Stockholders’ Equity |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| Stockholders’ Equity |
6. Stockholders’ Equity
As of June 30, 2026, shares of the shares of the common stock grant, which includes an additional grant of shares issued during the vesting period due to rounding up of fractional shares, had vested at approximately $ value and shares remain unvested and unrecognized at approximately $ value. There were shares vested during the six months ended June 30, 2026 and 2025.
On January 23, 2022, November 30, 2022, November 17, 2023, March 12, 2024, March 2, 2025, and December 27, 2025, the board of directors sequentially extended the lock-up of the shares owned by the Company’s directors, officers, and existing pre-IPO investors to September 30, 2026 (approximately 72 months from date of the Company’s IPO). During this period, current officers, directors and certain shareholders will not be able to sell their shares of the Company’s common stock unless otherwise modified by the board of directors. After September 30, 2026, leak-out provisions will become effective unless otherwise modified by the board of directors.
Between January 1, 2026 and June 30, 2026, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H. C. Wainwright, in which it issued and sold a total of shares of its common stock at an average offering price of $ per share for gross proceeds of $9,629,468 and net proceeds of $9,340,576, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totalled $288,892.
Between January 1, 2025 and June 30, 2025, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H. C. Wainwright, in which it issued and sold a total of shares of its common stock at an average offering price of $ per share for gross proceeds of $3,185,661 and net proceeds of $3,100,668, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $84,993.
Options
On June 22, 2022, prior to the close of the Nasdaq market, shares of common stock were granted to employees, consultants, and directors issuable upon exercise of outstanding stock options under the Company’s 2019 Equity Incentive Plan at an exercise price of $ per share, which was the most recent prior closing share price on June 21, 2022. The options had a fair value on the grant date of $, based on a risk-free rate of % and an annualized volatility of %. As of June 30, 2026, $ was expensed. As of June 30, 2025, $ was expensed. Vesting will be based on time of service over a four year period and certain additional performance milestones for senior management, primarily related to the Phase III clinical trial.
On December 24, 2024, prior to the close of the Nasdaq market, shares of common stock were granted to employees, consultants, and directors issuable upon exercise of outstanding stock options under the Company’s Amended 2024 Equity Incentive Plan at an exercise price of $ per share, which was the most recent prior closing share price on December 23, 2024. The options had a fair value on the grant date of $, based on a risk-free rate of % and an annualized volatility of %. As of June 30, 2026, $ was expensed and $ may be expensed in the future if and as vesting occurs. As of June 30, 2025, $ was expensed. Vesting will be based on time of service over a three year period with certain additional retention milestones for senior management.
On November 13, 2025, after the close of the Nasdaq market, shares of common stock were granted and vested to management issuable upon exercise of outstanding stock options under the Company’s Amended 2024 Equity Incentive Plan at an exercise price of $ per share, which was the closing share price on November 13, 2025. The options had a fair value on the grant date of $, based on a risk-free rate of % and an annualized volatility of %, of which $ was expensed through December 31, 2025.
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