Stockholders' Equity (Tables)
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6 Months Ended |
Jun. 30, 2025 |
Equity [Abstract] |
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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:
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As of June 30, 2025 |
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As of December 31, 2024 |
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Number of Common Warrant Shares |
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Weighted Average Exercise Price per Share |
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Number of Common Warrant Shares |
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Weighted Average Exercise Price per Share |
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Expiration Date |
March 2022 Common warrants |
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516,265 |
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$ |
4.50 |
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1,255,346 |
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$ |
4.50 |
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March 2027 |
May 2023 Tranche B warrants |
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- |
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$ |
- |
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2,065,305 |
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$ |
2.50 |
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November 2026 |
October 2023 pre-funded warrants |
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250,000 |
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$ |
0.01 |
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250,000 |
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$ |
0.01 |
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N/A |
Total |
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766,265 |
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3,570,651 |
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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):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Research and development |
$ |
2,368 |
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$ |
2,705 |
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$ |
6,682 |
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$ |
5,166 |
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Selling, general and administrative |
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7,330 |
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4,455 |
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17,695 |
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8,439 |
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Total |
$ |
9,698 |
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$ |
7,160 |
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$ |
24,377 |
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$ |
13,605 |
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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:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
Expected life (years) |
6.1 |
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6.1 |
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5.9-6.1 |
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5.8-6.1 |
Risk-free interest rate |
3.8%-4.2% |
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4.3%-4.6% |
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3.8%-4.7% |
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4.0%-4.6% |
Volatility |
117% |
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122% |
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117%-120% |
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122%-124% |
Dividend rate |
— % |
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— % |
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— % |
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— % |
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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:
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Number of Options |
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Weighted- Average Exercise Price per |
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Weighted Average Remaining Contractual Term |
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Aggregate Intrinsic Value |
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Outstanding |
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Share |
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(in years) |
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(in thousands) |
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Balance at January 1, 2025 |
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3,971,798 |
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$ |
26.75 |
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8.48 |
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$ |
79,578 |
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Options granted |
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693,003 |
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53.24 |
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Options exercised |
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(1,026,329 |
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13.63 |
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Options canceled/forfeited |
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(170,194 |
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52.61 |
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Balance at June 30, 2025 |
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3,468,278 |
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$ |
34.66 |
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8.47 |
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$ |
170,585 |
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Options exercisable at June 30, 2025 |
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1,007,206 |
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$ |
24.22 |
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7.47 |
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$ |
60,193 |
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Options vested and expected to vest at June 30, 2025 |
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3,468,278 |
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$ |
34.66 |
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8.47 |
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$ |
170,585 |
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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:
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Number of Restricted Stock Units |
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Weighted- Average Grant-Date Fair Value per Share |
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Outstanding at January 1, 2025 |
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939,865 |
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$ |
48.55 |
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Restricted stock units granted |
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353,581 |
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$ |
57.26 |
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Restricted stock units vested |
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(819,273 |
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$ |
48.58 |
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Restricted stock units canceled/forfeited |
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(5,716 |
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$ |
52.82 |
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Outstanding at June 30, 2025 |
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468,457 |
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$ |
55.02 |
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