v3.25.1
Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of the Company's stock option activity

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

 

 

$

 

Summary of RSUs activities

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.

Summary of Non-cash stock-based compensation expense recorded

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