v3.25.2
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

45

 

 

$

400

 

 

$

192

 

 

$

1,177

 

General and administrative

 

 

413

 

 

 

879

 

 

 

994

 

 

 

1,840

 

Restructuring and other charges

 

 

 

 

 

 

 

 

176

 

 

 

263

 

Total

 

$

458

 

 

$

1,279

 

 

$

1,362

 

 

$

3,280

 

Summary of Stock Option Activity

The following table summarizes stock option activity for the six months ended June 30, 2025:

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term (years)

 

 

Aggregate
Intrinsic
Value
(thousands)

 

Outstanding as of December 31, 2024

 

 

7,678,058

 

 

$

5.02

 

 

 

6.25

 

 

$

426

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Cancelled or forfeited

 

 

(1,345,202

)

 

 

7.74

 

 

 

 

 

 

 

Outstanding as of June 30, 2025

 

 

6,332,856

 

 

$

4.44

 

 

 

6.69

 

 

$

22

 

Vested or expected to vest as of June 30, 2025

 

 

6,332,856

 

 

$

4.44

 

 

 

6.69

 

 

$

22

 

Options exercisable as of June 30, 2025

 

 

4,514,738

 

 

$

5.30

 

 

 

6.01

 

 

$

22

 

Summary of Assumptions Used to Grant Date Fair Value Of Stock Options Granted

The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option pricing model and assumptions input into the model. The following table presents, on a weighted average basis, the assumptions used in the model to determine the grant-date fair value of stock options granted:

 

Three Months Ended
June 30, 2024

 

 

Six Months Ended
June 30, 2024

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

4.43

%

 

 

4.19

%

Expected dividend yield

 

 

0

%

 

 

0

%

Expected option term (in years)

 

5.58

 

 

6.01

 

Expected stock price volatility

 

 

94.04

%

 

 

91.32

%