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

Stock option activity under the 2015 Plan, 2019 Plan and 2025 Plan is set forth below for the six months ended June 30, 2025:

 

 

 

 

 

 

Weighted

 

 

Average

 

 

 

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Aggregate

 

 

 

Number of

 

 

Exercise

 

 

Contractual

 

 

Intrinsic

 

 

 

Shares

 

 

Price Per

 

 

Term

 

 

Value

 

 

 

Outstanding

 

 

Share

 

 

(Years)

 

 

(in thousands)

 

Balances at December 31, 2024

 

 

625,337

 

 

$

167.52

 

 

 

7.2

 

 

$

1

 

Stock options granted

 

 

2,839,586

 

 

 

8.00

 

 

 

 

 

 

 

Stock options exercised

 

 

 

 

 

 

 

 

 

 

 

 

Stock options forfeited

 

 

(73,584

)

 

 

95.37

 

 

 

 

 

 

 

Balances at June 30, 2025

 

 

3,391,339

 

 

$

35.24

 

 

 

9.3

 

 

$

1,081

 

Summary of Stock-based Compensation Expense

Total stock-based compensation expense recognized for options and RSUs granted to both employees and non-employees and for the Amended ESPP was as follows (in thousands):

 

 

For the Three Months Ended June 30,

 

 

For the Six Months
Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

1,826

 

 

$

2,632

 

 

$

3,699

 

 

$

5,269

 

General and administrative

 

 

2,711

 

 

 

2,752

 

 

 

5,486

 

 

 

5,513

 

Total stock-based compensation expense

 

$

4,537

 

 

$

5,384

 

 

$

9,185

 

 

$

10,782