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Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Fair Values of Stock Options Granted Using Black-Scholes Option-Pricing Model

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%

 

Schedule of Share-Based Compensation Expense

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

 

Schedule of Option Activity for Share-Based Payment Arrangement

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