v3.25.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Stock Options

The following shows the stock option activities for the three months ended March 31, 2025 and 2024:

 

 

 

Total
Options
Outstanding

 

 

Weighted-Average
Exercise
Price

 

Balance—December 31, 2024

 

 

320,013

 

 

$

86.06

 

Granted

 

 

130,091

 

 

 

11.20

 

Exercised

 

 

 

 

 

 

Cancelled and forfeited

 

 

 

 

 

 

Balance—March 31, 2025

 

 

450,104

 

 

 

64.44

 

 

 

 

 

 

 

 

Balance—December 31, 2023

 

 

273,393

 

 

$

94.64

 

Granted

 

 

51,136

 

 

 

60.06

 

Exercised

 

 

(6,284

)

 

 

24.83

 

Cancelled and forfeited

 

 

(15,287

)

 

 

108.03

 

Balance—March 31, 2024

 

 

302,958

 

 

 

86.84

 

Summary of Information About Stock Options Outstanding

The following table summarizes information about stock options outstanding at March 31, 2025:

 

 

 

Shares

 

 

Weighted
Average
Remaining
Contractual
Life (In Years)

 

 

Weighted
Average
Exercise Price

 

 

Aggregate
Intrinsic Value

 

Options outstanding

 

 

450,104

 

 

 

8.46

 

 

$

64.44

 

 

$

 

Vested and expected to vest

 

 

450,104

 

 

 

8.46

 

 

$

64.44

 

 

$

 

Exercisable

 

 

159,769

 

 

 

7.44

 

 

$

86.16

 

 

$

 

Schedule of Stock Based Compensation Expense

The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2025:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Research and development

 

$

589

 

 

$

546

 

General and administrative

 

 

800

 

 

 

772

 

Total

 

$

1,389

 

 

$

1,318

 

Share-based Payment Arrangement, Employee  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Grant Date Fair Value The fair value of employee and non-employee stock options was estimated using the following assumptions for the three months ended March 31, 2025 and 2024:

 

 

 

For the Three Months
Ended March 31,

 

 

2025

 

2024

Expected term (in years)

 

6.0

 

6.0 - 6.1

Expected volatility

 

115% - 116%

 

109%

Risk-free interest rate

 

4.4% - 4.4%

 

3.8% - 3.9%

Dividends

 

%

 

%