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Stock-based Compensation (Tables)
9 Months Ended
Sep. 30, 2025
Stock-based Compensation  
Summary of incentive plan activity

The following table summarizes the incentive plan activity for the nine months ended September 30, 2025, and the year ended December 31, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except share and per share data)

 

Shares Available for Grant

 

 

Stock Options Outstanding

 

 

RSUs Outstanding

 

 

Weighted Average Stock Option Exercise Price

 

 

Weighted Average Remaining Contractual Life (Years)

 

 

Aggregate Intrinsic Value*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances as of January 1, 2024

 

 

417

 

 

 

16

 

 

 

1,798

 

 

$

 

893,466

 

 

 

6.21

 

 

$

 

 

Additional shares authorized

 

 

46,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options granted

 

 

(30,578

)

 

 

30,578

 

 

 

 

 

 

 

32

 

 

 

 

 

 

 

 

Options canceled

 

 

124

 

 

 

(124

)

 

 

 

 

 

 

221

 

 

 

 

 

 

 

 

RSUs granted

 

 

(5,644

)

 

 

 

 

 

5,644

 

 

 

 

 

 

 

 

 

 

 

 

RSUs vested and released

 

 

7,216

 

 

 

 

 

 

(7,216

)

 

 

 

 

 

 

 

 

 

 

 

RSUs cancelled

 

 

6

 

 

 

 

 

 

(6

)

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

17,695

 

 

 

30,470

 

 

 

220

 

 

$

 

311

 

 

 

9.77

 

 

$

 

 

Additional shares authorized

 

 

327,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options granted

 

 

(520

)

 

 

520

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

Options canceled

 

 

1,388

 

 

 

(1,388

)

 

 

 

 

 

 

32

 

 

 

 

 

 

 

 

RSUs granted

 

 

(12,100

)

 

 

 

 

 

12,100

 

 

 

 

 

 

 

 

 

 

 

 

RSUs vested

 

 

(1,292

)

 

 

 

 

 

1,292

 

 

 

 

 

 

 

 

 

 

 

 

RSUs cancelled

 

 

5,204

 

 

 

 

 

 

(5,204

)

 

 

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2025

 

 

337,402

 

 

 

29,602

 

 

 

8,408

 

 

$

 

3,409

 

 

 

8.94

 

 

$

 

 

Exercisable at September 30, 2025

 

 

 

 

7,869

 

 

 

 

 

$

 

425.02

 

 

8.69

 

 

$

 

 

Vested and expected to vest at September 30, 2025

 

 

 

 

7,869

 

 

 

 

 

$

 

425.02

 

 

8.69

 

 

$

 

 

* The fair market value of Jaguar stock on September 30, 2025, was $2.33 per share.

Summary of stock-based compensation expense

The following table summarizes stock-based compensation expenses related to stock options, inducement stock options, and RSUs for the three and nine months ended September 30, 2025 and 2024, and are included in the unaudited condensed consolidated statements of operations as follows:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

September 30,

 

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

Research and development expense

 

$

 

25

 

 

$

 

97

 

 

$

 

234

 

 

$

 

562

 

 

Sales and marketing expense

 

 

 

28

 

 

 

 

32

 

 

 

 

82

 

 

 

 

104

 

 

General and administrative expense

 

 

 

82

 

 

 

 

181

 

 

 

 

399

 

 

 

 

608

 

 

Total

 

$

 

135

 

 

$

 

310

 

 

$

 

715

 

 

$

 

1,274