| Summary of the Fair Value of the Stock Options |
The Company estimates the fair value of the stock options issued using the Black-Scholes option pricing model on the date of grant. The key assumptions used to apply this pricing model were as follows:
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|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
Fair value of common stock |
|
$ |
0.78-0.96 |
|
|
$ |
0.78 – 1.13 |
|
|
|
|
3.94 |
% |
|
|
4.26 |
% |
|
|
|
— |
|
|
|
— |
|
|
|
|
5.9 |
|
|
|
6.0 |
|
|
|
|
82.71 |
% |
|
|
106.25 |
% |
|
The Company estimates the fair value of the stock options issued using the Black-Scholes option pricing model on the date of grant. The key assumptions used to apply this pricing model were as follows:
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|
|
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|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
Fair value of common stock |
|
$ |
0.78 – 1.13 |
|
|
$ |
1.01 – 1.13 |
|
Risk-free interest rate |
|
|
3.94 |
% |
|
|
4.25 |
% |
Expected dividend yield |
|
|
— |
|
|
|
— |
|
Expected term (in years) |
|
|
6.1 |
|
|
|
6.1 |
|
Expected volatility |
|
|
89.54 |
% |
|
|
133.20 |
% |
|
| Summary of the Option Activity |
The following table summarizes option activity under the 2016 Plan for the six months ended June 30, 2026:
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Weighted-
Average
Exercise Price
Per Share |
|
|
Weighted-
Average
Remaining
Contractual
Term (in years) |
|
|
Aggregate
Intrinsic
Value (in
thousands) |
|
Outstanding at December 31, 2025 |
|
|
38,061,610 |
|
|
$ |
0.77 |
|
|
|
6.9 |
|
|
$ |
298 |
|
|
|
|
5,353,691 |
|
|
|
0.79 |
|
|
|
|
|
|
|
|
|
|
|
|
(1,161,144 |
) |
|
|
0.72 |
|
|
|
|
|
|
|
|
|
|
|
|
(2,441,148 |
) |
|
|
0.78 |
|
|
|
|
|
|
|
|
|
|
|
|
(4,177,316 |
) |
|
|
0.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at June 30, 2026 |
|
|
35,635,693 |
|
|
$ |
0.78 |
|
|
|
7.4 |
|
|
$ |
6,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested and exercisable at June 30, 2026 |
|
|
21,465,199 |
|
|
$ |
0.77 |
|
|
|
6.7 |
|
|
$ |
4,045 |
|
Unvested at June 30, 2026 |
|
|
14,170,494 |
|
|
$ |
0.78 |
|
|
|
8.2 |
|
|
$ |
2,102 |
|
|
The following table summarizes option activity under the 2016 Plan for the year ended December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Weighted-
Average
Exercise
Price
Per Share |
|
|
Weighted-
Average
Remaining
Contractual
Term
(in years) |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
Outstanding at December 31, 2024 |
|
|
40,628,032 |
|
|
$ |
1.03 |
|
|
|
8.4 |
|
|
$ |
4,146 |
|
Options granted |
|
|
432,000 |
|
|
|
0.78 |
|
|
|
|
|
|
|
|
|
Options exercised |
|
|
(20,146 |
) |
|
|
0.97 |
|
|
|
|
|
|
|
|
|
Options forfeited |
|
|
(2,530,814 |
) |
|
|
1.05 |
|
|
|
|
|
|
|
|
|
Options expired |
|
|
(447,462 |
) |
|
|
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 31, 2025 |
|
|
38,061,610 |
|
|
$ |
0.77 |
|
|
|
6.9 |
|
|
$ |
298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vested and exercisable at December 31, 2025 |
|
|
23,056,967 |
|
|
$ |
0.77 |
|
|
|
6.1 |
|
|
$ |
298 |
|
Unvested at December 31, 2025 |
|
|
15,004,643 |
|
|
$ |
0.78 |
|
|
|
8.2 |
|
|
$ |
— |
|
|
| Summary of the Stock-Based Compensation Expense |
The Company has recorded stock-based compensation expense as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
688 |
|
|
$ |
1,168 |
|
|
$ |
1,368 |
|
|
$ |
1,993 |
|
General and administrative |
|
|
864 |
|
|
|
1,593 |
|
|
|
1,638 |
|
|
|
2,878 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1,552 |
|
|
$2,761 |
|
|
$3,006 |
|
|
$4,871 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company has recorded stock-based compensation expense as follows (in thousands):
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
Research and development |
|
$ |
3,733 |
|
|
$ |
2,938 |
|
General and administrative |
|
|
5,198 |
|
|
|
4,122 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,931 |
|
|
$ |
7,060 |
|
|
|
|
|
|
|
|
|
|
|