Quarterly report [Sections 13 or 15(d)]

Stock-Based Compensation (Tables)

v3.26.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Option Activity Under 2020 Plan, 2011 Plan and Inducement Plan

The activity for the Company's 2020 Plan, 2011 Plan and Inducement Plan for the nine months ended September 30, 2026, is summarized as follows:

 

 

Number of
Shares

 

 

Weighted-
Average
Exercise
Price
Per Share

 

 

Weighted-
Average
Remaining
Contractual
Term
(In Years)

 

 

Aggregate Intrinsic Value
(in millions)

 

Outstanding at December 31, 2025

 

38,204,120

 

 

 

2.12

 

 

 

8.97

 

 

$

7.7

 

Granted

 

13,667,142

 

 

 

1.99

 

 

 

—

 

 

 

—

 

Exercised

 

525,497

 

 

 

1.26

 

 

 

—

 

 

 

—

 

Forfeited

 

37,152

 

 

 

1.75

 

 

 

—

 

 

 

—

 

Cancelled

 

70,253

 

 

 

1.33

 

 

 

—

 

 

 

—

 

Outstanding at September 30, 2026

 

 

51,238,360

 

 

$

2.10

 

 

8.54

 

 

$

8.2

 

Exercisable

 

18,231,752

 

 

 

1.85

 

 

8.13

 

 

$

5.9

 

Vested or expected to vest

 

51,238,360

 

 

 

2.10

 

 

8.54

 

 

$

8.2

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

The weighted-average fair values of options granted during the nine months ended September 30, 2026 and 2025 were $1.59 and $1.75 per share, respectively, and were calculated using the following estimated assumptions:



 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

Weighted-average risk free interest rate

 

 

3.88

 

 

 

4.16

 

Expected dividend yield

 

 

0.00

 

 

 

0.00

 

Weighted-average expected volatility

 

 

98.60

 

 

 

100.67

 

Weighted-average expected term (years)

 

 

6.00

 

 

 

5.97

 
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:

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development*

 

$

1,536,600

 

 

$

1,672,560

 

 

$

4,812,405

 

 

$

3,781,582

 

Selling, general and administrative

 

 

3,991,208

 

 

 

2,852,646

 

 

 

11,621,179

 

 

 

6,994,562

 

Total stock-based compensation expense

 

$

5,527,808

 

 

$

4,525,206

 

 

$

16,433,584

 

 

$

10,776,144