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Stock-Based Compensation Plans (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes stock option activity for the nine months ended September 30, 2026 and 2025, respectively, for the 2019 Plan and 2026 Inducement Plan:
OptionsWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (Years)		Aggregate
Intrinsic
Value
Outstanding as of January 1, 20262,572,850 $12.08 
Granted4,246,729 $11.99 
Exercised(38,015)$8.38 — $274,882 
Forfeited or expired(46,250)$27.18 
Outstanding as of September 30, 20266,735,314 $11.94 7.68$1,510,263 
Options exercisable as of September 30, 20262,507,269 $12.31 4.80$808,162 
OptionsWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term (Years)		Aggregate
Intrinsic
Value
Outstanding as of January 1, 20251,613,605 $15.20 
Granted993,710 $7.80 
Exercised— $— 
Forfeited or expired(34,465)$34.90 
Outstanding as of September 30, 20252,572,850 $12.10 8.56$1,058,962 
Options exercisable as of September 30, 2025810,583 $16.20 7.14$39,947 
Schedule of Valuation Assumptions Used
The following table summarizes the key assumptions used in estimating the fair value of the SARs at June 29, 2026, and December 31, 2025:


June 29, 2026December 31, 2025
Expected term (years)
0.09-2.71
1.00-2.40
Risk-free interest rate
4.02%-4.34%
3.64%-4.11%
Stock price volatility
85%-110%
65%-115%
Probability (1)
50%-50%
50%-50%
Dividend rate
—%
—%

(1) Scenario probability was based on timing expectations of the Company that a corporate transaction occurring was estimated at 50%; and a corporate transaction not occurring at 50%.
The following are the
underlying assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan:
Nine Months Ended September 30,
20262025
Risk-free interest rate4.27%4.14%
Expected dividend yield0%0%
Expected volatility109.2%116.0%
Expected term of options (years)5.665.91
The following table summarizes the key assumptions used in estimating the fair value of the SARs at June 29, 2026 which was the date the SARs were reclassified to equity and December 31, 2025:
June 29, 2026December 31, 2025
Expected term (years)
0.09-2.71
1.00-2.40
Risk-free interest rate
4.02%-4.34%
3.64%-4.11%
Stock price volatility
85%-110%
65%-115%
Probability (1)
50%-50%
50%-50%
Dividend rate
—%
—%

(1) Scenario probability was based on timing expectations of the Company that a corporate transaction occurring was estimated at 50%; and a corporate transaction not occurring at 50%.
Schedule of SARs Activity
The Company’s SARs activity is as follows:

SARs grantsSharesWeighted average exercise priceWeighted average remaining contractual term (years)Aggregate intrinsic value
Balance at January 1, 20261,623,007 $7.650
SARs granted— $—
SARs forfeited or expired(732,226)$7.650
SARs exercised(91,217)$7.650$752,764
Balance at September 30, 2026799,564 $7.6506.83$1,319,281
Exercisable at September 30, 2026518,781 $7.6506.63$855,989

SARs grantsSharesWeighted average exercise priceWeighted average remaining contractual term (years)Aggregate intrinsic value
Balance at January 1, 2025— $—
SARs granted3,499,837 $7.650
SARs forfeited or expired— $—
Balance at September 30, 20253,499,837 $7.6509.76$4,080,809
Exercisable at September 30, 2025— $——$—
Schedule of Stock-Based Compensation Expense for Stock Awards Recognized
Total stock-based compensation expense for all stock awards recognized in the accompanying unaudited condensed consolidated statements of operations is as follows:
Three Months
 Ended September 30,		Nine Months
 Ended September 30,
2026202520262025
Research and development$2,137,000 $1,539,000 $7,526,000 $3,131,000 
General and administrative11,771,000 2,075,000 17,630,000 4,424,000 
Total$13,908,000 $3,614,000 $25,156,000 $7,555,000