Quarterly report [Sections 13 or 15(d)]

Share-Based Compensation (Tables)

v3.25.3
Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2025
Summary of Assumptions Used to Determine Fair Value of Options

The range of assumptions that the Company used to determine the grant date fair value of employee options granted were as follows:

 

 

Nine Months Ended

 

 

 

September 30, 2025

 

Volatility

 

 

107.6

%

Expected term in years

 

 

6.25

 

Dividend rate

 

 

0

%

Risk-free interest rate

 

 

4.03

%

Share price

 

$

0.98

 

Fair value of option on grant date

 

$

0.82

 

 
Summary of Stock Options Activity

The following table summarizes total share option activity for all Company plans:

 

 

Equity Plans

 

 

Inducement Plan

 

 

Total

 

Options outstanding December 31, 2024

 

 

836,887

 

 

 

4,833

 

 

 

841,720

 

Granted

 

 

—

 

 

 

200,000

 

 

 

200,000

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(27,096

)

 

 

(826

)

 

 

(27,922

)

Expired

 

 

(71,627

)

 

 

(1,507

)

 

 

(73,134

)

Options outstanding September 30, 2025

 

 

738,164

 

 

 

202,500

 

 

 

940,664

 

The following table summarizes the number of options outstanding and the weighted-average exercise price as of September 30, 2025:

 

 

Number of
Shares

 

 

Weighted
Average Exercise
Price

 

 

Weighted
Average
Remaining
Contractual Life
in Years

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Options outstanding December 31, 2024

 

 

841,720

 

 

$

2.37

 

 

 

7.76

 

 

$

549

 

Granted

 

 

200,000

 

 

$

0.98

 

 

 

9.76

 

 

$

—

 

Exercised

 

 

—

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(27,922

)

 

$

1.06

 

 

 

 

 

 

 

Expired

 

 

(73,134

)

 

$

6.01

 

 

 

 

 

 

 

Options outstanding September 30, 2025

 

 

940,664

 

 

$

2.16

 

 

 

7.13

 

 

$

—

 

Exercisable at September 30, 2025

 

 

634,828

 

 

$

2.51

 

 

 

6.94

 

 

$

—

 
Summary of Share-based Compensation Expense

The Company’s share-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development expense

 

$

15

 

 

$

25

 

 

$

50

 

 

$

147

 

Selling, general and administrative expense

 

 

38

 

 

 

43

 

 

 

120

 

 

 

127