Annual report [Section 13 and 15(d), not S-K Item 405]

Stock-Based Compensation (Tables)

v3.26.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Option Activity Under 2011 Plan and 2020 Plan

The following is a summary of option activity under the 2011 Plan and the 2020 Plan:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Exercise
Price
Per Share

 

 

Weighted-
Average
Remaining
Contractual
Term
(In Years)

 

Outstanding at December 31, 2023

 

 

800,293

 

 

$

11.90

 

 

 

5.30

 

Granted

 

17,219,692

 

 

 

1.42

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(1,140,595

)

 

 

9.11

 

 

 

—

 

Cancelled

 

 

(12,737

)

 

 

12.15

 

 

 

—

 

Outstanding at December 31, 2024

 

 

16,866,653

 

 

 

1.41

 

 

 

9.48

 

Granted

 

 

30,100,872

 

 

 

2.34

 

 

 

—

 

Exercised

 

 

(1,085,565

)

*

 

1.26

 

 

 

—

 

Forfeited

 

 

(7,614,521

)

 

 

1.53

 

 

 

—

 

Cancelled

 

 

(63,319

)

 

 

1.65

 

 

 

—

 

Outstanding at December 31, 2025

 

 

38,204,120

 

 

 

2.12

 

 

 

8.97

 

Exercisable at December 31, 2025

 

10,616,660

 

 

 

1.62

 

 

 

8.52

 

 

*Includes non-cash exercise of 322,434 options.

Schedule of Estimated Assumptions of Weighted-Average Fair Values of Options Granted

The weighted-average fair values of options granted in the years ended December 31, 2025 and 2024 were $1.85 and $0.62, per share, respectively, and were calculated using the following estimated assumptions:

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

Weighted-average risk-free interest rate

 

 

4.16

%

 

 

4.11

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

Expected volatility

 

 

100.63

%

 

 

98.77

%

Expected terms

 

5.98 years

 

 

9.50 years

 

 
Summary of Stock-Based Compensation Expense for Stock Options Granted to Employees and Non-Employees

The following table summarizes the stock-based compensation expense for stock options granted to employees and non-employees:

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

Research and development

 

$

5,473,160

 

*

$

4,692,169

 

Selling, general and administrative

 

 

9,836,764

 

 

 

3,448,448

 

Total stock-based compensation expense

 

$

15,309,924

 

 

$

8,140,617

 

 

*Includes $2.5 million for year ended December 31, 2025 related to the restricted stock awards issued in connection with the acquisition of CorHepta.