Stock-based Compensation Expense (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Summary of Restricted Stock Activity |
The following table summarizes the Company’s restricted stock unit activity during the six months ended June 30, 2026:
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Weighted
Average Grant
Date Fair
Value |
|
Unvested at December 31, 2025 |
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|
69,486 |
|
|
$ |
5.41 |
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| |
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|
45,150 |
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|
10.72 |
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| |
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|
(21,318 |
) |
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|
6.47 |
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| |
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(75,795 |
) |
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|
7.78 |
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Unvested at June 30, 2026 |
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17,523 |
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$ |
7.56 |
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| Summary of Stock Option Activity |
The following table summarizes the Company’s stock option activity during the six months ended June 30, 2026:
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Weighted
Average
Exercise Price |
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Weighted
Average
Remaining
Contractual
Term
(in years) |
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Aggregate
Intrinsic
Value |
|
Outstanding at December 31, 2025 |
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|
11,645,843 |
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|
$ |
6.67 |
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|
7.70 |
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|
$ |
61,391,718 |
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| |
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|
2,788,750 |
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|
9.88 |
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(58,217 |
) |
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4.61 |
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(2,743,296 |
) |
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7.21 |
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Outstanding at June 30, 2026 |
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11,633,080 |
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$ |
7.32 |
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|
7.43 |
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$ |
1,208,959 |
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Exercisable at June 30, 2026 |
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7,399,899 |
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$ |
7.61 |
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|
6.72 |
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$ |
937,003 |
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The following table summarizes the Company’s stock option activity during the year ended December 31, 2025:
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Weighted
Average
Exercise
Price |
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Weighted
Average
Remaining
Contractual
Term
(in years) |
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|
Aggregate
Intrinsic
Value |
|
Outstanding at December 31, 2024 |
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|
9,354,699 |
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$ |
7.46 |
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|
8.03 |
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$ |
5,353,463 |
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4,178,973 |
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|
5.07 |
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(669,888 |
) |
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5.86 |
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(1,217,941 |
) |
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7.66 |
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Outstanding at December 31, 2025 |
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11,645,843 |
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$ |
6.67 |
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|
7.70 |
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|
$ |
61,391,718 |
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Exercisable at December 31, 2025 |
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5,842,568 |
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$ |
8.09 |
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|
6.84 |
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$ |
25,954,335 |
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| Summary of Weighted Average Assumptions Used to Calculate Fair Value of Stock Option |
The fair value of stock options granted during the three and six months ended June 30, 2026 and 2025 has been calculated on the date of grant using the following weighted average assumptions:
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Three Months
Ended
June 30, 2026 |
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Three Months
Ended
June 30, 2025 |
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Six Months
Ended
June 30, 2026 |
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Six Months
Ended
June 30, 2025 |
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4.2 |
% |
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|
4.0 |
% |
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|
4.0 |
% |
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4.4 |
% |
| |
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|
0.0 |
% |
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|
0.0 |
% |
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|
0.0 |
% |
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|
0.0 |
% |
| |
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5.7 |
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5.9 |
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6.0 |
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|
6.0 |
|
Expected stock price volatility |
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|
109.4 |
% |
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|
110.5 |
% |
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|
112.0 |
% |
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|
110.1 |
% |
|
The fair value of stock options granted during the years ended December 31, 2025 and 2024 has been calculated on the date of grant using the following weighted average assumptions:
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Year
Ended
December 31,
2025 |
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Year
Ended
December 31,
2024 |
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4.3 |
% |
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4.1 |
% |
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0.0 |
% |
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0.0 |
% |
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6.0 |
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|
6.0 |
|
Expected stock price volatility |
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|
110.2 |
% |
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|
103.3 |
% |
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| Summary of Stock-Based Compensation Expense Recognized |
The total compensation cost recognized in the statements of operations and comprehensive loss associated with all stock-based compensation awards granted by the Company is as follows (in thousands):
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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|
General and administrative |
|
$ |
2,566 |
|
|
$ |
2,320 |
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|
$ |
5,055 |
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$ |
4,503 |
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| |
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|
705 |
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|
555 |
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|
2,076 |
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|
1,539 |
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Total stock-based compensation expense |
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$ |
3,271 |
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$ |
2,875 |
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$ |
7,131 |
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$ |
6,042 |
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The total compensation cost recognized in the statements of operations and comprehensive loss associated with all stock-based compensation awards granted by the Company is as follows (in thousands):
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General and administrative |
|
$ |
9,020 |
|
|
$ |
9,901 |
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|
3,448 |
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|
4,653 |
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Total stock-based compensation expense |
|
$ |
12,468 |
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$ |
14,554 |
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| Grants Outside of 2016 Stock Incentive Plan and 2019 Stock Incentive Plan |
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| Summary of Restricted Stock Activity |
|
The following table summarizes the Company’s restricted stock unit activity during the year ended December 31, 2025:
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| |
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|
Weighted
Average Grant
Date Fair
Value |
|
Unvested at December 31, 2024 |
|
|
43,072 |
|
|
$ |
9.25 |
|
|
|
|
57,105 |
|
|
|
4.16 |
|
|
|
|
(19,505 |
) |
|
|
9.50 |
|
|
|
|
(11,186 |
) |
|
|
6.70 |
|
|
|
|
|
|
|
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|
|
Unvested at December 31, 2025 |
|
|
69,486 |
|
|
$ |
5.41 |
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