In April 2024, the Company’s board of directors adopted the 2024 Equity Incentive Plan (“2024 Plan”), which was subsequently approved by the Company’s stockholders and became effective on June 19, 2024. The 2024 Plan is the successor to the 2014 Plan. The 2014 Plan terminated on February 11, 2024 and no new grants may be made under the 2014 Plan after that date, although all outstanding awards granted under the 2014 Plan will continue to be subject to the terms and conditions as set forth in the agreements evidencing such awards and the terms of the 2014 Plan. As of March 31, 2026, there were 2,308,196 shares of common stock available for future issuance under the 2024 Plan.

As of March 31, 2026, there were 666,550 shares of common stock available for future issuance under the Company’s 2015 Inducement Award Plan (“2015 Plan”). During both the three months ended March 31, 2026 and 2025, there were options to purchase zero shares of the Company’s common stock granted under the 2015 Plan.

The activity for the Company’s 2024 Plan, 2014 Plan, and 2015 Plan, for the three months ended March 31, 2026, is summarized as follows:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value ($000)
Outstanding — December 31, 2025		3,549,612		$	4.67		6.49	$	—
Forfeited/Cancelled		(30,204	)	$	40.49
Outstanding — March 31, 2026		3,519,408		$	4.37		6.30	$	25
Exercisable — March 31, 2026		2,390,407		$	5.78		5.31	$	—
Vested or expected to vest — March 31, 2026		3,519,408		$	4.37		6.30	$	25

Restricted stock unit (“RSU”) activity under the 2024 Plan, 2014 Plan, and 2015 Plan for the three months ended March 31, 2026, is summarized as follows:


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2025		2,663,923		$	1.46
Granted		2,190,998		$	0.74
Vested		(1,122,322	)	$	1.56
Non-vested at March 31, 2026		3,732,599		$	1.00

The fair value of RSUs is based on the market price of the Company’s common stock on the date of grant. RSUs generally vest 33% annually over a three-year period from the date of grant. Upon vesting, the RSUs generally are net share settled to cover the required withholding tax with the remaining shares issued to the holder. The Company recognizes compensation expense for such awards ratably over the corresponding vesting period.

During the three months ended March 31, 2026 and 2025, the Company granted 820,999 and zero performance-based RSUs, respectively. The Company recognizes stock-based compensation expense for RSUs with performance conditions when it is probable that the conditions will be met and the award will vest. During the three months ended March 31, 2026 and 2025, there was zero stock-based compensation expense recognized for performance-based RSUs.

The stock-based compensation cost that has been charged against income for stock awards was $0.6 million and $0.8 million for the three months ended March 31, 2026 and 2025, respectively. The Company accounts for forfeitures as they occur, which may result in the reversal of stock-based compensation costs in subsequent periods as the forfeitures arise. Stock-based compensation expense related to stock awards is included in the following line items in the accompanying unaudited condensed consolidated statements of operations (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	95	$	215
Selling, general and administrative		485		604
Total stock-based compensation expense	$	580	$	819