v3.25.2
Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Summary of Outstanding Common Stock Warrants

As of June 30, 2025 and December 31, 2024, the following table summarizes the Company's outstanding common stock warrants:

 

 

 

As of June 30, 2025

 

 

As of December 31, 2024

 

 

 

 

 

Number of Common Warrant Shares

 

 

Weighted Average Exercise Price per Share

 

 

Number of Common Warrant Shares

 

 

Weighted Average Exercise Price per Share

 

 

Expiration Date

March 2022 Common warrants

 

 

516,265

 

 

$

4.50

 

 

 

1,255,346

 

 

$

4.50

 

 

March 2027

May 2023 Tranche B warrants

 

 

-

 

 

$

-

 

 

 

2,065,305

 

 

$

2.50

 

 

November 2026

October 2023 pre-funded warrants

 

 

250,000

 

 

$

0.01

 

 

 

250,000

 

 

$

0.01

 

 

N/A

Total

 

 

766,265

 

 

 

 

 

 

3,570,651

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Stock Based Compensation Expense

Stock-based compensation expense was recognized in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

$

2,368

 

 

$

2,705

 

 

$

6,682

 

 

$

5,166

 

Selling, general and administrative

 

7,330

 

 

 

4,455

 

 

 

17,695

 

 

 

8,439

 

Total

$

9,698

 

 

$

7,160

 

 

$

24,377

 

 

$

13,605

 

Schedule of Fair Value of Award Granted Using Black-Scholes Option Pricing Model The fair value of each award granted was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2025

 

2024

 

2025

 

2024

Expected life (years)

6.1

 

6.1

 

5.9-6.1

 

5.8-6.1

Risk-free interest rate

3.8%-4.2%

 

4.3%-4.6%

 

3.8%-4.7%

 

4.0%-4.6%

Volatility

117%

 

122%

 

117%-120%

 

122%-124%

Dividend rate

  %

 

  %

 

  %

 

  %

 

Summary of Stock Option and Restricted Stock Unit Transactions

The following table summarizes stock option transactions for the six months ended June 30, 2025 which were for awards issued under the 2014 Plan and the Inducement Plan:

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price per

 

 

Weighted
Average
Remaining
Contractual
Term

 

 

Aggregate Intrinsic Value

 

 

 

Outstanding

 

 

Share

 

 

(in years)

 

 

(in thousands)

 

Balance at January 1, 2025

 

 

3,971,798

 

 

$

26.75

 

 

 

8.48

 

 

$

79,578

 

Options granted

 

 

693,003

 

 

 

53.24

 

 

 

 

 

 

 

Options exercised

 

 

(1,026,329

)

 

 

13.63

 

 

 

 

 

 

 

Options canceled/forfeited

 

 

(170,194

)

 

 

52.61

 

 

 

 

 

 

 

Balance at June 30, 2025

 

 

3,468,278

 

 

$

34.66

 

 

 

8.47

 

 

$

170,585

 

Options exercisable at June 30, 2025

 

 

1,007,206

 

 

$

24.22

 

 

 

7.47

 

 

$

60,193

 

Options vested and expected to vest at June 30, 2025

 

 

3,468,278

 

 

$

34.66

 

 

 

8.47

 

 

$

170,585

 

Summary of Restricted Stock Unit Transactions

The following table summarizes restricted stock unit transactions for the six months ended June 30, 2025 under the 2014 Plan:

 

 

 

Number of
Restricted Stock Units

 

 

Weighted-
Average
Grant-Date Fair Value per Share

 

Outstanding at January 1, 2025

 

 

939,865

 

 

$

48.55

 

Restricted stock units granted

 

 

353,581

 

 

$

57.26

 

Restricted stock units vested

 

 

(819,273

)

 

$

48.58

 

Restricted stock units canceled/forfeited

 

 

(5,716

)

 

$

52.82

 

Outstanding at June 30, 2025

 

 

468,457

 

 

$

55.02