Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

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Share-Based Compensation Expense on All Employee and Non-Employee Awards

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 March 31,
(in thousands)	2026		2025
Research and development	$	3	$	2
General and administrative		138		66
Stock-based compensation expense	$	141	$	68

Fair Value of Stock Options Assumptions Using Black-Scholes Option Valuation Model

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 March 31,
		2025
Risk-free interest rate		4.05%
Expected life in years		6.06
Expected volatility		113.26%
Expected dividend yield		—%

Stock Option Activity under Stock Option Plan

Stock option activity under the Company’s stock option plans for the three months ended March 31, 2026 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, 2025		222,485		$	23.98		9.04	$	31
Cancelled		(1,837	)		85.50
Outstanding, March 31, 2026		220,646		$	23.80		8.86	$	19
Options exercisable, March 31, 2026		122,286		$	37.97		8.51	$	19
Options available for future grant, March 31, 2026		955,333