Stock-Based Compensation (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
| Summary of Transactions Related to Grant of Stock Options to Employees and Directors |
Transactions related to stock options awarded to employees and directors during the six months ended June 30, 2026 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Weighted average
exercise price |
|
|
Weighted average
remaining contractual
life (years) |
|
|
Aggregate
intrinsic
value |
|
| Options outstanding at December 31, 2025 |
|
|
903,096 |
|
|
$ |
11.99 |
|
|
|
9.62 |
|
|
$ |
893 |
|
| Granted |
|
|
169,300 |
|
|
|
11.00 |
|
|
|
9.95 |
|
|
|
— |
|
| Exercised |
|
|
(23,723 |
) |
|
|
1.65 |
|
|
|
— |
|
|
|
39 |
|
| Forfeited |
|
|
(266 |
) |
|
|
— |
|
|
|
— |
|
|
|
238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Options outstanding at June 30, 2026 |
|
|
1,048,407 |
|
|
$ |
11.98 |
|
|
|
9.31 |
|
|
$ |
8,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Options exercisable at June 30, 2026 |
|
|
1,048,407 |
|
|
$ |
11.98 |
|
|
|
9.31 |
|
|
$ |
8,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions during the year ended December 31, 2025 related to stock options granted to employees and directors were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Weighted
average
exercise
price per
Share |
|
|
Weighted
average
remaining
contractual life
(years) |
|
|
Aggregate
intrinsic
value
(in thousands) |
|
| Options outstanding as of December 31, 2024 |
|
|
27,322 |
|
|
$ |
352.55 |
|
|
|
7.09 |
|
|
|
— |
|
| Granted |
|
|
894,356 |
|
|
|
1.76 |
|
|
|
— |
|
|
$ |
833 |
|
| Exercised |
|
|
(18,245 |
) |
|
|
0.0011 |
|
|
|
— |
|
|
|
— |
|
| Forfeited |
|
|
(337 |
) |
|
|
0.0011 |
|
|
|
— |
|
|
|
— |
|
| Options outstanding as of December 31, 2025 |
|
|
903,096 |
|
|
$ |
11.99 |
|
|
|
9.62 |
|
|
$ |
893 |
|
| Options exercisable at December 31, 2025 |
|
|
589,711 |
|
|
$ |
17.82 |
|
|
|
9.57 |
|
|
$ |
567 |
|
|
| Summary of Assumptions Used to Estimate Fair Values of Stock Options Granted |
|
The following table presents the assumptions used to estimate the fair values of stock options granted in the periods presented:
|
|
|
|
|
| |
|
2025 |
|
2023 |
| Dividend yield |
|
0% |
|
0% |
| Volatility |
|
63.65% - 63.92% |
|
79.1% - 86.95% |
| Risk-free interest rate |
|
3.68% - 3.74% |
|
3.53% - 4.36% |
| Expected term (years) |
|
5.7 |
|
6 |
| Exercise Price |
|
$1.65 - $2.64 |
|
$46.97 - $50.93 |
|
| Summary of Allocated Stock-based Compensation Expense |
Total stock-based compensation expense related to all of the Company’s stock-based awards was recognized as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months
Ended June 30, |
|
|
Six Months
Ended June 30, |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
34 |
|
|
$ |
13 |
|
|
$ |
50 |
|
|
$ |
28 |
|
General and administrative |
|
|
61 |
|
|
|
3 |
|
|
|
91 |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stock-based compensation expense |
|
$ |
95 |
|
|
$ |
16 |
|
|
$ |
141 |
|
|
$ |
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The total equity-based compensation expense related to all of the Company’s equity-based awards was recognized as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Research and development |
|
$ |
51 |
|
|
$ |
142 |
|
|
$ |
691 |
|
| General and administrative |
|
|
184 |
|
|
|
399 |
|
|
|
1,274 |
|
| Total stock-based compensation expense |
|
$ |
235 |
|
|
$ |
541 |
|
|
$ |
1,965 |
|
|
| Restricted Stock Units [Member] |
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
| Summary of Transactions Related to Grant of Restricted Stock Units to Employees |
Activity related to restricted stock units awarded to employees during the six months ended June 30, 2026 was as follows:
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Weighted average
grant date fair
value per share |
|
| Unvested at December 31, 2025 |
|
|
4,316 |
|
|
$ |
0.0011 |
|
| Granted |
|
|
— |
|
|
|
— |
|
| Vested |
|
|
(2,249 |
) |
|
|
0.0011 |
|
| Forfeited |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
| Unvested at June 30, 2026 |
|
|
2,067 |
|
|
$ |
0.0011 |
|
|
|
|
|
|
|
|
|
|
|
Transactions during the year ended December 31, 2025 related to RSUs were as follows:
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Weighted
average
grant date
fair value
per share |
|
| Unvested at December 31, 2024 |
|
|
10,767 |
|
|
$ |
0.0011 |
|
| Granted |
|
|
90,909 |
|
|
|
1.65 |
|
| Vested |
|
|
(95,931 |
) |
|
|
1.43 |
|
| Cancelled |
|
|
(1,429 |
) |
|
|
0.0011 |
|
| Unvested at December 31, 2025 |
|
|
4,316 |
|
|
$ |
0.0011 |
|
|
| Restricted Stock Awards [Member] |
|
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
|
| Summary of Transactions Related to Grant of Restricted Stock Units to Employees |
Activity related to restricted stock awards awarded to employees during the six months ended June 30, 2026 was as follows:
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Weighted average
grant date fair
value per share |
|
| Unvested at December 31, 2025 |
|
|
15,683 |
|
|
$ |
0.0011 |
|
| Granted |
|
|
— |
|
|
|
— |
|
| Vested |
|
|
(2,616 |
) |
|
|
0.0011 |
|
| Repurchased |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
| Unvested at June 30, 2026 |
|
|
13,067 |
|
|
$ |
0.0011 |
|
|
|
|
|
|
|
|
|
|
|
Transactions during the year ended December 31, 2025 related to RSAs were as follows:
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Weighted
average
grant date
fair value
per share |
|
| Unvested at December 31, 2024 |
|
|
20,906 |
|
|
$ |
0.0011 |
|
| Granted |
|
|
— |
|
|
|
— |
|
| Vested |
|
|
(5,223 |
) |
|
|
0.0011 |
|
| Repurchased |
|
|
— |
|
|
|
— |
|
| Unvested at December 31, 2025 |
|
|
15,683 |
|
|
$ |
0.0011 |
|
|