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

The activity for stock options is as follows:

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

Weighted

 

 

Remaining

 

 

Aggregate

 

 

 

 

 

Average

 

 

Contract

 

 

Intrinsic

 

 

Options

 

 

Exercise

 

 

Terms

 

 

Values

 

 

Outstanding

 

 

Price

 

 

(in years)

 

 

(in thousands)

 

Balance as of December 31, 2024

 

 

2,817,751

 

 

$

6.49

 

 

 

6.87

 

 

$

19

 

Options granted

 

 

3,009,196

 

 

 

1.80

 

 

 

 

 

 

 

Options expired

 

 

(40,000

)

 

 

7.87

 

 

 

 

 

 

 

Options forfeited

 

 

(225,000

)

 

 

7.58

 

 

 

 

 

 

 

Balance as of March 31, 2025

 

 

5,561,947

 

 

$

3.90

 

 

 

8.60

 

 

$

 

Vested and expected to vest, March 31, 2025

 

 

5,561,947

 

 

$

3.90

 

 

 

8.60

 

 

$

 

Options exercisable as of March 31, 2025

 

 

804,776

 

 

$

5.86

 

 

 

2.50

 

 

$

 

Summary of Stock Options Valuation Assumptions

The fair value of the Company’s stock option awards was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions for the three months ended March 31, 2025. There were no grants for the three months ended March 31, 2024.

 

Three Months Ended

March 31, 2025

Expected term (in years)

5.77 - 6.08

Expected volatility

105.01% - 108.04 %

Risk-free interest rate

4.01% - 4.66%

Expected dividend yield

0.00%

RSUs

Summary of Restricted Stock Awards

The activity for RSUs is as follows:

 

 

 

 

 

Weighted-Average
Grant-Date Fair

 

 

Number of Shares

 

 

Value

 

Unvested at December 31, 2024

 

 

1,228,876

 

 

$

7.17

 

Vested

 

 

(320,333

)

 

 

7.28

 

Unvested at March 31, 2025

 

 

908,543

 

 

$

7.13

 

Summary of Share-based Compensation Expense

The following table sets forth stock-based compensation expense for stock options, restricted stock awards, and RSUs included in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):

 

 

Three Months Ended March 31,

 

 

2025

 

 

2024

 

Research and development expense

 

$

906

 

 

$

269

 

General and administrative expense

 

 

1,116

 

 

 

196

 

Total stock-based compensation expense

 

$

2,022

 

 

$

465