Quarterly report [Sections 13 or 15(d)]

Stock-Based Compensation (Tables)

v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense The amount of stock-based compensation expense recognized for the three months ended March 31, 2025 and 2024 was as follows (in thousands): 
  Three Months Ended March 31,
  2025 2024
Research and development $ 1,301  $ 269 
General and administrative 1,940  360 
Total stock-based compensation $ 3,241  $ 629 
Schedule of Option Activity A summary of option activity for the three months ended March 31, 2025 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, 2024 1,999,749  $ 19.91  $ 14.98  9.6
Granted 1,832,000  $ 7.92  $ 6.54 
Balance at March 31, 2025 3,831,749  $ 14.18  $ 10.95  9.6
Exercisable at March 31, 2025 408,384  $ 53.59  $ 35.76  9.3
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 three months ended March 31, 2025.

Service-based options  
Expected term of option (in years)  
6.0 - 6.1
Expected stock price volatility  
99.9% - 104.1%
Risk-free interest rate  
4.05% - 4.45%
Expected annual dividend yield   0%
Schedule of Restricted Stock Shares Activity A summary of RSU activity for the three months ended March 31, 2025 is as follows:
  RSUs Outstanding
  Number of shares Weighted average grant date fair value
Unvested RSUs at December 31, 2024
 632,100  $ 9.88 
Granted —  — 
Vested (210,703) $ 9.88 
Unvested RSUs at March 31, 2025
 421,397