Stock Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

NOTE 14: STOCK BASED COMPENSATION

On May 15, 2020, the stockholders of the Company approved the 2020 Stock Incentive Plan (the 2020 Plan) to provide for the grants of equity-based awards to employees, officers, non-employee directors and other key persons providing services to the Company. No awards may be granted under the 2020 Plan after June 27, 2034. An aggregate of 2,000,000 shares of common stock is reserved for issuance in connection with awards granted under the 2020 Plan. As of December 31, 2025, 679,462 shares were available for future grants under the 2020 Plan.

The Company granted 344,548 and 313,419 options to purchase shares of common stock to employees and directors during the years ended December 31, 2025 and 2024, respectively. The weighted average grant date fair value of options granted during the years ended December 31, 2025 and 2024 was $14.72 and $13.20, respectively. No options were exercised during the year ended December 31, 2025. There were 22,933 options exercised during the year ended December 31, 2024.

The fair values of stock options granted were calculated using the Black-Scholes option-pricing model applying the following assumptions:

	Year Ended December 31,
	2025		2024
Risk-free interest rate	4.03% - 4.11%		4.01% - 4.24%
Expected term (in years)	5.18 - 6.09		5.31 - 6.11
Dividend yield		—		—
Expected volatility	89% - 105%		97% - 120%

The Company recognized stock-based compensation expense in the Consolidated Statements of Operations as follows (in thousands):

	Year Ended December 31,
	2025		2024
General and administrative	$	2,081	$	1,647
Research and development		565		645
Total stock-based compensation expense	$	2,646	$	2,292

The following table shows a summary of all stock option activity for the year ended December 31, 2025:

	Number of Underlying Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Contractual Life Remaining in Years		Aggregate Intrinsic Value
Outstanding as of January 1, 2025		1,379,437		$	24.06
Granted		344,548			14.72
Forfeited		(158,484	)		18.64
Exercised		—
Expired		(229	)		4,710.97
Outstanding as of December 31, 2025		1,565,272		$	21.86		5.85	$	120
Exercisable as of December 31, 2025		1,326,076		$	23.12		5.22	$	83
Vested and expected to vest		1,565,272					5.85	$	120

As of December 31, 2025, there were 239,196 unvested options outstanding, and the related unrecognized total compensation cost associated with these options was $2.2 million. This expense is expected to be recognized over a weighted-average period of 1.74 years.