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

The determination of the grant date fair value of stock-based awards granted to employees, directors and nonemployees during the three and six months ended June 30, 2025 and 2024, was estimated using the Black-Scholes option-pricing model and was calculated based on the following assumptions.

 

 

Six months ended
June 30,

 

2025

 

2024

Fair value of common stock

 

$6.00 - $18.25

 

$9.14 - $10.46

Dividend yield

 

%

 

%

Volatility

 

93.7% - 97.5%

 

90% - 100%

Risk-free interest rate

 

3.88% - 4.42%

 

3.93% - 5.18%

Expected term (years)

 

5.50 - 6.08

 

0.50 - 6.08

Summary of Stock Option Activity

The Company’s stock option activity regarding employees, directors, and nonemployees for the six months ended June 30, 2025, is summarized as follows (in thousands except share and per share amounts):

 

 

Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Life (years)

 

 

Aggregate
intrinsic
value

 

Options outstanding - December 31, 2024

 

 

3,502,440

 

 

$

8.70

 

 

 

8.89

 

 

$

34,307

 

Granted

 

 

1,188,071

 

 

 

10.35

 

 

 

 

 

 

 

Exercised

 

 

(170,874

)

 

 

7.78

 

 

 

 

 

 

 

Forfeited

 

 

(176,448

)

 

 

10.74

 

 

 

 

 

 

 

Options outstanding - June 30, 2025

 

 

4,343,189

 

 

$

9.11

 

 

 

8.63

 

 

 

12,934

 

Options vested and expected to vest - June 30, 2025

 

 

4,343,189

 

 

$

9.11

 

 

 

8.63

 

 

 

12,934

 

Options exercisable - June 30, 2025

 

 

2,317,510

 

 

$

6.63

 

 

 

7.93

 

 

$

11,073

 

 

Additional information with regard to stock option activity involving employees and directors for the six months ended June 30, 2025 and 2024, is as follows (in thousands except per share amounts):

 

 

June 30,

 

 

2025

 

 

2024

 

Weighted-average grant date fair value per option of total options granted

 

$

8.09

 

 

$

9.64

 

Aggregate intrinsic value of stock options exercised

 

 

546

 

 

 

360

 

 

Summary of Stock-based Compensation Expense

During the six months ended June 30, 2025 and 2024, the Company recorded stock-based compensation expense regarding its employees, directors, and nonemployees as follows (in thousands):

 

 

Three months ended
June 30,

 

 

Six months ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development expense

 

$

770

 

 

$

328

 

 

$

1,604

 

 

$

1,384

 

General and administrative expense

 

 

1,167

 

 

 

591

 

 

 

2,172

 

 

 

1,158

 

Total

 

$

1,937

 

 

$

919

 

 

$

3,776

 

 

$

2,542