Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Warrants Activity |
The following table summarizes the Company’s warrant activity for the nine months ended September 30, 2026, not including pre-funded warrants:
|
|
|
|
|
|
|
|
|
|
|
Warrants |
|
|
Weighted
Average
Exercise Price |
|
Outstanding at December 31, 2025 |
|
|
16,895,111 |
|
|
$ |
5.66 |
|
Exercised (Shares Issued) |
|
|
(11,184,931 |
) |
|
|
4.64 |
|
Cancelled |
|
|
(5,470,003 |
) |
|
|
4.66 |
|
Outstanding at September 30, 2026 |
|
|
240,177 |
|
|
$ |
76.22 |
|
|
| Schedule of Outstanding Stock Options |
Transactions during the nine months ended September 30, 2026 related to stock options granted to employees and directors under Company option plans 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, 2025 |
|
|
6,616,432 |
|
|
$ |
6.21 |
|
|
|
9.19 |
|
|
$ |
41,382 |
|
Granted |
|
|
1,396,000 |
|
|
|
13.35 |
|
|
|
|
|
|
|
Exercised |
|
|
(13,719 |
) |
|
|
5.90 |
|
|
|
|
|
|
|
Forfeited/Expired |
|
|
(5,543 |
) |
|
|
40.08 |
|
|
|
|
|
|
|
Options outstanding as of September 30, 2026 |
|
|
7,993,170 |
|
|
$ |
7.44 |
|
|
|
8.56 |
|
|
$ |
- |
|
Options exercisable at September 30, 2026 |
|
|
4,568,988 |
|
|
$ |
6.35 |
|
|
|
8.28 |
|
|
$ |
- |
|
|
| Schedule of Assumptions to Estimate Fair Value of Options Granted |
The Company estimated the fair value of stock options granted during the nine months ended September 30, 2026 using the Black-Scholes option pricing model and the following range of assumptions:
|
|
|
|
|
|
|
For the nine months ended September 30, 2026 |
|
Risk-free interest rate |
|
3.5% - 4.5% |
|
Expected volatility |
|
61.0% - 122.2% |
|
Expected term (in years) |
|
1.7 - 7.0 |
|
Expected dividend yield |
|
|
- |
|
|
| Pre-Funded Warrants [Member] |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Warrants Activity |
Pre-Funded Warrant Activity The following table summarizes the Company’s pre-funded warrant activity for the nine months ended September 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
Pre-funded Warrants |
|
|
Weighted
Average
Exercise Price |
|
Outstanding at December 31, 2025 |
|
|
33,102,778 |
|
|
$ |
0.01 |
|
Exercised (Shares Issued) |
|
|
(25,018,668 |
) |
|
|
0.01 |
|
Forfeited* |
|
|
(12,142 |
) |
|
|
0.01 |
|
Outstanding at September 30, 2026 |
|
|
8,071,968 |
|
|
$ |
0.01 |
|
*Represents shares forfeited as a result of the cashless exercise of pre-funded warrants during the period. |
|
|
|
|
|
|
|
| Inducement Stock Options |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
| Schedule of Outstanding Stock Options |
Inducement stock option activity during the nine months ended September 30, 2026 was 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, 2025 |
|
|
250,314 |
|
|
$ |
10.20 |
|
|
|
9.10 |
|
|
$ |
1,435 |
|
Granted |
|
|
1,267,500 |
|
|
|
12.36 |
|
|
|
|
|
Options outstanding as of September 30, 2026 |
|
|
1,517,814 |
|
|
$ |
12.00 |
|
|
|
9.43 |
|
|
$ |
- |
|
Options exercisable at September 30, 2026 |
|
|
62,774 |
|
|
$ |
19.61 |
|
|
|
8.29 |
|
|
$ |
- |
|
|
| Schedule of Assumptions to Estimate Fair Value of Options Granted |
The Company estimated the fair value of inducement stock options granted during the nine months ended September 30, 2026 using the Black-Scholes option pricing model and the following range of assumptions:
|
|
|
|
|
|
|
For the nine months ended September 30, 2026 |
|
Risk-free interest rate |
|
4.2% - 4.4% |
|
Expected volatility |
|
115.3% - 115.7% |
|
Expected term (in years) |
|
7.0 |
|
Expected dividend yield |
|
|
- |
|
|