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

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

 

 

Shares
Available to
Grant

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Life (Years)

 

 

Aggregate
Intrinsic
Value (in
thousands)

 

Balance-December 31, 2024

 

 

3,039,972

 

 

 

5,384,142

 

 

$

9.61

 

 

 

7.8

 

 

$

1,022

 

Change in authorized shares

 

 

1,755,582

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

(2,894,646

)

 

 

2,894,646

 

 

 

4.38

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited/expired

 

 

230,961

 

 

 

(230,961

)

 

 

10.08

 

 

 

 

 

 

 

Balance-June 30, 2025

 

 

2,131,869

 

 

 

8,047,827

 

 

$

7.72

 

 

 

8.4

 

 

$

271

 

Vested and Exercisable-June 30, 2025

 

 

 

 

 

2,994,408

 

 

$

8.46

 

 

 

7.0

 

 

$

265

 

Summary of Estimated Fair Value of Stock Options Granted Weighted Average Assumptions

The weighted-average grant date fair value of stock options granted during the six months ended June 30, 2025 and 2024 was $3.66 and $7.11, respectively, and were estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:

 

 

Six months ended
June 30,

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

4.4

%

 

 

4.6

%

Expected term of stock options (in years)

 

6.0

 

 

6.0

 

Expected stock price volatility

 

 

108.0

%

 

 

110.2

%

Estimated dividend yield

 

 

 

 

 

 

Schedule of Stock-based Compensation Expense

Stock-based compensation expense recorded as research and development and general and administrative expenses in the statements of operations and comprehensive loss is as follows (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

 

$

790

 

 

$

478

 

 

$

1,578

 

 

$

776

 

General and administrative

 

 

 

2,439

 

 

 

1,080

 

 

 

4,600

 

 

 

1,634

 

Total stock-based compensation expense

 

 

$

3,229

 

 

$

1,558

 

 

$

6,178

 

 

$

2,410