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Stock-Based Compensation (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Summary of Assumptions Used in Black-Scholes Option Pricing Model

    

For the Three Months

 

Ended March 31,

 

2024

 

Per share fair value of common stock

$

0.62

Expected volatility

 

73.8

%

Expected dividends

 

0

%

Expected term (in years)

 

5.9

Risk-free rate

 

3.93

%

For the Year Ended 

 

December 31,

 

    

2024

    

2023

 

Per share fair value of common stock

$

0.62

$

0.52

Expected volatility

 

73.8

%  

 

67.4

%

Expected dividends

 

0

%  

 

0

%

Expected term (in years)

 

5.9

 

6.1

Risk-free rate

 

3.93

%  

 

3.56

%

Summary of Compensation Expense Recognized

The following table illustrates the classification of stock-based compensation in the condensed statements of operations and comprehensive loss (in thousands):

    

For the Three Months Ended March 31,

    

2025

    

2024

Research and development

$

29

$

29

General and administrative

 

51

 

52

Total stock-based compensation

$

80

$

81

The following table illustrates the classification of stock-based compensation in the statements of operations (in thousands):

For the Year Ended 

December 31,

    

2024

    

2023

Research and development

$

169

$

111

General and administrative

 

150

 

203

Total stock-based compensation

$

319

$

314

Summary of Stock Option Activity

    

    

Weighted-

    

Weighted-Average

    

Number of

Average Exercise

Remaining Contractual

Intrinsic Value (In

    

Options

    

Price

    

Term (In Years)

    

Thousands)

Outstanding as of January 1, 2025

 

5,435,629

$

0.43

 

6.06

$

2,914

Exercised

 

(5,416)

 

0.63

 

  

 

  

Forfeited/expired

 

(15,000)

 

0.09

 

  

 

  

Outstanding as of March 31, 2025

 

5,415,213

$

0.43

 

5.82

$

2,899

Options exercisable as of March 31, 2025

 

4,775,534

$

0.39

 

5.61

$

2,747

Vested and expected to vest as of March 31, 2025

 

5,415,213

$

0.43

 

5.82

$

2,899

Weighted-

Weighted-Average

Number of

Average

Remaining Contractual 

Intrinsic Value

    

Options

    

Exercise Price

    

Term (In Years)

    

(In Thousands)

Outstanding as of January 1, 2024

 

5,509,379

$

0.43

 

7.04

$

2,699

Granted

 

25,000

 

0.92

 

 

Exercised

 

(63,750)

 

0.08

 

 

Forfeited/expired

 

(35,000)

 

0.82

 

 

Outstanding as of December 31, 2024

 

5,435,629

$

0.43

 

6.06

$

2,914

Options exercisable as of December 31, 2024

 

4,582,807

$

0.38

 

5.78

$

2,700

Vested and expected to vest as of December 31, 2024

 

5,435,629

$

0.43

 

6.06

$

2,914

Cara Therapeutics, Inc.    
Summary of Assumptions Used in Black-Scholes Option Pricing Model

Three Months Ended

March 31, 

    

2025

    

2024

Risk-free interest rate

 

4.12%

Expected volatility

 

89.6%

Expected dividend yield

 

0%

Expected life of employee and Board options (in years)

 

6.25

Year Ended December 31, 

    

2024

    

2023

    

2022

 

Risk-free interest rate

 

4.12% - 4.34

%  

3.38% - 4.65

%  

1.70% - 4.21

%

Expected volatility

 

89.6% - 89.8

%  

76.3% - 81.3

%  

77.7% - 81.9

%

Expected dividend yield

 

0

%  

0

%  

0

%

Expected life of employee and Board options (in years)

 

6.25

 

6.25

 

6.25

Summary of Stock Option Activity

Weighted

Number of

Average Exercise

    

Shares

    

 Price

Outstanding, December 31, 2024

 

113,487

$

319.80

Granted

 

 

Exercised

 

 

Forfeited

 

 

Expired

 

 

Outstanding, March 31, 2025

 

113,487

$

319.80

Options exercisable, March 31, 2025

 

64,989

Weighted

Aggregate

Number of

Average Exercise

Intrinsic

    

Shares

    

Price

    

Value

Outstanding, December 31, 2023

 

219,379

$

467.64

 

  

Granted

 

84,587

 

30.96

 

  

Exercised

 

 

 

  

Forfeited

 

(91,980)

 

182.88

 

  

Expired

 

(98,499)

 

529.29

 

  

Outstanding, December 31, 2024

 

113,487

$

319.86

$

Weighted average remaining contractual life as of December 31, 2024 (in years)

 

7.32

 

  

 

  

Options exercisable, December 31, 2024

 

61,867

$

454.26

$

Weighted average remaining contractual life as of December 31, 2024 (in years)

 

6.08

 

  

 

  

Options vested and expected to vest as of December 31, 2024

 

113,487

$

319.86

$

Weighted average remaining contractual life as of December 31, 2024 (in years)

 

7.32

 

  

 

  

Employees And Non-Employee Members Of Board Of Directors | Cara Therapeutics, Inc.    
Summary of Restricted Stock Unit Activity

Weighted

Number of

Average Grant

    

Units

    

Date Fair Value

Outstanding, December 31, 2024

 

26,638

$

52.53

Awarded

 

 

Vested and released

 

(792)

 

447.95

Forfeited

 

 

Outstanding, March 31, 2025

 

25,846

$

40.39

Restricted stock units exercisable (vested and deferred), March 31, 2025

 

Weighted

Number of

Average Grant

    

Units

    

Date Fair Value

Outstanding, December 31, 2023

 

15,731

$

333.72

Awarded

 

25,108

 

23.76

Vested and released

 

(10,390)

 

288.72

Forfeited

 

(3,811)

 

380.52

Outstanding, December 31, 2024

 

26,638

$

52.53

Restricted stock units exercisable (vested and deferred), December 31, 2024

 

Stock Options | Cara Therapeutics, Inc.    
Summary of Compensation Expense Recognized

Three Months Ended

March 31, 

    

2025

    

2024

Research and development

$

$

504

General and administrative

 

1,100

 

1,229

Total stock option expense

$

1,100

$

1,733

Year Ended December 31, 

    

2024

    

2023

    

2022

Research and development

$

1,016

$

5,973

$

7,222

General and administrative

 

5,274

 

5,634

 

6,426

Total stock option expense

$

6,290

$

11,607

$

13,648

Restricted Stock Units | Cara Therapeutics, Inc.    
Summary of Compensation Expense Recognized

Three Months Ended

March 31, 

    

2025

2024

Research and development

 

$

$

255

General and administrative

326

1,357

Total restricted stock unit expense

 

$

326

$

1,612

Year Ended December 31, 

    

2024

    

2023

    

2022

Research and development

$

248

$

476

$

765

General and administrative

2,391

1,647

3,321

Total restricted stock unit expense

$

2,639

$

2,123

$

4,086