Stockholders’ Equity (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Equity [Abstract] |
|
|
| Schedule of stock-based compensation expense |
Stock-based
compensation expense recognized for all equity awards under the 2020 Plan for the three and six months ended June 30, 2026
and 2025 has been reported in the condensed consolidated statements of operations and comprehensive income (loss) as follows (in
thousands):
Schedule of stock-based compensation expense
| | |
Three
Months Ended
June 30, | | |
Six
Months Ended
June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Research and development | |
$ | 135 | | |
$ | 567 | | |
$ | 457 | | |
$ | 1,342 | |
| General and administrative | |
| 484 | | |
| 810 | | |
| 1,118 | | |
| 1,680 | |
| Total | |
$ | 619 | | |
$ | 1,377 | | |
$ | 1,575 | | |
$ | 3,022 | |
|
Stock-based
compensation expense recognized for all equity awards under the 2020 Plan has been reported in the consolidated statements of operations
and comprehensive loss as follows (in thousands):
| Schedule of stock-based compensation expense | |
Years
ended December 31, | |
| | |
2025 | | |
2024 | |
| Research and development | |
$ | 2,199 | | |
$ | 4,238 | |
| General and administrative | |
| 3,235 | | |
| 4,683 | |
| Total | |
$ | 5,434 | | |
$ | 8,921 | |
|
| Summary of restricted stock units |
The
following table summarizes RSU activity under the 2020 Plan for the six months ended June 30, 2026:
Summary of restricted stock units
| | |
Number
of
Shares | | |
Weighted
-
Average
Grant Date
Fair Value | |
| Outstanding
at December 31, 2025 | |
| 49,254 | | |
$ | 58.95 | |
| Granted | |
| 30,120 | | |
$ | 8.57 | |
| Vested | |
| (12,939 | ) | |
$ | 43.97 | |
| Forfeited | |
| (9,031 | ) | |
$ | 54.02 | |
| Outstanding at June 30,
2026 | |
| 57,404 | | |
$ | 36.67 | |
|
The following table summarizes
RSU activity under the 2020 Plan for the year ended December 31, 2025:
| Summary of restricted stock units | | |
Number
of
Shares | | |
Weighted
-
Average
Grant Date
Fair Value | |
| Outstanding at December 31, 2024 | | |
| 31,060 | | |
$ | 124.00 | |
| Granted | | |
| 37,260 | | |
$ | 16.00 | |
| Vested | | |
| (14,565 | ) | |
$ | 119.00 | |
| Forfeited | | |
| (5,077 | ) | |
$ | 54.50 | |
| Outstanding at December 31, 2025 | | |
| 48,678 | | |
$ | 50.00 | |
|
| Summary of stock option activity |
The
following table summarizes stock option activity under the 2020 Plan for the six months ended June 30, 2026:
Summary of stock option activity
| | |
Number
of
Options | | |
Weighted
-
Average
Exercise
Price Per
Share | | |
Weighted
-
Average
Remaining
Contractual
Term
(In Years) | | |
Aggregate
Intrinsic
Value | |
| Balance at December 31, 2025 | |
| 117,703 | | |
$ | 393.71 | | |
| 6.43 | | |
$ | — | |
| Forfeited | |
| (3,417 | ) | |
$ | 198.71 | | |
| | | |
| | |
| Expired | |
| (227 | ) | |
$ | 785.66 | | |
| | | |
| | |
| Balance at June 30, 2026 | |
| 114,059 | | |
$ | 388.45 | | |
| 5.07 | | |
$ | — | |
| Vested and expected to vest at June 30, 2026 | |
| 114,059 | | |
$ | 388.45 | | |
| 5.07 | | |
$ | — | |
| Exercisable at June 30, 2026 | |
| 105,840 | | |
$ | 404.00 | | |
| 4.94 | | |
$ | — | |
|
The following table summarizes
stock option activity under the 2020 Plan for the year ended December 31, 2025:
| Summary of stock option activity |
|
Number
of
Options |
|
|
Weighted
-
Average
Exercise
Price Per
Share |
|
|
Weighted
-
Average
Remaining
Contractual
Term
(in years) |
|
|
Aggregate
Intrinsic
Value
(in thousands) |
|
| Balance at December 31, 2024 |
|
|
121,920 |
|
|
$ |
382.50 |
|
|
7.59 |
|
|
$ |
— |
|
| Granted |
|
|
180 |
|
|
$ |
34.00 |
|
|
|
|
|
|
|
| Exercised |
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
| Forfeited |
|
|
(3,011 |
) |
|
$ |
277.00 |
|
|
|
|
|
|
|
| Expired |
|
|
(1,507 |
) |
|
$ |
424.00 |
|
|
|
|
|
|
|
| Balance at December 31, 2025 |
|
|
117,582 |
|
|
$ |
384.00 |
|
|
|
6.43 |
|
|
$ |
— |
|
| Vested and expected to vest at December 31, 2025 |
|
|
117,582 |
|
|
$ |
384.00 |
|
|
|
6.43 |
|
|
$ |
— |
|
| Exercisable at December 31, 2025 |
|
|
97,973 |
|
|
$ |
421.00 |
|
|
|
6.29 |
|
|
$ |
— |
|
|
| Schedule of common stock reserved for future issuance |
Common
stock reserved for future issuance are as follows in common equivalent shares:
Schedule of common stock reserved for future issuance
| | |
June 30,
2026 | | |
December 31,
2025 | |
| Warrants for the purchase of common stock | |
| 193,581 | | |
| 193,581 | |
| Common stock options and restricted stock units issued and outstanding | |
| 171,463 | | |
| 166,257 | |
| Awards available for future issuance under the 2020 Plan | |
| 39,200 | | |
| 26,013 | |
| Awards available for future issuance under the ESPP | |
| 59,278 | | |
| 43,786 | |
| Shares available for future conversions of PPAs | |
| — | | |
| 136,923 | |
| Total common stock reserved for future issuance | |
| 463,522 | | |
| 566,560 | |
|
Common stock reserved for future
issuance are as follows in common equivalent shares:
| Schedule of common stock reserved for future issuance | |
December
31, | |
| | |
2025 | | |
2024 | |
| Warrants for the purchase of common stock | |
| 193,581 | | |
| 193,581 | |
| Common stock options and restricted stock units issued and outstanding | |
| 166,257 | | |
| 152,980 | |
| Awards available for future issuance under the 2020 Plan | |
| 26,013 | | |
| 23,086 | |
| Awards available for future issuance under the ESPP | |
| 43,786 | | |
| 33,837 | |
| Shares available for future conversions of PPAs | |
| 136,923 | | |
| — | |
| Total common stock reserved for future issuance | |
| 566,560 | | |
| 403,484 | |
|
| Schedule of assumptions used in Black-Scholes Model |
|
The assumptions used in the Black-Scholes
option pricing model to determine the fair value of stock option grants were as follows:
| Schedule of assumptions used in Black-Scholes Model |
|
|
|
|
| |
|
Years
ended December 31, |
| |
|
2025 |
|
2024 |
| Expected volatility |
|
95.3% |
|
88.7% |
| Risk-free interest rate |
|
3.65% |
|
4.25% |
| Expected dividend yield |
|
0.0% |
|
0.0% |
| Expected term |
|
5.29 years |
|
5.95 years |
|