STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2026

Share-based compensation is comprised of the Company's stock options, restricted stock awards, restricted stock units and shares issued pursuant to the employee stock purchase plan, and is classified in the condensed

consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2026 and 2025 was as follows:


	FOR THE THREE MONTHS ENDED SEPTEMBER 30,				FOR THE NINE MONTHS ENDED SEPTEMBER 30,
(in thousands)	2026		2025		2026		2025
Research and development	$	45	$	500	$	264	$	1,928
General and administrative	360		547		1,178		2,612
	$	405	$	1,047	$	1,442	$	4,540

Schedule of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2026:


Stock Options	Number of Option Shares	Weighted-Average Exercise Price		Weighted-Average Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding stock options at December 31, 2025	628,280	$	43.42	7.6	$89
Granted	32,360	$	4.45
Forfeited	(11,404)	$	15.70
Expired	(13,317)	$	93.52
Exercised	(38,298)	$	6.30
Outstanding stock options at September 30, 2026	597,621	$	43.10	2.9	$2,438
Exercisable stock options at September 30, 2026	456,886	$	52.10	2.4	$1,361

Schedule of Assumptions of Fair Value of Stock Option Pricing Granted

The fair value of the stock options granted during the nine months ended September 30, 2026 and 2025 was determined using the Black-Scholes option pricing model with the following assumptions:


	FOR THE NINE MONTHS ENDED SEPTEMBER 30,
	2026	2025
Expected volatility	109.21%	91.88% - 119.61%
Expected term (years)	5.25	5.27 - 6.02
Risk free interest rate	3.68%	4.03% - 4.39%
Expected dividend yield	—	—
Exercise price	$4.45	$2.40 - $7.60

Schedule of Nonvested Restricted Common Stock Units

A summary of the status of the Company's nonvested restricted common stock units at September 30, 2026 and changes during the nine months ended September 30, 2026 was as follows:


Restricted Stock Units	Shares	Weighted-Average Grant Date Fair Value Per Share
Nonvested restricted stock units at December 31, 2025	38,603	$	9.60
Granted	5,000	$	4.45
Forfeited	(4,150)	$	2.40
Vested	(8,769)	$	9.38
Nonvested restricted stock units at September 30, 2026	30,684	$	9.79