v3.26.1
Equity Incentive Plan and Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity

Stock options activity under the Plan is set forth below:

 

 

Outstanding Awards

 

 

Number of
Shares
Available
for Grant

 

 

Options issued
and
outstanding

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding on December 31, 2025

 

 

152,545

 

 

 

1,180,576

 

 

$

6.28

 

 

 

6.57

 

 

$

896

 

Options granted

 

 

(99,340

)

 

 

99,340

 

 

$

19.13

 

 

 

 

 

 

 

Options exercised

 

 

 

 

 

(34,083

)

 

$

6.62

 

 

 

 

 

 

 

Options forfeited or cancelled

 

 

176,870

 

 

 

(176,870

)

 

$

7.61

 

 

 

 

 

 

 

Outstanding on June 30, 2026

 

 

230,075

 

 

 

1,068,963

 

 

$

7.24

 

 

 

6.25

 

 

$

12,708

 

Vested and Exercisable at June 30, 2026

 

 

 

 

 

808,434

 

 

$

7.21

 

 

 

 

 

 

 

Schedule of Estimated Fair Value of Stock Options Using Black-Scholes Option Pricing Model

The Company estimated the fair value of stock options using the Black-Scholes option pricing model. The fair value of employee stock options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of stock options was estimated using the following weighted-average assumptions:

 

 

Six Months Ended June 30,

 

2026

 

2025

Expected volatility

 

84.56% - 88.16%

 

85.54% - 86.74%

Risk-free interest rate

 

3.87% - 4.17%

 

4.06% - 4.11%

Dividend yield

 

0%

 

0%

Expected term

 

4.99 - 6.01 years

 

5.97 - 6.08 years

Schedule of Stock Based Compensation

The following table is a summary of total employee and non-employee stock-based compensation (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

164

 

 

$

418

 

 

$

1,104

 

 

$

868

 

General and administrative

 

$

63

 

 

$

258

 

 

$

1,093

 

 

$

479

 

Total

 

$

227

 

 

$

676

 

 

$

2,197

 

 

$

1,347