v3.25.2
Stock-based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions Used in Black-Scholes Option-pricing Model to Determine the Fair Value of Stock Options Granted

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

 

 

 

 

2025

 

 

2024

 

Per share fair value of common stock

 

 

 

 

 

$

8.84

 

 

$

6.14

 

Expected volatility

 

 

 

 

 

 

92.3

%

 

 

72.8

%

Expected dividends

 

 

 

 

 

 

0

%

 

 

0

%

Expected term (in years)

 

 

 

 

 

 

6.0

 

 

 

6.3

 

Risk-free rate

 

 

 

 

 

 

4.27

%

 

 

3.35

%

Summary of Stock Options Activity

The following table summarizes the activity of stock options with service-based and performance-based vesting conditions during the six months ended June 30, 2025:

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term
(Years)

 

 

Intrinsic Value
(in thousands)

 

Outstanding as of December 31, 2024

 

 

6,490,571

 

 

$

5.54

 

 

 

7.9

 

 

$

71,266

 

Granted

 

 

2,053,826

 

 

 

8.84

 

 

 

 

 

 

 

Exercised

 

 

(194,753

)

 

 

3.78

 

 

 

 

 

 

 

Forfeited

 

 

(6,448

)

 

 

13.78

 

 

 

 

 

 

 

Expired

 

 

(92,363

)

 

 

3.57

 

 

 

 

 

 

 

Outstanding as of June 30, 2025

 

 

8,250,833

 

 

$

6.42

 

 

 

8.2

 

 

$

39,690

 

Options exercisable June 30, 2025

 

 

3,127,659

 

 

$

4.97

 

 

 

6.9

 

 

$

19,358

 

Vested and expected to vest June 30, 2025

 

 

8,250,833

 

 

$

6.42

 

 

 

8.2

 

 

$

39,690

 

Schedule of Classification of Stock-based Compensation in Condensed Consolidated Statements of Operations and Comprehensive Loss

The following table illustrates the classification of stock-based compensation in the condensed consolidated statements of operations and comprehensive loss (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

General and administrative

 

$

1,920

 

 

$

1,135

 

 

$

4,075

 

 

$

1,528

 

Research and development

 

 

677

 

 

 

277

 

 

 

1,157

 

 

 

527

 

 

$

2,597

 

 

$

1,412

 

 

$

5,232

 

 

$

2,055