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Note 13 - Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Share-based Compensation Expense Recognized for Share-based Compensation Arrangements Excluding Share-based Compensation Expense

The following table presents the share-based compensation expense recognized for all share-based compensation arrangements, excluding share-based compensation expense reported in Note 4, Discontinued Operations (in thousands):

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

Research and development expense

 

$

3,945

 

 

$

2,209

 

General and administrative expense

 

 

5,021

 

 

 

3,012

 

Total share-based compensation

 

$

8,966

 

 

$

5,221

 
Summary of Weighted Average Fair Value of Stock Option Awards Granted and Key Assumptions

The weighted-average fair value of stock option awards granted and the key assumptions used in the Black-Scholes valuation model to calculate the fair value are as follows:

 

 

Year Ended December 31,

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

Weighted-average fair value

 

 

 

 

$

2.81

 

 

 

 

 

 

 

 

$

9.11

 

 

 

 

Options issued

 

 

 

 

 

4,111,920

 

 

 

 

 

 

 

 

 

2,994,875

 

 

 

 

Exercise price

 

$

1.80

 

 

to

 

 

$

4.83

 

 

$

3.48

 

 

to

 

 

$

15.77

 

Expected term (in years)

 

5.3

 

 

to

 

 

 

6.1

 

 

5.5

 

 

to

 

 

 

7.0

 

Expected dividend yield

 

 

-

 

 

 

 

 

 

-

 

 

 

-

 

 

 

 

 

 

-

 

Risk-free rate

 

 

3.68

%

 

to

 

 

 

4.47

%

 

 

3.46

%

 

to

 

 

 

4.45

%

Expected volatility

 

 

102.04

%

 

to

 

 

 

107.34

%

 

 

97.37

%

 

to

 

 

 

106.12

%
Summary of Stock Option Activity

The summary of stock option activity for the year ended December 31, 2025 is as follows:

 

 

 

 

 

 

Weighted-Average

 

 

Weighted-Average

 

 

 

 

 

Number of

 

 

Exercise Price

 

 

Remaining Contractual

 

 

Aggregate Intrinsic

 

 

Options

 

 

per Share

 

 

Term (years)

 

 

Value

 

Balance at December 31, 2024

 

 

7,352,501

 

 

$

6.07

 

 

 

7.84

 

 

$

3,818,602

 

Granted1

 

 

4,111,920

 

 

 

2.81

 

 

 

 

 

 

 

Exercised

 

 

(141,297

)

 

 

2.62

 

 

 

 

 

 

 

Expired

 

 

(67,760

)

 

 

7.61

 

 

 

 

 

 

 

Forfeited

 

 

(732,577

)

 

 

4.76

 

 

 

 

 

 

 

Balance at December 31, 2025

 

 

10,522,787

 

 

$

4.92

 

 

 

7.79

 

 

$

3,264,955

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2025

 

 

5,439,089

 

 

$

4.41

 

 

 

6.66

 

 

$

2,571,335

 

 

1.
All options granted had exercise prices equal to the closing price of the Company’s common stock on the grant date. The options were granted to employees, consultants and members of the Board of Directors and have a term of 10 years and generally vest over a four-year period.

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

Total intrinsic value of options exercised

 

$

71,188

 

 

$

1,994,730