v3.26.1
Stock-Based Compensation Expense (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense

Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss was as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Research and development

 

$

1,006

 

 

$

1,360

 

General and administrative

 

 

1,329

 

 

 

5,356

 

Total

 

$

2,335

 

 

$

6,716

 

Summary of Restricted Stock Unit Activity, Including 2024 PSUs

A summary of the restricted stock unit activity, including 2024 PSUs, under the Plans for the year ended December 31, 2025 was as follows:

 

 

 

Shares

 

 

Weighted-
Average
Grant Date Fair Value

 

Restricted stock units outstanding as of December 31, 2024

 

 

42,865

 

 

$

132.09

 

Granted

 

 

62,020

 

 

$

9.86

 

Vested

 

 

(41,250

)

 

$

57.75

 

Forfeited

 

 

(11,821

)

 

$

210.07

 

Restricted stock units outstanding as of December 31, 2025

 

 

51,814

 

 

$

27.18

 

Schedule of Unrecognized Stock-Based Compensation

The following table summarizes the Company’s unrecognized stock-based compensation as of December 31, 2025:

 

 

Unrecognized Expense
(in thousands)

 

 

Period of Recognition
(years)

 

Restricted stock units

 

$

816

 

 

 

1.3

 

Stock options

 

 

1,751

 

 

 

1.7

 

Total

 

$

2,567

 

 

 

 

Schedule of Fair Value of Stock Option Estimated on Date of Grant Using Black-Scholes Option-Pricing Model or Monte Carlo Simulation in Case of Options Granted to Certain Executive Officers The fair value of each stock option granted to employees, directors and non-employees in 2024 was estimated on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions:

 

 

Year Ended
December 31,

 

 

 

2024

 

Risk-free interest rate

 

 

4.2

%

Expected dividend yield

 

 

—

%

Expected term (in years)

 

 

6.0

 

Expected volatility

 

 

80.5

%

 

Summary of Stock Option Activity, Including Incentive Options, Under Plans

A summary of the stock option activity, including incentive options, under the Plans for the year ended December 31, 2025 was as follows:

 

 

 

Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Life
(in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding at December 31, 2024

 

 

126,255

 

 

$

283.02

 

 

 

7.5

 

 

$

—

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Cancelled

 

 

(57,716

)

 

 

375.52

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

68,539

 

 

$

205.12

 

 

 

5.6

 

 

$

—

 

Exercisable at December 31, 2025

 

 

52,210

 

 

$

210.62

 

 

 

5.1

 

 

$

—

 

Vested and expected to vest at December 31, 2025

 

 

68,539

 

 

$

205.12

 

 

 

5.6

 

 

$

—