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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Summary of Assumptions Used to Determine Fair Value of Options | The range of assumptions that the Company used to determine the grant date fair value of employee options granted were as follows:
|  | Nine Months Ended |
|  | September 30, 2025 |
Volatility |  |  | 107.6 | %
Expected term in years |  |  | 6.25 |
Dividend rate |  |  | 0 | %
Risk-free interest rate |  |  | 4.03 | %
Share price |  | $ | 0.98 |
Fair value of option on grant date |  | $ | 0.82 |
Summary of Stock Options Activity | The following table summarizes total share option activity for all Company plans:
|  | Equity Plans |  |  | Inducement Plan |  |  | Total |
Options outstanding December 31, 2024 |  |  | 836,887 |  |  |  | 4,833 |  |  |  | 841,720 |
Granted |  |  | — |  |  |  | 200,000 |  |  |  | 200,000 |
Exercised |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | (27,096 | ) |  |  | (826 | ) |  |  | (27,922 | )
Expired |  |  | (71,627 | ) |  |  | (1,507 | ) |  |  | (73,134 | )
Options outstanding September 30, 2025 |  |  | 738,164 |  |  |  | 202,500 |  |  |  | 940,664 |
The following table summarizes the number of options outstanding and the weighted-average exercise price as of September 30, 2025:
|  | Number of Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value (in thousands) |
Options outstanding December 31, 2024 |  |  | 841,720 |  |  | $ | 2.37 |  |  |  | 7.76 |  |  | $ | 549 |
Granted |  |  | 200,000 |  |  | $ | 0.98 |  |  |  | 9.76 |  |  | $ | — |
Exercised |  |  | — |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | (27,922 | ) |  | $ | 1.06 |  |  |  |  |  |  |
Expired |  |  | (73,134 | ) |  | $ | 6.01 |  |  |  |  |  |  |
Options outstanding September 30, 2025 |  |  | 940,664 |  |  | $ | 2.16 |  |  |  | 7.13 |  |  | $ | — |
Exercisable at September 30, 2025 |  |  | 634,828 |  |  | $ | 2.51 |  |  |  | 6.94 |  |  | $ | — |
Summary of Share-based Compensation Expense | The Company’s share-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development expense |  | $ | 15 |  |  | $ | 25 |  |  | $ | 50 |  |  | $ | 147 |
Selling, general and administrative expense |  |  | 38 |  |  |  | 43 |  |  |  | 120 |  |  |  | 127 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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