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Common Stock (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Summary of Stock Options Activity

Stock option transactions and the number of stock options outstanding are summarized below:

		Number of				Weighted
		Optioned				Average
		Common				Exercise
		Shares				Price
Balance, December 31, 2024			2,139,414			$	9.18
Granted			124,500				3.30
Balance, March 31, 2025			2,263,914			$	8.86

Summary of Fair Value of Each Stock Award for Employees and Directors

The fair value of each stock award for employees and directors is estimated on the grant date and for consultants at each reporting period, using the Black-Scholes option-pricing model based on the weighted-average assumptions noted in the following table:

		Three Months Ended
		March 31,
		2025				2024
Risk-free interest rates			4.58	%			4.00	%
Expected dividend yield			0	%			0	%
Expected life		5.83 years				5.65 years
Expected volatility			78.90	%			90.15	%
Forfeiture rate			0.00	%			0.00	%

Summary of Stock-Based Compensation Expense

The results for the periods set forth below included stock-based compensation expense for stock options, restricted stock units and employee share purchase plan compensation expenses in the following expense categories of the consolidated statements of loss (in thousands):

		Three Months Ended
		March 31,
		2025				2024
Research and development		$	554			$	413
General and administrative		$	1,678				875
Total stock-based compensation		$	2,232			$	1,288

Summary of Restricted Stock Unit Award Activity

The following table summarizes our restricted stock unit award activity during the three months ended March 31, 2025:

						Weighted
		Number				Average
		of				Grant Date
		Shares				Fair Value
Balance, December 31, 2024			1,283,750			$	4.65
Granted			1,472,900				3.20
Balance, March 31, 2025			2,756,650			$	3.88

Summary of Outstanding Warrants

The following is a summary of outstanding warrants to purchase common stock as of March 31, 2025:

		Total
		Outstanding				Exercise
		and				price per
		Exercisable				Share				Expiration Date
(1) Warrants issued in May 2019 financing			60,000			$	90.000			May 2025
(2) Warrants issued in April 2020 financing			182,461			$	7.240			April 2025
(3) Warrants issued in April 2020 financing			24,375			$	7.320			April 2025
(4) Warrants issued in April 2020 financing			25,270			$	7.590			April 2025
(5) Pre-Funded warrants issued in August 2020 financing			142,857			$	0.001			*
(6) Warrants issued in December 2020 financing			50,000			$	8.750			December 2025
(7) Warrants issued in November 2022 financing			4,093,141			$	4.500			November 2029
(8) Warrants issued in February 2024 financing			13,086,151			$	4.906			**

*The pre-funded warrants do not have an expiration date.

**These warrants, the 2024 Warrants, will expire on the earlier of (i) three and one-half years following the date of issuance and (ii) 30 days following our public disclosure of the acceptance of an NDA for cytisinicline by the FDA in a Day 74 Letter or equivalent correspondence.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of the change in stock options.

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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