Share-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Share Option Activity |
The following table summarizes the Company’s stock option activity:
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Number of
shares |
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Weighted
average
exercise price |
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Outstanding, January 1, 2025 |
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10,883,904 |
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|
$ |
12.79 |
|
Granted |
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|
1,950,500 |
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|
$ |
1.14 |
|
Cancelled or forfeited |
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(2,313,920 |
) |
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$ |
12.52 |
|
Outstanding, June 30, 2025 |
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|
10,520,484 |
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|
$ |
10.69 |
|
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| Schedule of Fair Value of Stock Options Determined on Grant Date Using Black Scholes Option-Pricing Model |
The fair value of stock options, and the assumptions used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows, presented on a weighted average basis:
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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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Fair value of stock options |
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$ |
0.80 |
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$ |
2.67 |
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$ |
0.88 |
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$ |
4.72 |
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Risk-free interest rate |
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4.01 |
% |
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4.30 |
% |
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4.07 |
% |
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|
4.21 |
% |
Expected terms (in years) |
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5.50 |
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|
5.33 |
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6.28 |
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|
5.97 |
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Expected volatility |
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91.21 |
% |
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83.57 |
% |
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90.95 |
% |
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|
83.08 |
% |
Expected dividend yield |
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|
0.00 |
% |
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|
0.00 |
% |
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|
0.00 |
% |
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|
0.00 |
% |
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| Summary of Total Outstanding Restricted Stock Units |
The following table summarizes the Company’s restricted share unit activity:
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Number of
shares |
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|
Weighted
average
grant date fair value |
|
Outstanding, January 1, 2025 |
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|
764,159 |
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$ |
9.22 |
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Awarded |
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|
182,000 |
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$ |
1.17 |
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Vested and released |
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(375,225 |
) |
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$ |
9.57 |
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Forfeited |
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(224,849 |
) |
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$ |
7.18 |
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Outstanding, June 30, 2025 |
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346,085 |
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$ |
5.93 |
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| Schedule of Share-based Compensation Expense |
Share-based compensation expense for all awards was allocated as follows:
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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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(in thousands) |
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Research and development |
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$ |
1,018 |
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$ |
3,694 |
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$ |
3,325 |
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$ |
7,113 |
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General and administrative |
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1,037 |
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|
2,825 |
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|
2,688 |
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|
5,881 |
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Total share-based compensation expense |
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$ |
2,056 |
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$ |
6,519 |
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$ |
6,014 |
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$ |
12,994 |
|
Share-based compensation expense by type of award was as follows:
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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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(in thousands) |
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Stock options |
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$ |
1,730 |
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$ |
5,605 |
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$ |
4,455 |
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$ |
11,290 |
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Restricted share units |
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|
310 |
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|
803 |
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|
1,511 |
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|
1,512 |
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ESPP |
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|
16 |
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|
111 |
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|
48 |
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|
192 |
|
Total share-based compensation expense |
|
$ |
2,056 |
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|
$ |
6,519 |
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$ |
6,014 |
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$ |
12,994 |
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