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Note 8 - Share-based Compensation
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

(8)

Share-Based Compensation

 

The share-based compensation expense is recorded in research and development, and selling, general and administrative expenses based on the employee's or non-employee’s respective function. No share-based compensation was capitalized during the periods presented. Share-based compensation expense for the three and nine months ended September 30, 2025 and 2024 was recorded as follows (in thousands):

 

   

Three months ended

   

Nine months ended

  
   

September 30,

    

September 30,

  
   

2025

    

2024

    

2025

    

2024

  

Research and development

   $ 42     $ 98     $ 192     $ 315  

Selling, general and administrative

     35       79       153       250  

Total share-based compensation

   $ 77     $ 177     $ 345     $ 565  

 

The following table summarizes the activity of stock options and related information:

 

   

Number of

shares

    

Weighted

average

exercise price

    

Weighted

average

remaining

contractual

term (years)

    

Aggregate

intrinsic value
(in thousands)

  
                                 

Balance, December 31, 2024

     168,184     $ 47.97       6.6     $ —  

Stock options forfeited

     (3,284 )     38.15                  

Balance, September 30, 2025

     164,900     $ 48.17       5.8     $ —  

Exercisable, September 30, 2025

     134,909     $ 55.74       5.2     $ —  

 

Unrecognized share-based compensation for employee and nonemployee options granted through September 30, 2025 is $339,000 to be recognized over a remaining weighted average service period of 1.5 years.

 

Share-Based Compensation (RSUs)

 

The following summarizes the activity of non-vested RSUs:

 

           

Weighted

  
           

average

  
           

grant date

  
   

Number of

    

fair value

  
   

shares

    

per share

  

Balance, December 31, 2024

     —     $ n/a  

RSUs granted

     1,000       2.09  

RSUs released

     (1,000 )     2.09  

Balance, September 30, 2025

     —     $ n/a  

 

RSUs vested and settled are converted into our common stock on a one-for-one basis. RSUs are generally subject to forfeiture if employment terminates prior to the release of vesting restrictions. The related compensation expense, which is based on the grant date fair value of our common stock multiplied by the number of units granted, is recognized ratably over the period during which the vesting restrictions lapse. Unrecognized share-based compensation for employee and nonemployee RSUs granted through September 30, 2025 was $0.