v3.25.1
Stock-based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
Weighted-average fair value of options granted under all equity incentive plans

    

2024

Expected term

6.25 years

Expected volatility

90.37%

Risk-free interest rate

3.89%

Expected dividend yield

0%

Stock-Based Compensation Expense

Three Months Ended March 31, 

    

2025

2024

Research and development expense

$

$

348,242

General and administrative expense

 

405,428

 

843,838

Total stock-based compensation expense

$

405,428

$

1,192,080

2013 Equity Incentive Plan  
Company's Stock Option Activity

Stock Options

A summary of the Company’s stock option activity under the 2013 Plan for the three months ended March 31, 2025 is as follows:

Weighted-Average

Remaining

Aggregate

Outstanding

Weighted-Average

Contractual Term

Intrinsic Value

    

Options

    

Exercise Price

    

(Years)

    

(In thousands)

Outstanding as of December 31, 2024

12,304,882

$

3.50

 

7.4

Options forfeited

(3,318,696)

2.15

Outstanding as of March 31, 2025

8,986,186

 

4.00

 

0.8

$

Vested or expected to vest as of March 31, 2025

6,278,529

 

5.00

 

0.9

$

Exercisable as of March 31, 2025

5,952,070

 

5.16

 

0.7

$

Summary of RSU Activity

The following is a summary of RSU activity under the 2013 Plan for the three months ended March 31, 2025:

Weighted-Average

Number of Shares

Grant Date

    

Underlying RSUs

Fair Value

Unvested at December 31, 2024

 

48,133

$

3.81

Vested

 

(48,133)

 

3.81

Unvested at March 31, 2025

 

 

Inducement Plan  
Company's Stock Option Activity

Weighted-Average

Remaining

Aggregate

Outstanding

Weighted-Average

Contractual Term

Intrinsic Value

    

Options

    

Exercise Price

    

(Years)

    

(In thousands)

Outstanding as of December 31, 2024

2,690,800

$

2.01

 

7.1

Options forfeited

(444,373)

1.97

Outstanding as of March 31, 2025

2,246,427

 

2.01

 

0.4

$

Vested or expected to vest as of March 31, 2025

1,588,960

 

1.95

 

0.4

$

Exercisable as of March 31, 2025

1,510,936

 

1.94

 

0.4

$