Stock Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

NOTE 14: STOCK BASED COMPENSATION

On May 15, 2020, the stockholders of the Company approved the 2020 Stock Incentive Plan (the 2020 Plan) to provide for the grants of equity-based awards to employees, officers, non-employee directors and other key persons providing services to the Company. An aggregate of 3,000,000 shares of common stock was initially reserved for issuance in connection with awards granted under the 2020 Plan. On May 14, 2021, the stockholders approved an additional 15,000,000 shares available for issuance under the 2020 Plan. On June 27, 2024, the stockholders of the Company approved an amendment and restatement of the 2020 Plan which increased the shares available for issuance by 12,000,000 shares, to a total of 30,000,000 shares available for grant. The 2020 Plan was also extended through June 27, 2034. As of December 31, 2024, 12,991,925 shares were available for future grants under the 2020 Plan.

The Company granted 4,701,334 and 6,828,600 options to purchase shares of common stock to employees and directors during the years ended December 31, 2024 and 2023, respectively. The weighted average grant date fair value of options granted during the years ended December 31, 2024 and 2023 was $0.88 and $0.69, respectively. There were 343,998 options exercised during the year ended December 31, 2024. No options were exercised during the year ended December 31, 2023.

The fair values of stock options granted were calculated using the Black-Scholes option-pricing model applying the following assumptions:

	Year Ended December 31,
	2024		2023
Risk-free interest rate	4.01% - 4.24%		3.27% - 4.48%
Expected term (in years)	5.31 - 6.11		5.31 - 6.16
Dividend yield		—		—
Expected volatility	97% - 120%		103% - 129%

The Company recognized stock-based compensation expense in the Consolidated Statements of Operations as follows (in thousands):

	Year Ended December 31,
	2024		2023
General and administrative	$	1,647	$	3,038
Research and development		645		1,583
Total stock-based compensation expense	$	2,292	$	4,621

The following table shows a summary of all stock option activity for the year ended December 31, 2024:

	Number of Underlying Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Contractual Life Remaining in Years		Aggregate Intrinsic Value
Outstanding as of January 1, 2024		17,506,345		$	1.79
Granted		4,701,334			1.11
Forfeited		(1,167,504	)		1.60
Exercised		(343,998	)		0.79
Expired		(4,606	)		258.08
Outstanding as of December 31, 2024		20,691,571		$	1.60		6.95	$	657,814
Exercisable as of December 31, 2024		16,978,976		$	1.71		6.42	$	594,188
Vested and expected to vest		20,691,571		$	1.60		6.95	$	657,814

As of December 31, 2024, there were 3,712,595 unvested options outstanding, and the related unrecognized total compensation cost associated with these options was $3.0 million. This expense is expected to be recognized over a weighted-average period of 1.83 years.