Stock Option Plan

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

The Company adopted the 2020 Equity Incentive Plan, or the 2020 Plan, in June 2020. As of December 31, 2025, there were 222,485 shares reserved for issuance and 953,496 shares available for future grant. The Company reserved 1,140,000 shares for issuance plus a carryover of 7,109 shares from the 2012 Plan for a total of 1,147,109 shares. In addition, returning shares from the 2012 Plan are available for issuance under the 2020 Plan.

Stock options generally vest ratably in either quarterly or annual installments over three or four years, commencing on the first anniversary of the grant date and have contractual terms of ten years. Stock options to directors generally vest ratably over one or two years and have contractual terms of ten years. Stock options are valued using the Black-Scholes option pricing model and compensation is recognized based on such fair value over the period of vesting on a straight-line basis.

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


	For the years ended December 31,
(in thousands)	2025		2024
Research and development	$	210	$	17
General and administrative		586		418
Stock-based compensation expense	$	796	$	435

Stock option activity under the Company's stock options plans for the years ending December 31, 2025 and 2024 were 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		(7,332	)		176.07
Outstanding, December 31, 2025		222,485		$	23.98		9.04	$	31
Options exercisable, December 31, 2025		96,435		$	49.11		8.54	$	31
Options available for future grant, December 31, 2025		953,496

On December 31, 2025, total unrecognized compensation costs related to non-vested stock options outstanding amounted to $0.4 million, which is expected to be recognized over a weighted-average period of 1.75 years.

The assumptions for volatility, expected life, dividend yield and risk-free interest rate are presented in the table below:


	For the years ended December 31,
	2025	2024
Risk-free interest rate	4.05-4.15%	3.70 - 4.09%
Expected life in years	5.04-6.06	5.04-6.06
Expected volatility	113.26-127.03%	112.17 -170.50%
Expected dividend yield	—%	—%