v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Option Valuation The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted:
Three Months Ended June 30,
Six Months Ended June 30,
2025202420252024
Risk-free interest rate4.0 %4.4 %4.2 %4.2 %
Expected term (in years)6.16.16.16.1
Expected volatility103.7 %96.5 %103.8 %96.0 %
Expected dividend yield0 %0 %0 %0 %
Summary of Stock Option Activity
The following table summarizes the Company’s stock option activity for the six months ended June 30, 2025:
Number of
Shares		Weighted
Average
Exercise
Price		Weighted
Average
Contractual
Term (Years)		Aggregate
Intrinsic
Value (in thousands)
Outstanding as of December 31, 2024394,493 $57.09 8.6$269 
Granted33,185 9.87 
Forfeited and expired(120,053)33.42 $— 
Outstanding as of June 30, 2025307,625 $61.24 8.2$— 
Exercisable as of June 30, 2025121,016 $112.56 6.9$— 
Vested and expected to vest as of June 30, 2025264,099 $67.02 7.9$— 
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
Restricted Stock Units— The following table summarizes the Company’s restricted stock unit activity for the six months ended June 30, 2025:
Number of
Shares
Unvested as of December 31, 2024198,995 
Granted278,209 
Vested(103,035)
Forfeited(40,905)
Unvested as of June 30, 2025333,264 
Summary of Stock-Based Compensation Expense Classification
Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive(loss) income as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Research and development expense$340 $1,182 $599 $1,965 
Selling, general and administrative expense408 1,246 668 2,202 
Total stock-based compensation$748 $2,428 $1,267 $4,167 
Share-Based Payment Arrangement, Option and Stock Appreciation Rights, Activity
The following table summarizes the Company’s stock appreciation right (“SARs”) balances as of June 30, 2025 and December 31, 2024; there were no SARs granted, exercised or forfeited for the six months ended June 30, 2025. The weighted average target price of the SARs is $45.71. The settlement value is based on the difference between the closing price of the Company’s common stock on the date of settlement less the measurement price multiplied by the number of SARs exercised. The SARs vest and become exercisable in equal annual installments on the first, second, and third anniversaries of the Grant Date, subject to the recipient remaining an employee of the Company through and including each applicable vesting date.

Number of
Shares
Outstanding as of December 31, 2024347,068 
Outstanding as of June 30, 2025347,068 
Vested as of June 30, 2025195,005