v3.25.1
Stock-Based Compensation Expense (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock Unit Activity

A summary of the restricted stock unit activity under the Plans for the three months ended March 31, 2025 was as follows:

 

 

Shares

 

 

Weighted-
Average
Grant Date Fair Value

 

Restricted stock units outstanding as of December 31, 2024

 

 

2,143,802

 

 

$

2.65

 

Granted

 

 

2,973,000

 

 

$

0.20

 

Vested

 

 

(365,121

)

 

$

5.44

 

Forfeited

 

 

(14,251

)

 

$

1.55

 

Restricted stock units outstanding as of March 31, 2025

 

 

4,737,430

 

 

$

0.90

 

 
Summary of Stock Option Activity Under Plans

A summary of the stock option activity under the Plans for the three months ended March 31, 2025 was as follows:

 

 

Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Life
(in years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding at December 31, 2024

 

 

6,314,561

 

 

$

5.66

 

 

 

7.5

 

 

$

—

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Cancelled

 

 

(1,800,575

)

 

 

9.21

 

 

 

 

 

 

 

Outstanding at March 31, 2025

 

 

4,513,986

 

 

$

4.25

 

 

 

7.4

 

 

$

—

 
Schedule of Fair Value of Stock Option Estimated on Date of Grant Using Black-Scholes Option-Pricing Model or Monte Carlo Simulation in Case of Certain Options Granted to Executive Officers

The fair value of each stock option granted to employees, directors and non-employees was estimated on the date of grant using the Black-Scholes option-pricing model, or a Monte Carlo simulation in the case of certain options granted to executive officers, with the following weighted-average assumptions for the three months ended March 31, 2024 :

 

 

 

Three months ended
March 31, 2024

 

Risk-free interest rate

 

 

4.1

%

Expected dividend yield

 

 

—

%

Expected term (in years)

 

 

6.0

 

Expected volatility

 

 

77.1

%
Schedule of Stock-Based Compensation Expense

Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss was as follows (in thousands):

 

 

 

Three Months Ended
March 31,

 

 

 

2025

 

 

2024

 

Research and development

 

$

273

 

 

$

703

 

General and administrative

 

 

552

 

 

 

1,459

 

Total

 

$

825

 

 

$

2,162