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Stock-Based Compensation Plans (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the nine months ended September 30, 2025 and 2024, respectively, for the 2019 Plan:
| Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of January 1, 2025 | 16,136,045 |  |  | $ | 1.52 |  |  |  |  |
Granted | 9,937,100 |  |  | $ | 0.78 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  | — |  |  |
Forfeited or expired | (344,648) |  |  | $ | 3.49 |  |  |  |  |
Outstanding as of September 30, 2025 | 25,728,497 |  |  | $ | 1.21 |  |  | 8.56 |  | $ | 1,058,962 |
Options exercisable as of September 30, 2025 | 8,105,832 |  |  | $ | 1.62 |  |  | 7.14 |  | $ | 39,947 |
| Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of January 1, 2024 | 6,196,140 |  |  | $ | 7.15 |  |  |  |  |
Granted | 5,715,349 |  |  | $ | 1.23 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Repricing modification | — |  |  | $ | 9.55 |  |  |  |  |
Forfeited or expired | (365,351) |  |  | $ | 2.08 |  |  |  |  |
Outstanding as of September 30, 2024 | 11,546,138 |  |  | $ | 1.63 |  |  | 8.33 |  | $ | 2,794,286 |
Options exercisable as of September 30, 2024 | 4,171,969 |  |  | $ | 2.09 |  |  | 7.07 |  | $ | 329,830 |
Schedule of Valuation Assumptions Used | The following table summarizes the key assumptions used in estimating the fair value of the SARs at issuance and on September 30, 2025:
| July 7, 2025 |  | September 30, 2025
Expected term (years) | 1-2.90 |  | 0.90-2.80
Risk-free interest rate | 4.17%-4.38% |  | 3.79%-4.11%
Stock price volatility | 85%-115% |  | 85%-115%
Probability (1) | 50%-50% |  | 50%-50%
Dividend rate | — | % |  | — | %
(1) Scenario probability was based on timing expectations of the Company that a corporate transaction occurring was estimated at 50%; and a corporate transaction not occurring at 50%. The following are the underlying assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan:
| Nine Months Ended September 30,
| 2025 | 2024
Risk-free interest rate | 4.14% | 4.11%
Expected dividend yield | 0% | 0%
Expected volatility | 116.0% | 100.0%
Expected term of options (years) | 5.91 | 5.95
The following table summarizes the key assumptions used in estimating the fair value of the SARs at issuance and on September 30, 2025:
| July 7, 2025 |  | September 30, 2025
Expected term (years) | 1-2.90 |  | 0.90-2.80
Risk-free interest rate | 4.17%-4.38% |  | 3.79%-4.11%
Stock price volatility | 85%-115% |  | 85%-115%
Probability (1) | 50%-50% |  | 50%-50%
Dividend rate | — | % |  | — | %
(1) Scenario probability was based on timing expectations of the Company that a corporate transaction occurring was estimated at 50%; and a corporate transaction not occurring at 50%.
Schedule of SARs Activity | The Company’s SARs activity is as follows:
SARs grants | Shares |  | Weighted average exercise price |  | Weighted average remaining contractual term (years) |  | Aggregate intrinsic value
Balance at January 1, 2025 | — |  |  | $— |  |  |  |
SARs granted | 34,998,367 |  |  | $0.765 |  |  |  |
SARs forfeited or expired | — |  |  | $— |  |  |  |
Balance at September 30, 2025 | 34,998,367 |  |  | $0.765 |  | 9.76 |  | $4,080,809
Exercisable at September 30, 2025 | — |  |  | $— |  | — |  | $—
Schedule of Stock-Based Compensation Expense for Stock Awards Recognized | Total stock-based compensation expense for all stock awards recognized in the accompanying unaudited condensed consolidated statements of operations is as follows:
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  |  |  |  | 2025 |  | 2024 |  | 2025 |  | 2024
Research and development |  |  |  |  | $ | 1,539,000 |  |  | $ | 811,000 |  |  | $ | 3,131,000 |  |  | $ | 2,816,000 |
General and administrative |  |  |  |  | 2,075,000 |  |  | 1,099,000 |  |  | 4,424,000 |  |  | 3,726,000 |
Total |  |  |  |  | $ | 3,614,000 |  |  | $ | 1,910,000 |  |  | $ | 7,555,000 |  |  | $ | 6,542,000 |

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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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