Share-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of weighted-average assumptions |
The following table summarizes the weighted-average assumptions used in calculating the fair value of the awards during the six months ended June 30, 2025: | | | | | | | Six Months Ended | | June 30, 2025 | | Expected term (in years) | 6.1 | | Expected volatility | 97.3% | | Risk-free interest rate | 4.1% | | Dividend yield | 0.0% |
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| Schedule of stock option activity |
The following table summarizes the stock option activity during 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 balance as of December 31, 2024 | 1,082,893 | | $ | 6.16 | | | 9.9 | | $ | - | | | Granted | 3,374,673 | | $ | 8.18 | | | | | | | Exercised | (811) | | $ | 6.16 | | | | | 8 | | | Forfeited or expired | (707,957) | | $ | 6.16 | | | | | | | Outstanding balance as of June 30, 2025 | 3,748,798 | | $ | 7.98 | | | 9.7 | | $ | 30,593 | | | Exercisable as of June 30, 2025 | 252,605 | | $ | 6.16 | | | 9.5 | | $ | 2,521 | |
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| Schedule of RSU and RSA activity |
The following table summarizes the RSU activity during the six months ended June 30, 2025: | | | | | | | | | | | | | Number of
RSUs | | Weighted Average
Grant Date Fair Value | | Unvested balance as of December 31, 2024 | - | | $ | - | | | Granted | 438,386 | | 6.16 | | | Vested | - | | - | | | Forfeited | - | | - | | | Unvested balance as of June 30, 2025 | 438,386 | | $ | 6.16 | |
The following table summarizes the RSA activity during the six months ended June 30, 2025: | | | | | | | | | | | | | Number of
RSAs | | Weighted Average
Grant Date Fair
Value | | Unvested balance as of December 31, 2024 | 246,753 | | $ | 1.38 | | | Granted | 20,164 | | 9.55 | | | Vested | - | | - | | | Forfeited | (148,053) | | 1.38 | | | Unvested balance as of June 30, 2025 | 118,864 | | $ | 2.77 | |
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| Schedule of fair value of warrants |
The following table summarizes the assumptions used in calculating the fair value of the warrants: | | | | | | | As of | | June 30, 2025 | | Expected term (in years) | 10.0 | | Expected volatility | 96.8% | | Risk-free interest rate | 4.2% | | Dividend yield | 0.0% |
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| Schedule of share-based compensation expense |
The following table summarizes the classification of the Company’s share-based compensation expense in the condensed consolidated statement of operations and comprehensive loss (in thousands): | | | | | | | | | | | | | Three Months Ended
June 30, 2025 | | Six Months Ended
June 30, 2025 | | General and administrative | $ | 3,639 | | | $ | 4,078 | | | Research and development | 1,701 | | | 2,491 | | | Total share-based compensation expense | $ | 5,340 | | | $ | 6,569 | |
The following table summarizes the award types of the Company’s share-based compensation expense in the condensed consolidated statement of operations and comprehensive loss (in thousands): | | | | | | | | | | | | | Three Months Ended
June 30, 2025 | | Six Months Ended
June 30, 2025 | | Stock options | $ | 3,721 | | | $ | 4,135 | | | RSAs | 182 | | | 203 | | | RSUs | 165 | | | 196 | | | Parascent warrant obligation | 1,272 | | | 2,035 | | | Total share-based compensation expense | $ | 5,340 | | | $ | 6,569 | |
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