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Stock-Based Compensation and Employee Stock Purchase Program (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Activity Under Stock Incentive Plans

The following is a summary of stock option information and weighted average exercise prices under the Company’s stock incentive plans:

 

 

 

Shares
Subject to
Outstanding
Options

 

 

Weighted-
Average
Exercise
Price Per
Share

 

 

Aggregate
Intrinsic
Value

 

Outstanding — Balance at December 31, 2024

 

 

205,475

 

 

$

21.00

 

 

$

516,378

 

Options granted

 

 

25,000

 

 

 

3.88

 

 

 

 

Options forfeited

 

 

(27,446

)

 

 

3.39

 

 

 

11,230

 

Options expired

 

 

(16,525

)

 

 

92.85

 

 

 

 

Outstanding — Balance at September 30, 2025

 

 

186,504

 

 

$

14.48

 

 

$

108,236

 

Vested and expected to vest — September 30, 2025

 

 

175,421

 

 

 

 

 

 

 

Exercisable — September 30, 2025

 

 

129,593

 

 

 

 

 

 

 

Weighted-Average Fair Value Assumption of Stock Option Awards

The fair value of stock option awards was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumption:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Expected term (years)

 

 

 

 

 

8.04

 

 

 

6.07

 

 

 

8.04

 

Expected volatility

 

 

 

 

 

101.31

 

 

 

104.27

%

 

 

101.31

 

Risk-free interest rate

 

 

 

 

 

3.77

%

 

 

4.10

%

 

 

3.77

%

Dividend yield