v3.25.2
Equity (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Assumption Estimate Fair Value of Stock Options Granted

The following average assumptions were used to estimate the fair value of stock options granted by the Company during the six months ended June 30, 2025 using the Black-Scholes option pricing model:

 

 

Six Months Ended June 30, 2025

 

Six Months Ended June 30, 2024

Risk-free interest rate

 

4.1% - 4.5%

 

4.1% - 4.6%

Dividend rate

 

0%

 

0%

Expected volatility

 

79% - 100%

 

84% - 87%

Expected life (years)

 

2.0 - 8.0

 

2.0 - 6.2

Summary of Stock Option Activity

A summary of stock option activity under the 2023 Plan and the 2024 Plan for the six months ended June 30, 2025 is as follows:

 

 

Number of Options

 

 

Weighted-Average Exercise Price

 

Options outstanding at December 31, 2024

 

 

2,861,654

 

 

$

4.54

 

     Granted

 

 

952,791

 

 

$

3.36

 

     Cancelled/forfeited

 

 

(740,459

)

 

$

3.92

 

     Exercised

 

 

(7,839

)

 

$

3.59

 

Options outstanding at June 30, 2025

 

 

3,066,147

 

 

$

4.32

 

Options exercisable at June 30, 2025

 

 

1,698,025

 

 

$

4.56

 

Summary of Restricted Share Activity

A summary of RSU activity under the 2023 Plan and the 2024 Plan for the six months ended June 30, 2025 is as follows:

 

 

Number of Shares

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Unvested outstanding at December 31, 2024

 

 

835,453

 

 

$

4.54

 

     Granted

 

 

458,044

 

 

$

4.65

 

     Vested

 

 

(171,327

)

 

$

4.62

 

     Cancelled/forfeited

 

 

(438,889

)

 

$

4.03

 

Unvested outstanding at June 30, 2025

 

 

683,281

 

 

$

4.92

 

Schedule of Share-Based Compensation Expense

The following table represents share-based compensation expense included in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss:

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

(587

)

 

$

401

 

 

$

(364

)

 

$

1,467

 

General and administrative

 

 

(534

)

 

 

789

 

 

 

(244

)

 

 

1,922

 

Total share-based compensation expense

 

$

(1,121

)

 

$

1,190

 

 

$

(608

)

 

$

3,389