v3.25.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
Schedule of Share Based Compensation Available for Grant under Incentive Plans

The number of shares available for grant under the Company’s incentive plans were as follows:

 

 

New

 

 

Inducement

 

 

 

 

 

 

Plan

 

 

Plan

 

 

Total

 

 Available for grant - January 1, 2025

 

 

701,430

 

 

 

2,999,700

 

 

 

3,701,130

 

Plan adjustments and amendments

 

 

10,247,165

 

 

 

 

 

 

10,247,165

 

Grants

 

 

(9,515,500

)

 

 

(1,027,000

)

 

 

(10,542,500

)

Forfeitures

 

 

780,093

 

 

 

519,907

 

 

 

1,300,000

 

 Available for grant - March 31, 2025

 

 

2,213,188

 

 

 

2,492,607

 

 

 

4,705,795

 

 

Schedule of Restricted Stock Units Activity

The Company’s RSU activity for the three months ended March 31, 2025 was as follows:

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

 

 

 

Grant Date

 

 

 

Number

 

 

Fair Value

 

 

 

of Shares

 

 

per Share

 

Nonvested at January 1, 2025

 

 

4,549,154

 

 

$

1.82

 

Restricted units granted

 

 

3,104,500

 

 

 

1.85

 

Vested

 

 

(1,049,338

)

 

 

1.71

 

Cancelled or forfeited

 

 

(362,750

)

 

 

2.40

 

Nonvested at March 31, 2025

 

 

6,241,566

 

 

$

1.82

 

Schedule of Total Stock-Based Compensation Expense for Stock Options, ESPP and RSUs

The following table summarizes the total stock-based compensation expense for the stock options, ESPP and RSUs recorded in the condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024 (in thousands):

 

 

 

For the Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Research and development expense

 

$

1,424

 

 

$

1,274

 

General and administrative expense

 

 

1,870

 

 

 

1,924

 

Total

 

$

3,294

 

 

$

3,198

 

Stock Options  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options

The following weighted-average assumptions were used to estimate the fair value of time-based vesting stock options that were granted during the three months ended March 31, 2025 and 2024:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

4.40

%

 

 

3.95

%

Expected dividend yield

 

 

 

 

 

 

Expected term (in years)

 

 

6.1

 

 

 

6.1

 

Expected volatility

 

 

89

%

 

 

89

%

Schedule of Stock Option Activity

The following table summarizes time-based vesting stock option activity during the three months ended March 31, 2025:

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

Weighted

 

 

Average

 

 

Aggregate

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Intrinsic

 

 

 

Stock

 

 

Exercise

 

 

Contractual

 

 

Value

 

 

 

Options

 

 

Price

 

 

Life (in years)

 

 

(in thousands)

 

Options exercisable at January 1, 2025

 

 

16,220,605

 

 

$

3.29

 

 

 

8.7

 

 

$

1,967

 

Options granted

 

 

7,438,000

 

 

 

1.82

 

 

 

 

 

 

 

Options cancelled or forfeited

 

 

(907,407

)

 

 

1.93

 

 

 

 

 

 

 

Options expired

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2025

 

 

22,751,198

 

 

$

2.86

 

 

 

8.8

 

 

$

1,050

 

Options exercisable at March 31, 2025

 

 

6,014,433

 

 

$

5.44

 

 

 

7.7

 

 

$

667

 

Performance Stock Options | Initial Options and Original Options  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options The following weighted-average assumptions were used to estimate the fair value of the options granted in February 2023 and the Original Options that were granted in May 2023:

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

4.02

%

Expected dividend yield

 

 

 

Expected term (in years)

 

 

6.0

 

Expected volatility

 

 

81

%

Performance Stock Options | Modified Options  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options The following assumptions were used to estimate the fair value of the Modified Options:

 

 

 

 

 

Risk-free interest rate

 

 

3.90

%

Expected dividend yield

 

 

 

Expected term (in years)

 

 

5.8

 

Expected volatility

 

 

88

%