XML 26 R16.htm IDEA: XBRL DOCUMENT
v3.26.1

Stock-based Compensation | 6 Months Ended
--- | ---
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | 8. STOCK-BASED COMPENSATION 2018 Equity Incentive Plan On May 7, 2018, the Company established and adopted the 2018 Equity Incentive Plan (the "2018 Plan") providing for the granting of stock awards for employees, directors and consultants to purchase shares of the Company’s common stock. Upon the effectiveness of the 2020 Plan (as defined below), the 2018 Plan was terminated and no further issuances were made under the 2018 Plan, although it continues to govern the terms of any equity grants that remain outstanding under the 2018 Plan. 2020 Equity Incentive Plan The 2020 Equity Incentive Plan (the "2020 Plan") was approved by the Company's Board of Directors and the Company’s stockholders and became effective on July 29, 2021. Upon the effectiveness of the 2023 Plan (as defined below), the 2020 Plan was terminated and no further issuances were made under the 2020 Plan, although it continues to govern the terms of any equity grants that remain outstanding under the 2020 Plan. Amended and Restated 2023 Equity Incentive Plan The Amended and Restated 2023 Equity Incentive Plan (the "2023 Plan") was approved by the Company's Board of Directors and the Company’s stockholders and became effective on June 15, 2023. Upon the effectiveness of the 2026 Plan (as defined below), the 2023 Plan was terminated and no further issuances were made under the 2023 Plan, although it continues to govern the terms of any equity grants that remain outstanding under the 2023 Plan. Amended and Restated 2026 Equity Incentive Plan The Amended and Restated 2026 Equity Incentive Plan (the "2026 Plan") was approved by the Company's Board of Directors and the Company’s stockholders and became effective on May 7, 2026. The Board of Directors, or a committee thereof, is authorized to administer the 2026 Plan. The 2026 Plan provides for the grant of Incentive Stock Options ("ISO") within the meaning of Section 422 of the Internal Revenue Code of 1986 as amended, to employees, and for the grant of non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to the Company’s employees, directors and consultants and any Company affiliates’ employees and consultants. The number of shares initially reserved for issuance under the 2026 Plan was 4,054,937, which automatically increases on January 1 of each year for a period of 10 years commencing on January 1, 2027 and ending on (and including) January 1, 2037, in an amount equal to 5% of the total number of shares of common stock, plus the total number of shares of common stock issuable upon settlement of pre-funded warrants (if any), in each case, outstanding on December 31 of the preceding year, or a lesser number of shares determined by the Board of Directors no later than the last day of the immediately preceding year. The maximum number of shares of common stock that may be issued upon the exercise of ISOs under the 2026 Plan is 20,000,000 shares. As of June 30, 2026, 2,474,975 shares were available for grant pursuant to the 2026 Plan. 2020 Employee Stock Purchase Plan The 2020 Employee Stock Purchase Plan (the "2020 ESPP") was approved by the Board of Directors and the Company’s stockholders and became effective on July 29, 2021. A total of 6,666 shares of common stock were initially reserved for issuance under this plan, which automatically increases on January 1 of each year by the lesser of (i) 1% of the outstanding number of shares of common stock on the immediately preceding December 31; and (ii) 13,333, or such lesser number of shares as determined by the Board of Directors. As of June 30, 2026, no shares of common stock had been issued under the ESPP and 26,260 shares remained available for future issuance under the ESPP. The Board of Directors or designated committee has not set an offering period and the Board of Directors elected not to increase the number of shares of common stock reserved for future issuance under the ESPP as of January 1, 2026. Stock Option Activity The following is a summary of the stock option award activity during the six months ended June 30, 2026:
|  | Number of Stock Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2025 |  |  | 502,027 |  |  | $ | 50.42 |  |  |  | 8.05 |  |  | $ | 41 |
Granted |  |  | 1,083,658 |  |  |  | 1.75 |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Forfeited |  |  | (5,723 | ) |  |  | 8.01 |  |  |  |  |  |  |
Outstanding at June 30, 2026 |  |  | 1,579,962 |  |  | $ | 17.19 |  |  |  | 8.85 |  |  | $ | — |
Exercisable at June 30, 2026 |  |  | 415,044 |  |  | $ | 56.48 |  |  |  | 6.72 |  |  | $ | — |
Options expected to vest as of June 30, 2026 |  |  | 1,164,918 |  |  | $ | 3.19 |  |  |  | 9.60 |  |  | $ | — |
The weighted-average grant date fair value of options granted during the six months ended June 30, 2026 and 2025 was $1.41 and $6.70, respectively. The aggregate intrinsic value is calculated as the difference between the exercise price and the market price of the Company’s common stock at June 30, 2026 and December 31, 2025. Stock-Based Compensation Expense For the six months ended June 30, 2026 and 2025, the Company utilized the Black-Scholes option-pricing model for estimating the fair value of the stock options. The following table presents the assumptions and the Company’s methodology for developing each of the assumptions used:
|  | June 30, 2026 |  | June 30, 2025
Volatility |  | 101.73% - 102.98% |  | 96.66% - 99.24%
Expected life (years) |  | 5.27 - 6.08 |  | 5.27 - 6.08
Risk-free interest rate |  | 3.83% - 4.07% |  | 4.00% - 4.24%
Dividend rate |  | — |  | —
• Volatility—The Company estimates the expected volatility of its common stock at the date of grant based on the historical volatility of comparable public companies over the expected term. • Expected life—The expected term represents the period that the Company’s stock option grants are expected to be outstanding. The expected term of the options granted to employees and non-employee directors by the Company has been determined utilizing the "simplified" method for awards that qualify as "plain-vanilla" options. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option. • Risk-free interest rate—The risk-free rate for periods within the estimated life of the stock award is based on the U.S. Treasury yield curve in effect at the time of grant. • Dividend rate—The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future. Stock-based compensation expense was recorded in the following line items in the condensed statements of operations for the three and six months ended June 30, 2026 and 2025 (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Research and development |  | $ | 131 |  |  | $ | 298 |  |  | $ | 298 |  |  | $ | 584 |
General and administrative |  |  | 221 |  |  |  | 657 |  |  |  | 455 |  |  |  | 1,202 |
Total stock-based compensation expense |  | $ | 352 |  |  | $ | 955 |  |  | $ | 753 |  |  | $ | 1,786 |
No related tax benefits from stock-based compensation expense were recognized for the three and six months ended June 30, 2026 and 2025. As of June 30, 2026, there was $2.7 million in unrecognized stock-based compensation expense, which is expected to be recognized over a weighted-average period of 2.27 years.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration