v3.25.2
Stockholders’ (Deficit) Equity
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stockholders’ (Deficit) Equity Stockholders’ (Deficit) Equity
February 2024 Private Placements
On February 7, 2024, the Company entered into a securities purchase agreement, pursuant to which the Company sold 10.5 million shares of its common stock and, in lieu of common stock, pre-funded warrants to purchase an aggregate of 75,000 shares of common stock (the “Pre-Funded Warrants”) to certain institutional and accredited investors in a private placement. The purchase price per share was $12.00, or $11.999 per Pre-Funded Warrant, which represents the purchase price per share minus the $0.001 per share exercise price of each Pre-Funded Warrant. Such Pre-Funded Warrants can be exercised at any time and have no expiration date.
The exercise of the outstanding Pre-Funded Warrants is subject to a beneficial ownership limitation of 9.99%. The Pre-Funded Warrants were classified as a component of stockholders’ (deficit) equity. As of June 30, 2025, none of the Pre-Funded Warrants had been exercised.
Concurrently, the Company also entered into a securities purchase agreement with two directors of the Company (together with the private placement to certain institutional and accredited investors, the “2024 Private Placements”). The Company issued and sold 23,000 shares at $13.50 per share on otherwise substantially the same terms as those set forth in the Securities Purchase Agreement.
At the close of the 2024 Private Placements on February 7, 2024, the Company received total gross proceeds of $127.8 million, before deducting placement agent fees and offering expenses.
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss included $0.4 million and $0.5 million of accumulated currency translation adjustments as of June 30, 2025 and December 31, 2024, respectively.
Equity Incentive Awards
Stock Options
The following table summarizes the Company’s option activity and related information:
Number of
Options
(in thousands)		Weighted-
Average
Exercise Price
Balance at December 31, 20243,909 $29.39 
Options granted1,131 3.99 
Options forfeited(26)93.25 
Balance at June 30, 20255,014 23.32 
Exercisable as of June 30, 20251,948 47.82 
Repricing
On June 17, 2025 (“Effective Date" or "Repricing Date”), the Company held its annual meeting of stockholders, at which the Company’s stockholders approved the amendment of certain outstanding stock options to reduce the exercise price per share of such options. The repricing applied to each option to purchase shares of the Company’s common stock that: (a) was granted under the Company’s 2014 Equity Incentive Award Plan, 2017 Inducement Plan or 2024 Equity Incentive Award Plan; (b) was outstanding on the Effective Date; (c) as of the Effective Date, was held by a then-current employee or consultant of the Company (subject to certain exceptions); and (d) had an exercise price that was, as of the Effective Date, higher than the prior 52-week intraday high trading price of the Company’s common stock as of the Effective Date (i.e., higher than $10.14) (“Eligible Options”). The Eligible Options included certain options held by certain of the Company’s executive officers. Options held by non-employee members of the Board were not eligible for the repricing program.
As of the Effective Date, the Eligible Options were immediately repriced such that the exercise price per share for such options was reduced to $10.14, subject to certain retention requirements outlined below.
For a participant to exercise the option at the reduced price, he or she must remain in service to the Company for twenty-four months following the Effective Date (or, if earlier, until a change in control or the participant’s Termination of Service (as defined in the 2024 Equity Incentive Award Plan) by reason of death or disability). If a participant exercises Eligible Options in advance of the end of the retention period, the participant will be required to pay an exercise price equal to the original exercise price per share of the Eligible Options. There were no changes to the number of shares underlying the Eligible Options or to the vesting schedules or expiration dates of the Eligible Options.
As of the Effective Date, the total number of shares underlying all Eligible Options was 1.7 million. The effect of the repricing resulted in total incremental stock-based compensation expense of $0.7 million, which will be recognized on a straight-line basis through the end of the retention period or the original remaining vesting period of the Eligible Options, whichever is longer. Incremental stock-based compensation expense recognized during the three and six months ended June 30, 2025 was not material. The incremental stock-based compensation expense was calculated using the Hull-White I Lattice model.
Restricted Stock Units (“RSUs”)
The following table summarizes the Company’s RSUs activity and related information:
Number of RSUs
(in thousands)		Weighted-
Average Grant-
Date Fair Value
Outstanding at December 31, 2024259 $16.00 
Granted291 4.12 
Vested and released(77)23.64 
Forfeited(4)5.26 
Outstanding at June 30, 2025469 7.48 
Stock-Based Compensation Expense
The following table presents, by operating expense, the Company’s stock-based compensation expense:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(In thousands)
Research and development$1,086 $1,088 $2,297 $2,208 
General and administrative1,337 2,857 2,904 5,903 
Total stock-based compensation expense$2,423 $3,945 $5,201 $8,111