Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

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 June 30,					For the Six Months Ended June 30,
(in thousands)	2026		2025			2026		2025
Research and development	$	106	$	(1	)	$	142	$	1
General and administrative		140		185			246		251
Stock-based compensation expense	$	246	$	184		$	388	$	252

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 and Six Months Ended June,
	2025
Risk-free interest rate	4.15%	4.05-4.15%
Expected life in years	5.04	5.04-6.06
Expected volatility	125.11%	113.26-125.11%
Expected dividend yield	—%	—%

Stock option activity under the Company’s stock option plans for the six months ended June 30, 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, June 30, 2026		220,646		$	22.90		8.63	$	9
Options exercisable, June 30, 2026		127,468		$	36.62		8.37	$	3
Options available for future grant, June 30, 2026		601,774

At June 30, 2026, total unrecognized compensation costs related to unvested stock options outstanding amounted to $323 and is expected to be recognized over a weighted-average period of 2 years.