v3.25.2
Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Schedule of Estimated Fair Value of Each Stock Option Award

For stock options requiring an assessment of value during the six months ended June 30, 2025 and 2024, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model utilizing the following assumptions:

 

 

 

June 30, 2025

Risk-free interest rate

 

4.05% - 4.46%

Expected dividend yield

 

0%

Expected volatility

 

86.46% - 88.15%

Expected life

 

5.50 to 6.25 years

 

 

 

 

 

June 30, 2024

Risk-free interest rate

 

3.83% - 4.43%

Expected dividend yield

 

0%

Expected volatility

 

50.1% - 109.86%

Expected life

 

5.50 to 8.91 years

Summary of Stock Option Activity

A summary of stock option activity for the six months ended June 30, 2025 is as follows:

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Life
(in Years)

 

Stock options outstanding at December 31, 2024

 

 

10,471,724

 

 

$

5.61

 

 

 

7.27

 

Granted

 

 

1,938,100

 

 

 

0.99

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(1,527,640

)

 

 

5.33

 

 

 

 

Stock options outstanding at June 30, 2025

 

 

10,882,184

 

 

 

4.83

 

 

 

7.06

 

Stock options exercisable at June 30, 2025

 

 

6,315,208

 

 

$

7.12

 

 

 

5.67

 

 

Schedule of Stock-Based Compensation Included in Statement of Operations and Comprehensive Loss

Stock-based compensation for the three and six months ended June 30, 2025 and 2024 was included in the Company’s condensed consolidated statements of operations and comprehensive loss as follows:

 

 

 

Three Months Ended
June 30,

 

 

Six Months ended
June 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

General and administrative

 

$

580

 

 

$

859

 

 

$

1,275

 

 

$

1,814

 

Research and development

 

 

683

 

 

 

896

 

 

 

1,326

 

 

 

1,887

 

Total stock-based compensation

 

$

1,263

 

 

$

1,755

 

 

$

2,601

 

 

$

3,701