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

Stock option activity is summarized as follows:

 

 

NUMBER OF
STOCK
OPTIONS

 

 

WEIGHTED-
AVERAGE
EXERCISE
PRICE

 

 

WEIGHTED-
AVERAGE
REMAINING
CONTRACTUAL
TERM (IN YEARS)

 

 

AGGREGATE
INTRINSIC
VALUE
(IN THOUSANDS)

 

Outstanding as of December 31, 2024

 

 

4,486,181

 

 

$

2.54

 

 

 

6.61

 

 

$

27,599

 

Granted

 

 

1,981,350

 

 

 

7.87

 

 

 

 

 

 

 

Exercised

 

 

(211,141

)

 

 

2.33

 

 

 

 

 

 

 

Cancelled, forfeited or expired

 

 

(121,322

)

 

 

6.06

 

 

 

 

 

 

 

Outstanding as of June 30, 2025

 

 

6,135,068

 

 

$

4.20

 

 

 

7.25

 

 

$

11,273

 

Exercisable as of June 30, 2025

 

 

3,731,279

 

 

$

2.71

 

 

 

6.02

 

 

$

9,717

 

Unvested as of June 30, 2025

 

 

2,403,789

 

 

$

6.51

 

 

 

9.16

 

 

$

1,556

 

 
Schedule of Fair Value of Stock Options Granted Was Estimated on Black-Scholes Options

The fair value of stock options granted was estimated on the grant date using the Black-Scholes option pricing model based on the following range of assumptions:

 

 

SIX MONTHS ENDED
JUNE 30,

 

 

 

2025

 

 

2024

 

Expected option life (years)

 

5.50 - 6.08

 

 

5.50 - 6.08

 

Risk-free interest rate

 

3.83% - 4.52%

 

 

4.21% - 4.32%

 

Expected volatility

 

118.46% - 121.09%

 

 

99.30% - 114.68%

 

Expected dividend yield

 

 

0

%

 

 

0

%
Summary of Restricted Stock Activity

Restricted stock activity is summarized as follows:

 

 

NUMBER OF
SHARES OPTIONS

 

 

WEIGHTED-
AVERAGE GRANT
DATE FAIR VALUE

 

Unvested at December 31, 2024

 

 

330,779

 

 

$

0.98

 

Granted

 

 

—

 

 

 

—

 

Vested

 

 

(330,779

)

 

 

0.98

 

Forfeited

 

 

—

 

 

 

—

 

Unvested at June 30, 2025

 

 

—

 

 

$

—

 

 
Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the three and six months ended June 30, 2025 and 2024 was classified in the condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands):

 

 

 

THREE MONTHS ENDED
JUNE 30,

 

 

SIX MONTHS ENDED
JUNE 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

424

 

 

$

1,269

 

 

$

298

 

 

$

1,822

 

General and administrative

 

 

626

 

 

 

572

 

 

 

1,066

 

 

 

1,062

 

Total stock-based compensation expense

 

$

1,050

 

 

$

1,841

 

 

$

1,364

 

 

$

2,884