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

The following summarizes restricted stock award activity:

 

 

Number of Shares Outstanding

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Balance at December 31, 2024

 

 

576,829

 

 

$

2.62

 

Restricted stock awards vested

 

 

(235,108

)

 

 

2.91

 

Balance at June 30, 2025

 

 

341,721

 

 

 

2.41

 

Schedule of Stock Option Activity

The following summarizes stock option activity:

 

 

Stock Options Outstanding

 

 

Total Stock Options Outstanding

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average Remaining Contractual Life

 

 

Aggregate Intrinsic Value

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding as of December 31, 2024

 

 

2,938,982

 

 

$

4.64

 

 

 

9.11

 

 

$

53,706

 

Granted

 

 

590,988

 

 

 

10.71

 

 

 

 

 

 

 

Exercised

 

 

(145,386

)

 

 

2.78

 

 

 

 

 

 

 

Cancelled/forfeited

 

 

(84,586

)

 

 

4.48

 

 

 

 

 

 

 

Outstanding as of June 30, 2025

 

 

3,299,998

 

 

 

5.81

 

 

 

8.92

 

 

 

16,770

 

Exercisable as of June 30, 2025

 

 

728,861

 

 

 

3.54

 

 

 

8.39

 

 

 

5,121

 

 

Summary of Weighted Average Assumptions used for Grants Awards

The weighted-average assumptions used to value employee and non-employee stock option awards granted under the Stock Plans using the Black Scholes option pricing model, were as follows:

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

Fair value of common stock

 

$

8.06

 

 

$

2.76

 

Risk-free interest rate

 

 

4.22

%

 

 

4.25

%

Expected volatility

 

 

88.6

%

 

 

92.0

%

Expected term (years)

 

 

5.93

 

 

 

5.99

 

Expected dividend yield

 

%

 

 

%

 

Summary of Stock Based Compensation Expense For Restricted Stock Awards And Stock Options

Stock-based compensation expense for restricted stock awards, stock options and the 2024 ESPP recognized in the Company’s condensed statements of operations and comprehensive loss is presented as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development expense

 

$

983

 

 

$

314

 

 

$

1,645

 

 

$

611

 

General and administrative expense

 

 

823

 

 

 

314

 

 

 

1,643

 

 

 

594

 

Total stock-based compensation expense

 

$

1,806

 

 

$

628

 

 

$

3,288

 

 

$

1,205