Annual report [Section 13 and 15(d), not S-K Item 405]

Stock Based Compensation (Tables)

v3.25.1
Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense The amount of stock-based compensation expense recognized for the years ended December 31, 2024 and 2023 was as follows (in thousands):
 
  Year Ended December 31,
  2024 2023
Research and development $ 2,402  $ 1,318 
General and administrative 3,450  2,157 
Total stock-based compensation $ 5,852  $ 3,475 
Schedule of Option Activity option activity for the year ended December 31, 2024 is as follows:
 
  Options Outstanding
  Number of shares Weighted average exercise price per share Weighted average grant date fair value per share Weighted average remaining contractual term
(in years)
Balance at December 31, 2023 7,211  $ 3,191.97  $ 1,930.00  8.3
Granted 1,993,100  $ 10.47  $ 9.04 
Forfeited (27) $ 323.13  $ 232.02 
Expired (535) $ 7,588.53  $ 3,731.46 
Balance at December 31, 2024 1,999,749  $ 19.91  $ 14.98  9.6
Exercisable at December 31, 2024 5,499  $ 3,202.54  $ 1,995.94  7.3
Schedule of Fair Value Assumptions for Options
The following table presents the assumptions used to compute stock-based compensation expense for stock options with service-based vesting conditions granted under the Black-Scholes valuation model for the years ended December 31, 2024 and 2023:
  Year Ended December 31,
Service-based options 2024 2023
Expected term of options (in years) 5.81 — 6.25 5.00 — 6.25
Expected stock price volatility 113.1% — 116.9% 89.8% — 146.0%
Risk-free interest rate 3.70% — 4.26% 3.43% — 4.13%
Expected annual dividend yield 0% 0%
Schedule Unvested Restricted Stock Shares Activity A summary of RSU activity for the year ended December 31, 2024 is as follows:
  RSUs Outstanding
  Number of shares Weighted average grant date fair value
Balance at Unvested RSUs at December 31, 2023 —  $ — 
Granted 632,100  9.88 
Unvested RSUs at December 31, 2024 632,100  $ 9.88