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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

The following table summarizes the stock option activity during the year ended December 31, 2025:

 

 

 

Options Outstanding

 

 

Weighted-average Exercise Price

 

 

Weighted-average Remaining Contractual
Term
(in years)

 

 

Weighted-average Grant Date Fair Value

 

 

Aggregate Intrinsic Value (in thousands)

 

Outstanding at December 31, 2024

 

 

571,308

 

 

$

50.09

 

 

 

5.7

 

 

 

 

 

$

 

Granted

 

 

130,963

 

 

$

6.95

 

 

 

 

 

$

5.14

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canceled/forfeited

 

 

(242,496

)

 

$

36.84

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

459,775

 

 

$

6.93

 

 

 

6.1

 

 

 

 

 

$

12

 

Exercisable at December 31, 2025

 

 

354,334

 

 

$

7.37

 

 

 

5.2

 

 

 

 

 

$

9

 

Vested or expected to vest at December 31, 2025

 

 

459,775

 

 

$

6.93

 

 

 

6.1

 

 

 

 

 

$

12

 

Summary of Fair Value of Option Grant Estimated Using Black-Scholes Option-Pricing Model

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:

 

 

Years Ended December 31,

 

2025

 

 

2024

Expected volatility

 

87-91

 

%

98-105

 

%

Risk-free interest rate

 

3.8-4.2

 

%

3.7-4.7

 

%

Expected option life (in years)

 

5.2-6.1

 

 

5.2-6.1

 

 

Expected dividend yield

 

 

 

%

 

 

%

Fair value per share of common stock

 

$5.44 - $9.76

 

 

$11.22-$25.40

 

 

Summary of Components of Stock-Based Compensation Expense Recognized

The following table summarizes the components of stock-based compensation expense recognized in the Company’s statement of operations and comprehensive loss (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

Research and development

 

$

1,162

 

 

$

3,152

 

General and administrative

 

 

1,620

 

 

 

4,255

 

Total

 

$

2,782

 

 

$

7,407

 

 

Summary of Restricted Stock Awards Activity

The following table summarizes the activity of the restricted stock units during the year ended December 31, 2025:

 

 

 

RSU Outstanding

 

 

Weighted-average Grant Date Fair Value

 

Outstanding at December 31, 2024

 

 

 

 

$

 

Granted

 

 

249,500

 

 

$

5.61

 

Vested

 

 

 

 

$

 

Canceled/forfeited

 

 

 

 

$

 

Outstanding at December 31, 2025

 

 

249,500

 

 

$

5.61