Stock-Based Compensation |
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| Stock-Based Compensation | 9. Stock-Based Compensation The Company grants stock-based incentive awards pursuant to the 2021 Equity and Incentive Plan (the ‘2021 Plan’), 2019 Equity Incentive Plan (the ‘2019 Plan’), Apexigen Equity Incentive Plans (the ‘Apexigen Plan’) and the 2022 Equity Inducement Plan (the ‘2022 Inducement Plan’). As of September 30, 2025, there were 4,325,203 shares, 263,628 shares, 495,861 shares and 49,618 shares available for future issuance under the 2021 Plan, 2019 Plan, Apexigen Plan and 2022 Inducement Plan, respectively. Stock Options The following table summarizes stock option activity for the nine months ended September 30, 2025:
The aggregate intrinsic value is calculated as the difference between the exercise price of all outstanding and exercisable stock options and the fair value of the Company’s common stock of $2.20 per share as of September 30, 2025. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2025 and 2024 was $0 and $0.3 million, respectively. No stock options were exercised during the three months ended September 30, 2025 and 2024, respectively. The Company has an aggregate $6.5 million of gross unrecognized stock-based compensation expense as of September 30, 2025, remaining to be amortized over a weighted average period of 2.4 years. The weighted-average grant-date fair value of options granted during the three and nine months ended September 30, 2025, were $1.69 and $0.89 per share, respectively, and $2.91 and $3.14 per share for the three and nine months ended September 30, 2024, respectively, and was calculated using the following key input assumptions in the Black-Scholes option-pricing model:
Restricted Stock Units ('RSU') The following table summarizes restricted stock units activity for the nine months ended September 30, 2025:
(1) Includes 764,962 RSUs which are vested but not settled at September 30, 2025. (2) Includes the impact of equity modifications. During the nine months ended September 30, 2025, the Company issued 541,016 shares of its common stock from the settlement of 616,596 restricted common units, with the remaining shares withheld for taxes. The Company has an aggregate $2.2 million of gross unrecognized restricted stock-based compensation expense as of September 30, 2025, remaining to be amortized over a weighted average period of 2.0 years. Summary of Stock-Based Compensation Expense The following table summarizes the total stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024, respectively (in thousands):
2021 Employee Stock Purchase Plan (“2021 ESPP”) The Company has the 2021 ESPP in force. The Company issued 29,619 shares under the 2021 ESPP during the nine months ended September 30, 2025. The Company did not issue any shares during the three months ended September 30, 2025. During the three and nine months ended September 30, 2024, the Company issued 26,599 and 86,481 shares, respectively, of common stock pursuant to the ESPP. As of September 30, 2025, 653,777 shares are available for issuance under the 2021 ESPP. |
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