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Pay vs Performance Disclosure - USD ($)

12 Months Ended

Aug. 13, 2024

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

The following table sets forth compensation information for our chief executive officer, referred to below as our PEO, and our other named executive officers, or NEOs, for purposes of comparing their compensation to the value of our shareholders’ investments and our net income (loss), calculated in accordance with SEC regulations, for fiscal years 2025, 2024, and 2023:


Year			Summary Compensation Table (“SCT”) Total for PEO⁽¹⁾⁽²⁾			Compensation Actually Paid (“CAP”) to PEO⁽¹⁾⁽³⁾			Average SCT Total for Non-PEO Named Executive Officers (“NEOs”)⁽²⁾⁽⁴⁾			Average CAP to Non-PEO NEOs⁽³⁾⁽⁴⁾			Value of Initial Fixed $100 Investment Based on: Total Shareholder Return (“TSR”)			Net Loss (in thousands)
2025			$1,665,191			$958,175			$898,197			$662,535			$14.37			$(77,742)
2024			$4,760,281			$2,166,091			$1,654,265			$1,011,546			$6.54			$(58,897)
2023			$2,209,795			$513,651			$1,178,729			$399,137			$13.42			$(68,960)

(1)	For each year shown, the PEO was David H. Mack, Ph.D., our President and Chief Executive Officer. Please see the section titled “Executive Compensation—Summary Compensation Table” for additional information.

(2)	Amounts in this column represent the “Total” column set forth in the SCT. Please see the footnotes to the SCT for further detail regarding the amounts in these columns.

(3)

The dollar amounts reported in these columns represent the amounts of “compensation actually paid.” The amounts are computed in accordance with Item 402(v) of Regulation S-K by deducting and adding the amounts in the following reconciliation tables from the “Total” column of the SCT (pursuant to SEC rules, fair value at each measurement date is computed in a manner consistent with the fair value methodology used to account for share-based payments in our financial statements under GAAP).

(4)	Non-PEO NEOs reflect the average SCT total compensation and average CAP for the following executives by fiscal year:

2025: Deepika Jalota, Pharm.D. and Robert Ticktin

2024: Deepika Jalota, Pharm.D. and Michael Carulli

2023: Winston Kung and Deepika Jalota, Pharm.D.


PEO SCT Total to CAP Reconciliation			2025			2024			2023
SCT Total Compensation			$1,665,191			$4,760,281			$2,209,795
SCT Option and Stock Awards⁽¹⁾			(752,320)			(3,817,215)			(1,328,712)
Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year			538,690			757,593			520,378
Change in Fair Value of Existing Unvested Equity Awards⁽²⁾			(400,191)			308,858			(714,199)
Change in Fair Value of Vested Equity Awards			(217,769)			(5,425)			(330,487)
Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year			124,574			161,999			156,876
Compensation Actually Paid to PEO			$958,175			$2,166,091			$513,651

(1)	Represents the grant fair value of the equity awards to our PEO, as reported in the SCT.

(2)

In August 2024, in connection with the Company offering of a one-time voluntary stock option exchange to its employees, stock options held by our CEO and Non-CEO NEOs were exchanged for new stock options with an exercise price equal to $1.48 per share and a new vesting schedule (“Option Exchange”), with all other terms remaining the same. As there had been no exercises of any of the previous stock options as of the date of the Option Exchange, both vested and unvested options were exchanged 1-for-1 for the new unvested stock options which had a vesting commencement date in September 2024. For purposes of calculating compensation actually paid, shown in the table above, the incremental change in fair value recognized related to the Option Exchange is reflected in this row.


NEOs SCT Total to CAP Reconciliation			2025			2024			2023
SCT Total Compensation			$898,197			$1,654,265			$1,178,729
SCT Option Awards⁽¹⁾			(265,663)			(1,068,682)			(553,630)
Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year			190,225			345,034			153,264
Change in Fair Value of Existing Unvested Equity Awards⁽²⁾			(130,610)			41,003			(294,421)
Change in Fair Value of Vested Equity Awards			(73,604)			(27,022)			(150,170)
Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year			43,990			66,948			65,365
Compensation Actually Paid to NEOs			$662,535			$1,011,546			$399,137

(1)	Represents the grant fair value of the equity awards to our NEOs, as reported in the SCT.

(2)

In August 2024, in connection with the Company offering of a one-time voluntary stock option exchange to its employees, stock options held by our CEO and Non-CEO NEOs were exchanged for new stock options with an exercise price equal to $1.48 per share and a new vesting schedule (“Option Exchange”), with all other terms remaining the same. The incremental change in fair value related to the Option Exchange is reflected within this row.

Named Executive Officers, Footnote

(1)	For each year shown, the PEO was David H. Mack, Ph.D., our President and Chief Executive Officer. Please see the section titled “Executive Compensation—Summary Compensation Table” for additional information.

(4)	Non-PEO NEOs reflect the average SCT total compensation and average CAP for the following executives by fiscal year:

2025: Deepika Jalota, Pharm.D. and Robert Ticktin

2024: Deepika Jalota, Pharm.D. and Michael Carulli

2023: Winston Kung and Deepika Jalota, Pharm.D.

PEO Total Compensation Amount

$ 1,665,191

$ 4,760,281

$ 2,209,795

PEO Actually Paid Compensation Amount

$ 958,175

2,166,091

513,651

Adjustment To PEO Compensation, Footnote

(3)

The dollar amounts reported in these columns represent the amounts of “compensation actually paid.” The amounts are computed in accordance with Item 402(v) of Regulation S-K by deducting and adding the amounts in the following reconciliation tables from the “Total” column of the SCT (pursuant to SEC rules, fair value at each measurement date is computed in a manner consistent with the fair value methodology used to account for share-based payments in our financial statements under GAAP).


PEO SCT Total to CAP Reconciliation			2025			2024			2023
SCT Total Compensation			$1,665,191			$4,760,281			$2,209,795
SCT Option and Stock Awards⁽¹⁾			(752,320)			(3,817,215)			(1,328,712)
Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year			538,690			757,593			520,378
Change in Fair Value of Existing Unvested Equity Awards⁽²⁾			(400,191)			308,858			(714,199)
Change in Fair Value of Vested Equity Awards			(217,769)			(5,425)			(330,487)
Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year			124,574			161,999			156,876
Compensation Actually Paid to PEO			$958,175			$2,166,091			$513,651

(1)	Represents the grant fair value of the equity awards to our PEO, as reported in the SCT.

(2)

In August 2024, in connection with the Company offering of a one-time voluntary stock option exchange to its employees, stock options held by our CEO and Non-CEO NEOs were exchanged for new stock options with an exercise price equal to $1.48 per share and a new vesting schedule (“Option Exchange”), with all other terms remaining the same. As there had been no exercises of any of the previous stock options as of the date of the Option Exchange, both vested and unvested options were exchanged 1-for-1 for the new unvested stock options which had a vesting commencement date in September 2024. For purposes of calculating compensation actually paid, shown in the table above, the incremental change in fair value recognized related to the Option Exchange is reflected in this row.

Non-PEO NEO Average Total Compensation Amount

$ 898,197

1,654,265

1,178,729

Non-PEO NEO Average Compensation Actually Paid Amount

$ 662,535

1,011,546

399,137

Adjustment to Non-PEO NEO Compensation Footnote

(3)

The dollar amounts reported in these columns represent the amounts of “compensation actually paid.” The amounts are computed in accordance with Item 402(v) of Regulation S-K by deducting and adding the amounts in the following reconciliation tables from the “Total” column of the SCT (pursuant to SEC rules, fair value at each measurement date is computed in a manner consistent with the fair value methodology used to account for share-based payments in our financial statements under GAAP).


NEOs SCT Total to CAP Reconciliation			2025			2024			2023
SCT Total Compensation			$898,197			$1,654,265			$1,178,729
SCT Option Awards⁽¹⁾			(265,663)			(1,068,682)			(553,630)
Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year			190,225			345,034			153,264
Change in Fair Value of Existing Unvested Equity Awards⁽²⁾			(130,610)			41,003			(294,421)
Change in Fair Value of Vested Equity Awards			(73,604)			(27,022)			(150,170)
Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year			43,990			66,948			65,365
Compensation Actually Paid to NEOs			$662,535			$1,011,546			$399,137

(1)	Represents the grant fair value of the equity awards to our NEOs, as reported in the SCT.

(2)

In August 2024, in connection with the Company offering of a one-time voluntary stock option exchange to its employees, stock options held by our CEO and Non-CEO NEOs were exchanged for new stock options with an exercise price equal to $1.48 per share and a new vesting schedule (“Option Exchange”), with all other terms remaining the same. The incremental change in fair value related to the Option Exchange is reflected within this row.

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Total Shareholder Return Amount

$ 14.37

6.54

13.42

Net Income (Loss)

$ (77,742,000)

$ (58,897,000)

$ (68,960,000)

David H. Mack, Ph.D.

David H. Mack, Ph.D.

David H. Mack, Ph.D.

Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price

$ 1.48

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period

0

Exchange ratio of stock options for each new stock option

1-for-1

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (752,320)

$ (3,817,215)

$ (1,328,712)

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

538,690

757,593

520,378

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(400,191)

308,858

(714,199)

PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

124,574

161,999

156,876

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(217,769)

(5,425)

(330,487)

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(265,663)

(1,068,682)

(553,630)

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

190,225

345,034

153,264

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(130,610)

41,003

(294,421)

Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

43,990

66,948

65,365

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (73,604)

$ (27,022)

$ (150,170)