STOCKHOLDERS' EQUITY (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Equity [Abstract] |
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| Summary of Share-based Compensation |
Share-based compensation is comprised of the Company’s stock options, restricted stock awards, restricted stock units and shares issued pursuant to the employee stock purchase plan, and is classified in the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2026 and 2025 was as follows:
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FOR THE THREE MONTHS ENDED
JUNE 30, |
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FOR THE SIX MONTHS ENDED
JUNE 30, |
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$ |
35 |
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$ |
618 |
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$ |
219 |
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$ |
1,428 |
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General and administrative |
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389 |
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996 |
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818 |
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2,065 |
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$ |
424 |
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$ |
1,614 |
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$ |
1,037 |
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$ |
3,493 |
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Share-based compensation is comprised of the Company’s stock options, restricted stock awards, restricted stock units and shares issued pursuant to the employee stock purchase plan, and is classified in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2025 and 2024 and was as follows:
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FOR THE YEAR ENDED
DECEMBER 31, |
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Research and development |
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$ |
2,250 |
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$ |
3,269 |
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General and administrative |
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3,064 |
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4,724 |
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$ |
5,314 |
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$ |
7,993 |
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| Summary of Stock Option Activity |
The following table summarizes stock option activity for the six months ended June 30, 2026:
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Weighted-
Average
Exercise Price |
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Weighted-
Average
Contractual
Term
(in years) |
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Aggregate
Intrinsic Value
(in thousands) |
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Outstanding stock options at December 31, 2025 |
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628,280 |
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$ |
43.42 |
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7.6 |
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$ |
89 |
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32,360 |
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$ |
4.45 |
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(11,404 |
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$ |
15.70 |
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(13,317 |
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$ |
93.52 |
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(14,087 |
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$ |
8.56 |
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Outstanding stock options at June 30, 2026 |
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621,832 |
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$ |
41.62 |
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3.1 |
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$ |
2,348 |
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Exercisable stock options at June 30, 2026 |
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456,345 |
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$ |
51.43 |
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2.6 |
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$ |
1,260 |
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The following table summarizes stock option activity for the year ended December 31, 2025:
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Stock Options |
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Weighted-
Average
Exercise Price |
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Weighted-
Average
Contractual
Term
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Aggregate
Intrinsic
Value
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Outstanding stock options at December 31, 2024 |
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529,342 |
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$ |
62.83 |
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7.8 |
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$ |
— |
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Granted |
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224,179 |
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$ |
5.87 |
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Forfeited |
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(51,758 |
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$ |
32.54 |
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Expired |
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(73,483 |
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$ |
76.34 |
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Exercised |
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— |
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$ |
— |
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Outstanding at December 31, 2025 |
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628,280 |
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$ |
43.42 |
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7.6 |
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$ |
89 |
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Exercisable stock options at December 31, 2025 |
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399,047 |
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$ |
58.72 |
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7.1 |
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$ |
— |
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| Summary of Assumptions of Fair Value of Option Pricing Granted |
The fair value of the stock options granted during the six months ended June 30, 2026 and 2025 was determined using the Black-Scholes option pricing model with the following assumptions:
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FOR THE SIX MONTHS ENDED
JUNE 30, |
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109.21% |
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91.88%–119.61% |
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5.25 |
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5.27–6.02 |
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3.68% |
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4.03%–4.39% |
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— |
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— |
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$ |
4.45 |
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$ |
2.40–$7.60 |
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The fair value of the stock options granted during the years ended December 31, 2025 and 2024 was determined using the Black-Scholes option pricing model with the following assumptions:
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FOR THE YEAR ENDED DECEMBER 31, |
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Expected volatility |
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91.88% - 119.61% |
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89.41% - 94.48% |
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Expected term (years) |
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5.27 - 6.02 |
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5.50 - 6.02 |
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Risk free interest rate |
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4.03 % - 4.39% |
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3.93% - 4.35% |
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Expected dividend yield |
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— |
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— |
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Exercise price |
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$ |
2.38 - $7.60 |
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$ |
14.88 - $19.20 |
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| Summary of Unvested Restricted Common Stock Awards |
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A summary of the status of the Company’s nonvested restricted common stock awards at December 31, 2025 and changes during the year ended December 31, 2025 was as follows:
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Restricted Stock Awards |
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Weighted-
Average Grant
Date Fair Value
Per Share |
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Nonvested restricted common stock awards at December 31, 2024 |
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2,687 |
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$ |
31.76 |
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Granted |
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— |
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$ |
— |
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Vested |
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(2,687 |
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$ |
31.76 |
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Forfeited |
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— |
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$ |
— |
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Nonvested restricted common stock awards at December 31, 2025 |
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— |
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$ |
— |
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| Summary of Unvested Restricted Common Stock Units |
A summary of the status of the Company’s nonvested restricted common stock units at June 30, 2026 and changes during the six months ended June 30, 2026 was as follows:
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Weighted-
Average Grant
Date Fair
Value Per Share |
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Nonvested restricted stock units at December 31, 2025 |
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38,603 |
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$ |
9.60 |
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5,000 |
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$ |
4.45 |
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(4,150 |
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$ |
2.40 |
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(6,684 |
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$ |
9.53 |
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Nonvested restricted stock units at June 3 0 , 2026 |
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32,769 |
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$ |
9.74 |
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A summary of the status of the Company’s nonvested restricted common stock units at December 31, 2025 and changes during the year ended December 31, 2025 was as follows:
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Restricted Stock Units |
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Weighted-
Average Grant
Date Fair Value
Per Share |
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Nonvested restricted common stock units at December 31, 2024 |
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133,069 |
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$ |
18.89 |
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Granted |
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59,500 |
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$ |
5.96 |
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Forfeited |
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(66,646 |
) |
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$ |
12.34 |
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Vested |
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(87,320 |
) |
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$ |
19.18 |
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Nonvested restricted common stock units at December 31, 2025 |
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38,603 |
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$ |
9.60 |
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