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

The relevant data used to determine the fair value of the stock option grants during the three and six months ended June 30, 2025 and 2024 is as follows, presented on a weighted-average basis:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Expected term (in years)

 

 

6.0

 

 

 

6.1

 

 

 

6.0

 

 

 

6.1

 

Expected volatility

 

 

100.7

%

 

 

138.5

%

 

 

104.3

%

 

 

138.5

%

Risk-free interest rate

 

 

4.1

%

 

 

4.3

%

 

 

4.4

%

 

 

4.3

%

Expected dividend yield

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Stock Option Activities The activity for stock options is as follows:

 

 

 

 

 

Weighted

 

 

Weighted

 

 

 

 

 

 

 

 

 

Average

 

 

Average

 

 

Aggregate

 

 

 

Number of

 

 

Exercise

 

 

Contractual

 

 

Intrinsic

 

 

 

Shares

 

 

Price

 

 

Term

 

 

Value

 

 

 

 

 

 

 

 

 

(in years)

 

 

(in thousands)

 

Outstanding as of December 31, 2024

 

 

2,817,751

 

 

$

6.49

 

 

 

6.87

 

 

$

19

 

Options granted

 

 

4,251,696

 

 

 

1.63

 

 

 

 

 

 

 

Options forfeited

 

 

(1,406,425

)

 

 

4.56

 

 

 

 

 

 

 

Outstanding as of June 30, 2025

 

 

5,663,022

 

 

$

3.32

 

 

 

8.42

 

 

$

36

 

Vested and expected to vest as of June 30, 2025

 

 

5,663,022

 

 

$

3.32

 

 

 

8.42

 

 

$

36

 

Options exercisable as of June 30, 2025

 

 

1,035,249

 

 

$

6.07

 

 

 

3.29

 

 

$

 

Summary of Restricted Stock Awards The activity for RSUs is as follows:

 

Shares

 

 

Weighted Average Grant Date Fair Value

 

Unvested at December 31, 2024

 

 

1,228,876

 

 

$

7.17

 

Vested

 

 

(508,666

)

 

 

7.21

 

Forfeited

 

 

(92,500

)

 

 

5.44

 

Unvested at June 30, 2025

 

 

627,710

 

 

$

7.39

 

Summary of Share-based Compensation Expense

The following table sets forth stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development expenses

 

$

521

 

 

$

287

 

 

$

1,427

 

 

$

556

 

General and administrative expenses

 

 

492

 

 

 

225

 

 

 

1,608

 

 

 

421

 

Total stock-based compensation expense

 

$

1,013

 

 

$

512

 

 

$

3,035

 

 

$

977