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Equity Incentive Plan | 3 Months Ended
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Mar. 31, 2026
Equity Incentive Plan |
Equity Incentive Plan | 14. Equity Incentive Plan On September 24, 2020, the Company’s Board of Directors (the “Board”) adopted the 2020 Omnibus Incentive Plan (the “2020 Omnibus Plan”). The 2020 Omnibus Plan provided for the granting of equity-based awards to the Company’s named executive officers, other employees, consultants and non-employee directors at a price to be determined by the Board. On May 12, 2022, the Board approved the Company’s 2022 Equity Incentive Plan (the “2022 Plan”), which was approved at the Company’s annual meeting of stockholders on June 16, 2022. The 2022 Plan is the successor to and continuation of the 2020 Omnibus Plan. The total number of shares reserved for issuance under the 2022 Plan (including shares remaining available under the 2020 Omnibus Plan) is 1,800,000, which increases automatically by 6% every year on January 1, based on the number of shares of common stock issued and outstanding as of the previous year-end. No incentive stock options may be granted under the 2022 Plan after May 12, 2032 and the Board may suspend or terminate the 2022 Plan at any time. The Board is responsible for administering the 2022 Plan. In addition to the above, on December 23, 2021, the Board adopted the Inducement Equity Incentive Plan (the “2021 Inducement Equity Incentive Plan”), intended to induce new employees to join the Company for the benefit of individuals who satisfy the standards for inducement grants under Rule 5635(c)(4) of the Nasdaq Listing Rules. The maximum number of shares reserved for issuance pursuant to awards granted under the 2021 Inducement Equity Incentive Plan is 1,000,000. Stock options are generally granted with a 10 year term at exercise prices equal to the market price at the date of grant. After one year of service from the date of grant, 25% of the options become exercisable, with the remainder becoming exercisable monthly over the following three-year period. RSUs generally vest 25% after one year of service from the date of grant and the remainder vesting quarterly over the following three-year period. Stock Option Grants ​ The following table summarizes the Company’s stock option activity for the three months ended March 31, 2026: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Weighted Average | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Grant Date | ​ | Weighted Average
​ | ​ ​ ​ | Shares | ​ ​ ​ | Fair Value | ​ ​ ​ | Exercise Price
Options outstanding as of December 31, 2025 |  | ​ | 3,531,980 | ​ | $ | 2.35 | ​ | $ | 3.64
Options granted |  | ​ | 798,500 |  | ​ | 1.38 | ​ | ​ | 1.86
Options canceled/forfeited |  | ​ | (325,324) |  | ​ | 1.97 | ​ | ​ | 3.53
Options outstanding as of March 31, 2026 | ​ | ​ | 4,005,156 | ​ | $ | 2.18 | ​ | $ | 3.29
​ As of March 31, 2026, unrecognized compensation costs associated with the stock options grants was $3.7 million and will be recognized over a period of 4.0 years. The assumptions that the Company used to determine the grant-date fair value of stock options granted during the three months ended March 31, 2026 and 2025 were as follows, presented on a weighted-average basis: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended March 31
​ | 2026 | ​ ​ ​ | 2025
Grant date fair value | $ | 1.38 | ​ | ​ | $ | 1.67 | ​
Volatility | ​ | 85 | % | ​ | ​ | 80 | %
Expected term (years) | ​ | 6.08 | ​ | ​ | ​ | 6.08 | ​
Risk-free interest rate | ​ | 4.04 | % | ​ | ​ | 4.09 | %
Expected dividend yield | ​ | — | ​ | ​ | ​ | — | ​
​ The assumptions that cause the greatest variation in fair value in the Black-Scholes model are the volatility and expected term of exercise. Increases or decreases in either the volatility or expected term of exercise will cause the Black-Scholes option value to increase or decrease, respectively. Each of these inputs is subjective and generally requires significant judgment to determine. ​ Restricted Stock Units ​ The following table summarizes the Company’s RSUs activity for the three months ended March 31, 2026: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average
​ | ​ | ​ | ​ | Grant Date Fair
​ | Numbers of Shares | ​ | Value per Share
Outstanding as of December 31, 2025 |  | 20,303 | ​ | $ | 4.19
Vested | ​ | (399) | ​ | ​ | 3.58
Canceled/forfeited | ​ | (116) | ​ | ​ | 3.58
Outstanding as of March 31, 2026 | ​ | 19,788 | ​ | $ | 4.20
Total unrecognized expense remaining | $ | 63,970 | ​ | ​ | ​
Years unrecognized expense expected to be recognized over | ​ | 1.0 | ​ | ​ | ​
​ Options and RSUs do not have voting rights and the underlying shares are not considered issued and outstanding. The total stock-based compensation expense for stock options and RSUs, granted to employees and non-employees, has been reported in the Company’s Condensed Consolidated Statements of Operations as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Research and development |  | $ | 258,533 |  | $ | 267,968
General and administrative |  | ​ | 144,976 |  | ​ | 151,536
Total stock-based compensation |  | $ | 403,509 |  | $ | 419,504
​

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- Definition The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 710 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482969/710-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent + Details
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