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Stock Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Based Compensation

NOTE 13: 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. No awards may be granted under the 2020 Plan after June 27, 2034. An aggregate of 30,000,000 shares of common stock is reserved for issuance in connection with awards granted under the 2020 Plan. As of June 30, 2025, 9,170,778 shares were available for future grants under the 2020 Plan.

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

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

157

 

 

$

120

 

 

$

288

 

 

$

236

 

General and administrative

 

 

639

 

 

 

232

 

 

$

1,071

 

 

 

533

 

Total stock-based compensation expense

 

$

796

 

 

$

352

 

 

$

1,359

 

 

$

769

 

 

 

The following table shows a summary of all stock option activity for the six months ended June 30, 2025:

 

 

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, 2025

 

 

20,691,571

 

 

$

1.60

 

 

 

 

 

 

 

Granted

 

 

4,377,147

 

 

 

0.98

 

 

 

 

 

 

 

Forfeited

 

 

(556,000

)

 

 

1.63

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Expired

 

 

(3,296

)

 

 

319.77

 

 

 

 

 

 

 

Outstanding as of June 30, 2025

 

 

24,509,422

 

 

$

1.45

 

 

 

7.04

 

 

$

343,096

 

Exercisable as of June 30, 2025

 

 

18,154,854

 

 

$

1.59

 

 

 

6.14

 

 

$

325,090

 

Vested and expected to vest

 

 

24,509,422

 

 

$

1.45

 

 

 

7.04

 

 

$

343,096

 

 

The Company granted 4,242,547 options to purchase shares of common stock to employees and directors during the three months ended June 30, 2025. The weighted average grant date fair value of options granted during the six months ended June 30, 2025 was $0.75.

 

As of June 30, 2025, the unrecognized compensation cost associated with unvested options was $4.7 million. This expense is expected to be recognized over a weighted-average period of 1.7 years.