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 Company’s stock option activity during the six months ended June 30, 2025:

 

Number of
Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(In Years)

 

 

Aggregate
Intrinsic
Value
(in
thousands)

 

Outstanding at January 1, 2025

 

 

1,942,920

 

 

$

12.93

 

 

 

8.33

 

 

$

12

 

Granted

 

 

60,743

 

 

$

2.54

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Cancelled

 

 

(103,575

)

 

$

11.70

 

 

 

 

 

 

 

Outstanding at June 30, 2025

 

 

1,900,088

 

 

$

3.45

 

 

 

7.22

 

 

$

—

 

Vested and expected to vest at
   June 30, 2025

 

 

1,900,088

 

 

$

3.45

 

 

 

7.22

 

 

$

—

 

Exercisable at June 30, 2025

 

 

1,022,517

 

 

$

3.54

 

 

 

6.46

 

 

$

—

 
Company's RSU Activity The following table summarizes the Company’s RSU activity during the six months ended June 30, 2025:

 

 

Number of
Shares

 

 

Weighted-
Average
Grant Date
Fair Value

 

Outstanding at January 1, 2025

 

 

—

 

 

$

—

 

Granted

 

 

467,150

 

 

$

2.54

 

Vested

 

 

—

 

 

$

—

 

Forfeited

 

 

(2,700

)

 

$

2.54

 

Outstanding at June 30, 2025

 

 

464,450

 

 

$

2.54

 
Summary of Assumptions Used to Value Stock Options Granted

The underlying assumptions used to value stock options granted using the Black-Scholes option-pricing model prior to the Option Repricing during the three months ended June 30, 2024 and the six months ended June 30, 2025 and 2024 were as follows (there were no stock options granted during the three months ended June 30, 2025):

 

Three Months Ended

 

Six Months Ended June 30,

 

June 30, 2024

 

2025

 

2024

Risk-free interest rate range

 

4.21%

 

4.46%

 

4.21% – 4.24%

Expected dividend rate

 

— %

 

— %

 

— %

Expected term (years) range

 

6.11

 

5.23

 

5.85 – 6.11

Expected stock price volatility range

 

92.2%

 

95.8%

 

92.0% – 92.2%
Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

280

 

 

$

386

 

 

$

545

 

 

$

543

 

General and administrative

 

 

988

 

 

 

950

 

 

 

2,065

 

 

 

1,210

 

Total stock-based compensation expense

 

$

1,268

 

 

$

1,336

 

 

$

2,610

 

 

$

1,753