v3.25.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
Schedule of Estimated Fair Value of Each Stock Option Award

For stock options requiring an assessment of value during the three months ended March 31, 2025 and 2024, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model utilizing the following assumptions:

 

 

 

March 31, 2025

Risk-free interest rate

 

4.05% - 4.46%

Expected dividend yield

 

0%

Expected volatility

 

86.46% - 87.69%

Expected life

 

5.50 to 6.25 years

 

 

 

 

 

March 31, 2024

Risk-free interest rate

 

3.83% - 4.28%

Expected dividend yield

 

0%

Expected volatility

 

66.27% - 109.86%

Expected life

 

5.50 to 8.91 years

Summary of Stock Option Activity

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

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Life
(in Years)

 

Stock options outstanding at December 31, 2024

 

 

10,471,724

 

 

$

5.61

 

 

 

7.27

 

Granted

 

 

1,889,300

 

 

 

0.99

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(22,563

)

 

 

3.42

 

 

 

 

Stock options outstanding at March 31, 2025

 

 

12,338,461

 

 

 

4.91

 

 

 

7.48

 

Stock options exercisable at March 31, 2025

 

 

5,982,995

 

 

$

8.41

 

 

 

5.63

 

 

Schedule of Stock-Based Compensation Included in Statement of Operations and Comprehensive Loss

Stock-based compensation for the three months ended March 31, 2025 and 2024 was included in the Company’s condensed consolidated statements of operations and comprehensive loss as follows:

 

 

 

Three Months Ended
March 31,

 

(in thousands)

 

2025

 

 

2024

 

General and administrative

 

$

695

 

 

$

956

 

Research and development

 

 

643

 

 

 

990

 

Total stock-based compensation

 

$

1,338

 

 

$

1,946