Stock-Based Compensation |
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| Stock-Based Compensation | 7. Stock-Based Compensation2023 Incentive Award Plan In November 2023, the Board adopted the 2023 Incentive Award Plan (the “2023 Plan”). On January 1, 2025, the shares of common stock authorized for issuance under the 2023 Plan increased by 2,302,126 shares and as of June 30, 2025, a total of 6,720,532 shares of common stock were available for future issuance under the 2023 Plan. Stock options Stock option activity for the six months ended June 30, 2025 was as follows:
Aggregate intrinsic value in the above table is calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock as of June 30, 2025 and December 31, 2024. The estimated weighted-average grant-date fair value of options granted during the six months ended June 30, 2025, and 2024 was $3.25 and $18.73 per share, respectively. The aggregate intrinsic value of options exercised during the three months ended June 30, 2025, and 2024 was $17,000 and $0.4 million, respectively, and during the six months ended June 30, 2025, and 2024 was $0.1 million and $0.5 million, respectively. Restricted stock awards The following table summarizes the Company’s restricted stock awards activity.
The purchase price of the restricted stock awards is the fair value of common stock as determined by the Board. The Company recorded less than $0.1 million as a share repurchase liability for restricted stock awards in accrued expenses and other current liabilities on the unaudited condensed balance sheets as of June 30, 2025 and December 31, 2024. Restricted stock units The following table summarizes the Company’s restricted stock units activity.
Stock‑based compensation expense Total stock-based compensation expense recorded in the unaudited condensed statements of operations and comprehensive loss was as follows:
The estimated grant-date fair value of awards granted was calculated based on the following assumptions:
There were no stock options granted during the three and six months ended June 30, 2025. As of June 30, 2025, the Company had $3.4 million of unrecognized stock-based compensation, which is net of any stock-based compensation for awards that will be forfeited as a result of the 2025 Restructuring. This unrecognized stock-based compensation is expected to be recognized through November 2025 or the closing of the Merger, if earlier. Employee Stock Purchase Plan On November 14, 2023, the Board adopted the 2023 Employee Stock Purchase Plan (the “ESPP”) which became effective immediately. As of June 30, 2025, there were 798,780 shares available for future issuance under the ESPP. There were no shares issued under the ESPP during the three and six months ended June 30, 2025, and 2024. Accelerated Vesting of Equity Awards held by Certain Executives In the six months ended June 30, 2025, in connection with the planned terminations of certain executives in April 2025, May 2025, July 2025 and November 2025, and in accordance with the terms of their respective employment agreements and the original terms of the awards, the vesting of 384,591 options, 84,273 restricted stock units and 11,818 restricted stock awards was accelerated. The impact of the acceleration of vesting on the stock-based compensation expense for the three and six months ended June 30, 2025 was $1.5 million and $3.4 million, respectively. The Company expects to recognize the remaining $0.4 million of the stock-based compensation expense related to the accelerated vesting in the period from July 2025 through November 2025. |
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