v3.26.3
Stock-based Compensation (Tables)
9 Months Ended
Sep. 30, 2026
Stock-based Compensation  
Summary of total stock based compensation expense The following table summarizes total stock-based compensation expense for the three and nine months ended September 30, 2026 and 2025 (in thousands).

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For the three months ended

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For the nine months ended

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September 30, 

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September 30, 

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2026

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2025

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2026

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2025

Research and development

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$

148

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$

273

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$

617

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$

983

General and administrative

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—

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—

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—

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39

Total stock-based compensation expense

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$

148

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$

273

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$

617

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$

1,022

Summary of stock option activity

The following table summarizes stock option activity during the nine months ended September 30, 2026 (amount in thousands, except per share number):

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Weighted Average

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Remaining

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Weighted Average

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Contractual Life (in

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Number of Options

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Exercise Price

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years)

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Total Intrinsic Value

Outstanding as of January 1, 2026

 

311,768

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$

0.35

 

4.0

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$

10

Granted - external consultants (1)

 

2,140

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0.25

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4.3

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—

Cancelled - employees and board of directors (2)

 

(22,878)

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0.37

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—

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—

Outstanding as of September 30, 2026

 

291,030

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$

0.34

 

3.2

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$

—

Options vested (3)

 

257,372

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$

0.33

 

3.2

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$

—

(1)During the nine months ended September 30, 2026, the Company granted 2.1 million stock options (the “2026 Options”) with exercise price at $0.25 per share, to certain key external consultants who provide services to the Company. The 2026 Options contain service vesting conditions, which will vest over a service period, generally during the term of consulting agreement.
(2)On March 16, 2026, an aggregate of 22.9 million options was cancelled following the settlement of litigation in the Delaware Court of Chancery.
(3)Not all of the vested options are currently exercisable. 164 million of the 257 million vested stock options are subject to blocking agreements (the “Blocker Letter Agreements”) under which they are subject to certain restrictions on exercise.
Schedule of weighted average assumptions used in calculating the fair values of stock options granted

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For the nine months ended

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September 30, 

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2026

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2025

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Exercise price

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$

0.25

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$

0.29

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Expected term (years)

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2.6

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3.2

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Expected stock price volatility

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83

%  

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77

%

Risk-free rate

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3.5

%  

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3.8

%

Dividend yield (per share)

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0

%  

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0

%

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