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Stock options |
|
$ |
3,911 |
|
|
$ |
1,263 |
|
|
$ |
3,959 |
|
|
$ |
2,601 |
|
RSUs |
|
|
19,927 |
|
|
|
— |
|
|
|
19,927 |
|
|
|
— |
|
Total stock-based compensation |
|
$ |
23,838 |
|
|
$ |
1,263 |
|
|
$ |
23,886 |
|
|
$ |
2,601 |
|
|