v3.25.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2025:

 

Number of Options

 

 

Weighted Average
Exercise Price

 

 

Weighted Average
Remaining Contractual
Term (Years)

 

 

Aggregate
Intrinsic Value
(in thousands)

 

Outstanding at January 1, 2025

 

9,711,075

 

 

$

5.04

 

 

 

8.2

 

 

$

44

 

Granted

 

4,754,042

 

 

 

1.16

 

 

 

 

 

 

 

Expired

 

(530,129

)

 

 

4.01

 

 

 

 

 

 

 

Forfeited

 

(1,354,724

)

 

 

1.71

 

 

 

 

 

 

 

Outstanding at September 30, 2025

 

12,580,264

 

 

$

3.98

 

 

 

7.7

 

 

$

6,164

 

Options exercisable September 30, 2025

 

5,134,799

 

 

$

6.32

 

 

 

5.6

 

 

$

942

 

Schedule of Estimated Fair Value Assumptions

 

Three months ended September 30,

 

Nine Months Ended September 30,

2025

 

2024

 

2025

 

2024

Expected volatility

98.68% - 99.03%

 

99.87%

 

93.92% - 101.51%

 

99.41% - 102.27%

Risk-free interest rate

3.74% - 3.91%

 

3.55%

 

3.74% - 4.45%

 

3.55% - 4.48%

Expected dividend yield

0.00%

 

0.00%

 

0.00%

 

0.00%

Expected term (in years)

5.13 - 6.08

 

6.08

 

5.00 - 6.08

 

5.00 - 6.08

Summary of Restricted Stock Awards and Restricted Stock Units

The following table summarizes restricted stock units activity for the nine months ended September 30, 2025:

 

 

Number of Units

 

 

Weighted Average
Grant Date Fair Value

 

Outstanding at January 1, 2025

 

2,533,650

 

 

$

3.26

 

Granted

 

24,260

 

 

 

0.92

 

Forfeited

 

(141,225

)

 

 

3.26

 

Vested and settled

 

(616,596

)

 

 

3.24

 

Outstanding at September 30, 2025(1)(2)

 

1,800,089

 

 

$

2.60

 

 

(1) Includes 764,962 RSUs which are vested but not settled at September 30, 2025.

(2) Includes the impact of equity modifications.

Summary of Total 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):

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

General and administrative

 

$

2,375

 

 

$

2,145

 

 

$

7,330

 

 

$

7,887

 

Research and development

 

 

698

 

 

 

836

 

 

$

2,389

 

 

 

2,285

 

Total

 

$

3,073

 

 

$

2,981

 

 

$

9,719

 

 

$

10,172