A summary of the Company’s stock option activity and related information is as follows:


	Options Outstanding
	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding - December 31, 2024		2,393,824		$	23.54		7.90	$	1
Granted		714,100			5.19
Exercised		—			—
Expired		(62,539	)		44.16
Forfeited		—			—
Options outstanding - March 31, 2025		3,045,385		$	18.81		8.30	$	—
Options exercisable - March 31, 2025		747,520		$	32.90		4.39	$	—

The aggregate intrinsic value is calculated as the difference between the exercise price and the estimated fair value of the Company’s common stock as of March 31, 2025.

The Company granted 8,449 performance-based shares, which are included in the table above, during the year ended December 31, 2023. There was no performance-based compensation expense for the three months ended March 31, 2025. The company recognized $21,000 in performance-based compensation expense for the three months ended March 31, 2024.

The Company estimates stock awards fair value on the date of grant using the Black-Scholes valuation, with the vesting being subject to service requirements. The Company accounts for forfeitures when they occur.

RSUs vest based on a service requirement and a liquidity event plus service requirement. The following table summarizes RSU activities during the three months ended March 31, 2025:



	Number of Shares			Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2024		213,254		$	22.88
Granted		6,049			4.30
Vested and released		(82,239	)		21.50
Forfeited		—			—
RSUs outstanding - March 31, 2025		137,064		$	22.89
Unvested balance as of March 31, 2025		137,064		$	22.89

During the three months ended March 31, 2025, 4,481 shares were used to settle grantee's tax withholding obligations for vesting of restricted stock units.

In addition to the RSUs in the table above, in connection with the Merger, the Company assumed 24,700 RSUs which were fully vested at the time of the Merger. The RSUs were releasable upon set timeframes after completion of the Merger. The 17,000 RSUs that were unreleased as of December 31, 2024 were released in January 2025.

In October 2024, the Board adopted the 2024 Employee Stock Purchase Plan (the “2024 ESPP”), which became effective immediately upon completion of the Merger. As of March 31, 2025, no shares have been issued under the 2024 ESPP.

The following table shows the allocation of share-based compensation expense related to the Company’s share-based awards (in thousands):


	Three Months Ended March 31,
	2025		2024
Research and development	$	1,317	$	37
General and administrative		1,428		70
Total	$	2,745	$	107