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

Stock-based compensation expense recognized for all equity awards has been reported in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development expense

 

$

664

 

 

$

913

 

 

$

1,327

 

 

$

1,824

 

Selling, general and administrative expense

 

 

4,707

 

 

 

2,452

 

 

 

9,342

 

 

 

4,856

 

Total

 

$

5,371

 

 

$

3,365

 

 

$

10,669

 

 

$

6,680

 

Summary of Activity Related to Stock Option

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

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Shares

 

 

Weighted-

 

 

Average

 

 

Aggregate

 

 

 

Subject to

 

 

Average

 

 

Remaining

 

 

Intrinsic

 

 

 

Options

 

 

Exercise

 

 

Contractual

 

 

Value

 

 

 

Outstanding

 

 

Price

 

 

Life (Years)

 

 

(in thousands)

 

Outstanding at December 31, 2024

 

 

15,161,180

 

 

$

6.63

 

 

 

 

 

 

 

Granted

 

 

3,158,150

 

 

$

11.54

 

 

 

 

 

 

 

Exercised

 

 

(630,187

)

 

$

4.07

 

 

 

 

 

 

 

Forfeited

 

 

(417,153

)

 

$

11.23

 

 

 

 

 

 

 

Outstanding at June 30, 2025

 

 

17,271,990

 

 

$

7.51

 

 

 

7.7

 

 

$

174,541

 

Exercisable at June 30, 2025

 

 

9,540,712

 

 

$

5.72

 

 

 

6.8

 

 

$

114,815

 

Summary of Fair Value of Each Option Grant Estimated Throughout Year Using Black-Scholes Option-pricing Model

The fair value of stock options granted was estimated using a Black-Scholes option-pricing model (“Black-Scholes”) with the following weighted-average assumptions:

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Expected term (in years)

 

 

6.0

 

 

 

6.0

 

Expected volatility

 

 

86.7

%

 

 

94.0

%

Risk-free interest rate

 

 

4.3

%

 

 

4.0

%

Expected dividend yield