v3.25.2
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity Under the Plan and the Predecessor Plan

Stock option activity under the Plan and the Predecessor Plan and certain other related information is as follows (in thousands except weighted-average exercise price and remaining term):

 

 

Number

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Term (years)

 

 

Aggregate-
Intrinsic
Value

 

Balance as of December 31, 2024

 

 

3,818

 

 

$

6.37

 

 

 

7.2

 

 

$

 

Granted

 

 

1,508

 

 

$

2.29

 

 

 

 

 

 

 

Exercised

 

 

 

 

$

 

 

 

 

 

 

 

Forfeited and expired

 

 

(679

)

 

$

5.24

 

 

 

 

 

 

 

Balance as of June 30, 2025

 

 

4,647

 

 

$

5.10

 

 

 

8.0

 

 

$

 

Vested and expected to vest at June 30, 2025

 

 

4,647

 

 

$

5.10

 

 

 

8.0

 

 

$

 

Exercisable as of June 30, 2025

 

 

2,048

 

 

$

5.26

 

 

 

6.8

 

 

$

 

Schedule of Stock-based Compensation Expense

Stock-based compensation expense, including the expense related to the ESPP, as recorded in the accompanying condensed statements of operations and comprehensive loss was as follows (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

642

 

 

$

888

 

 

$

1,357

 

 

$

1,412

 

General and administrative

 

 

1,051

 

 

 

1,247

 

 

 

2,133

 

 

 

2,051

 

Total stock-based compensation

 

$

1,693

 

 

$

2,135

 

 

$

3,490

 

 

$

3,463

 

 

 

Schedule of Weighted-average Assumptions Used in the Black-Scholes Option Pricing Model to Determine the Fair Value of the Stock Options Granted :

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Expected option life (in years)

 

 

5.9

 

 

 

6.0

 

 

 

5.9

 

 

 

6.0

 

Assumed volatility

 

 

105.0

%

 

 

91.3

%

 

 

105.0

%

 

 

94.9

%

Assumed risk-free interest rate

 

 

4.0

%

 

 

4.3

%

 

 

4.4

%

 

 

4.2

%

Expected dividend yield