The Company currently grants equity-based awards under its 2020 Incentive Award Plan (“2020 Plan”) and its 2022 Employment Inducement Award Plan (“Inducement Award Plan”). The Company previously granted equity-based awards under its 2005 Equity Incentive Plan (“2005 Plan”) and 2016 Equity Incentive Plan (“2016 Plan” and together with the 2020 Plan, the Inducement Award Plan and the 2005 Plan, the “Plans”). The Company also maintains the 2020 Employee Stock Purchase Plan (the “ESPP”).

A summary of the restricted stock unit activity under the Plans for the nine months ended September 30, 2025 was as follows:


	Shares			Weighted- Average Grant Date Fair Value
Unvested restricted stock units outstanding as of December 31, 2024		42,865		$	132.09
Granted		62,020		$	9.86
Vested		(34,182	)	$	67.10
Forfeited		(11,821	)	$	210.07
Unvested restricted stock units outstanding as of September 30, 2025		58,882		$	25.41

A summary of the stock option activity under the Plans for the nine months ended September 30, 2025 was as follows:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024		126,255		$	283.02		7.5	$	—
Cancelled		(57,697	)	$	375.57
Outstanding at September 30, 2025		68,558		$	205.13		5.9	$	—

No stock options were granted during the three and nine months ended September 30, 2025, or during the three months ended September 30, 2024. The weighted-average fair value of options granted to employees, directors and non-employees during the nine months ended September 30, 2024 was $140.00.

Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025		2024
Research and development	$	247		$	214	$	760	$	627
General and administrative		(213	)		1,277		1,013		4,150
Total	$	34		$	1,491	$	1,773	$	4,777

For the three and nine months ended September 30, 2025 no stock-based compensation expense was recorded to liabilities. For the period ended September 30, 2024, $15,000 of the stock-based compensation expense was recorded to liabilities.

Unrecognized stock-based compensation related to stock-based options amounted to $2.1 million at September 30, 2025 and is expected to be recognized over a weighted average period of approximately 1.9 years. Unrecognized stock-based compensation related to restricted stock units amounted to $1.1 million at September 30, 2025 and is expected to be recognized over a weighted average period of approximately 1.5 years.

On February 14, 2025, options to purchase 33,886 shares of common stock at an average per share price of $463.84, previously granted under the 2020 Stock Option Plan were voluntarily forfeited by certain executives and returned to the pool of options available for grant under the 2020 Stock Option Plan for future issuance. No replacement options were granted to those executives. Included in the forfeited options were options to purchase 10,998 shares of common stock granted in March 2024 with performance-based vesting conditions.

As of September 30, 2025, there were 54,275 shares available for grant under the 2020 Plan and 36,901 shares available for grant under the Inducement Award Plan.

As of September 30, 2025, the Company issued 20 shares under the 2020 ESPP. In June 2024, the Company indefinitely suspended the offering of its 2020 ESPP. As of September 30, 2025, there are a total of 19,730 shares available for issuance under the 2020 ESPP.