Stock-Based Compensation |
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| Stock-Based Compensation | Stock-Based Compensation 2022 Equity Incentive Plan On September 2, 2022, the Board of Directors and the stockholders of the Company adopted the 2022 Equity Incentive Plan (the “2022 Plan”), which provided for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards and other stock awards to employees, consultants, and non-employee directors of the Company. 2023 Equity Incentive Plan On October 17, 2023, the Company adopted the 2023 Equity Incentive Plan (the “2023 Plan”) which became effective upon completion of the Reverse Merger. The 2023 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, consultants, and non-employee directors of the Company. The terms of stock award agreements, including vesting requirements, are determined by the Company’s Board of Directors and are subject to the provisions of the 2023 Plan. The term of each stock option shall be no more than ten years from the date of grant. Following the effectiveness of the 2023 Plan, no further grants will be made under the 2022 Plan; however, any outstanding equity awards granted under the 2022 Plan will continue to be governed by the terms of the 2022 Plan. The 2023 Plan initially provided for the issuance of up to 2,033,677 shares of common stock (the “Initial 2023 Plan Share Reserve”). Subject to any other adjustments as defined in the 2023 Plan, such aggregate number of shares of common stock will automatically increase on January 1st of each year for a period of ten years commencing on January 1, 2024 and ending on (and including) January 1, 2033, in an amount equal to 5% of the total number of shares of common stock issued and outstanding determined as of the day prior to such increase (such increase, the “2023 Plan Evergreen Refresh”); provided, however, that the Board of Directors may act prior to January 1st of a given year to provide that the increase for such year will be a lesser number of shares of common stock. The aggregate maximum number of shares of common stock that may be issued pursuant to the exercise of incentive stock options is three multiplied by the Initial 2023 Plan Share Reserve. Under the aforementioned 2023 Plan Evergreen Refresh, 1,280,890 and 1,016,878 shares were added to the Initial 2023 Plan Share Reserve effective January 1, 2025 and January 1, 2024, respectively. As of March 31, 2025, there were 1,770,208 shares available for issuance under the 2023 Plan. 2023 Employee Stock Purchase Plan On October 17, 2023, the Company adopted the 2023 Employee Stock Purchase Plan (the “2023 ESPP”), which became effective upon completion of the Reverse Merger. The maximum number of shares of common stock that may be issued under the 2023 ESPP will not exceed 203,367 shares (the “Initial ESPP Share Reserve”), plus the number of shares of common stock that are automatically added on January 1st of each year for a period of up to ten years commencing on January 1, 2024 and ending on (and including) January 1, 2033, in an amount equal to the lesser of (x) 1% of the total number of shares of common stock issued and outstanding determined as of the day prior to such increase and (y) a number of shares equal to three times the Initial ESPP Share Reserve (such increase, the “ESPP Evergreen Refresh”). Notwithstanding the foregoing, the Board of Directors may act prior to the first day of any calendar year to provide that there will be no January 1st increase in the share reserve for such calendar year or that the increase in the share reserve for such calendar year will be a lesser number of shares of common stock than would otherwise occur pursuant to the preceding sentence. Under the aforementioned ESPP Evergreen Refresh, 256,178 and 203,375 shares were added to the Initial ESPP Share Reserve effective January 1, 2025 and January 1, 2024, respectively, such that 662,920 shares of common stock may be issued under the 2023 ESPP as of March 31, 2025. No offering periods under the 2023 ESPP had been initiated as of March 31, 2025. Stock-based Compensation Expense Total stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025 and 2024 was as follows (in thousands):
Stock Option Activity The fair value of stock options granted during the three months ended March 31, 2025 and 2024 was calculated on the date of grant using the following assumptions:
The weighted-average fair value of the Company’s common stock utilized in the valuation of stock options granted during the three months ended March 31, 2025 and 2024 was $16.60 and $30.48 per share, respectively. Using the Black-Scholes option pricing model, the weighted-average grant date fair value of stock options granted during the three months ended March 31, 2025 and 2024 was $12.00 and $22.57 per share, respectively. The following table summarizes changes in stock option activity during the three months ended March 31, 2025:
The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2025 was $0.6 million. No stock options were exercised during the three months ended March 31, 2024. As of March 31, 2025, the total unrecognized stock-based compensation expense related to unvested stock options was $26.1 million, which the Company expects to recognize over a weighted-average period of approximately 2.9 years. Early Exercise of Stock Options The 2022 Plan and certain stock options issued under the 2022 Plan were amended in February 2023 to permit the stock option holder to early exercise at any time between the grant date and the vesting date. The amendment did not result in any incremental stock-based compensation expense. During the year ended December 31, 2023, certain employees, advisors and non-employee directors early exercised 647,386 stock options. In the event of the termination of an employee, advisor or non-employee director’s Continued Service (as defined in the 2022 Plan), the Company can repurchase common stock issued pursuant to early exercised and unvested stock options for a period of six months following the later of (i) the termination date of the employee or non-employee director or (ii) the exercise date. The Company received $0.1 million in cash proceeds related to the early exercise of stock options during the year ended December 31, 2023. As a result of this repurchase right, the Company initially recorded the proceeds received from the early exercise of stock options as a liability in the condensed consolidated balance sheets. Amounts are reclassified to additional paid-in capital when the underlying stock options vest and the Company’s right of repurchase lapses. The aggregate liability associated with the early exercise of stock options was less than $0.1 million as of March 31, 2025. As of March 31, 2025, 126,509 early exercised stock options remain unvested. The shares of common stock subject to repurchase related to early exercised stock options are legally outstanding, as each holder is deemed to be a common stockholder that has dividend and voting rights during the vesting term. During the three months ended March 31, 2025, upon the termination of service of an employee, the Company repurchased 2,600 shares of common stock subject to a repurchase right arising from unvested early exercised stock options. These shares were repurchased at the original exercise price. Restricted Stock Unit Activity The following table summarizes changes in restricted stock unit activity during the three months ended March 31, 2025:
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