Equity based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

(9) Equity-based Compensation

On January 1, 2025, the number of shares of common stock available for issuance under the 2015 Equity Incentive Award Plan (the 2015 Plan) and the 2015 Employee Stock Purchase Plan (ESPP) was increased by 584,805 shares and 116,961 shares, respectively, due to the annual evergreen provision to increase shares available under the 2015 Plan and the ESPP. As of September 30, 2025, there were an aggregate of 1,384,632 shares available for future grant under the 2017 Stock Incentive Plan (the 2017 Plan) and the 2015 Plan, and 303,956 shares available for future grant under the ESPP.

The following table summarizes equity‑based compensation expense within the Company’s interim unaudited consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Research and development	$	—	$	—	$	—	$	232
General and administrative		33		102		87		466
Restructuring charges: expense acceleration		—		—		—		2,123
	$	33	$	102	$	87	$	2,821

The following table summarizes equity‑based compensation expense by type of award for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Stock options	$	9	$	69	$	32	$	1,851
Restricted stock awards		24		33		55		992
ESPP		—		—		—		(22	)
	$	33	$	102	$	87	$	2,821

During the nine months ended September 30, 2025, the Company did not grant any stock options. As of September 30, 2025, there was $0.03 million of unrecognized share-based compensation related to unvested stock option grants which is expected to be recognized over a weighted average period of 1.06 years. The total unrecognized share-based compensation cost will be adjusted for actual forfeitures as they occur.

During the nine months ended September 30, 2025, the Company granted 30,000 restricted stock awards with a weighted average grant date fair value of $1.12. As of September 30, 2025, there was approximately $0.03 million of unrecognized share-based compensation related to restricted stock awards granted, which is expected to be recognized over a weighted average period of 0.4 years. The total unrecognized share-based compensation cost will be adjusted for actual forfeitures as they occur.

For a full description of the Company’s equity plans, refer to Note 10, Equity-based Compensation and Equity Incentive Plans in the audited financial statements included in the 2024 Annual Report.