Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Text Block [Abstract]

Stock-Based Compensation

6.Stock-Based Compensation

The following table presents share-based compensation expense on all employee and non-employee awards included in the accompanying condensed statements of operations as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Research and development	$	168	$	2	$	169	$	15
General and administrative		133		78		384		339
Stock-based compensation expense	$	301	$	80	$	553	$	354

The grant date fair value of stock options was estimated on the date of grant using a Black-Scholes option valuation model with the following assumptions:

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2025	2024	2025	2024
Risk-free interest rate	3.86-4.13%	3.70%	4.05-4.15%	3.70 - 4.09%
Expected life in years	5.00-6.06	6.06	5.04-6.06	5.04-6.06
Expected volatility	119.26-127.03%	112.17%	113.26-127.03%	112.17 -170.50%
Expected dividend yield	—%	—%	—%	—%

2.

Stock option activity under the Company’s stock option plans for the nine months ended September 30, 2025 was as follows:

(in thousands, except share and per share data)	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding, December 31, 2024		33,237		$	153.79		7.15	$	—
Granted		196,580			4.33
Exercised		-			-
Cancelled		(4,265	)		71.68
Outstanding, September 30, 2025		225,550		$	25.08		8.26	$	12
Options exercisable, September 30, 2025		96,529		$	52.50		10.53	$	7
Options available for future grant, September 30, 2025		950,429

At September 30, 2025, total unrecognized compensation costs related to unvested stock options outstanding amounted to $492 and is expected to be recognized over a weighted-average period of 2.55 years.