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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Schedule of Share Based Compensation Available for Grant under Incentive Plans

The number of shares available for grant under the Company’s incentive plans were as follows:

 

 

Previous

 

 

New

 

 

Inducement

 

 

 

 

 

 

Plan

 

 

Plan

 

 

Plan

 

 

Total

 

 Available for grant - January 1, 2023

 

 

—

 

 

 

1,067,682

 

 

 

—

 

 

 

1,067,682

 

Plan adjustments and amendments

 

 

(667,828

)

 

 

3,828,203

 

 

 

4,000,000

 

 

 

7,160,375

 

Grants

 

 

 

 

 

(5,447,757

)

 

 

—

 

 

 

(5,447,757

)

Forfeitures

 

 

667,828

 

 

 

3,714,597

 

 

 

—

 

 

 

4,382,425

 

 Available for grant - December 31, 2023

 

 

—

 

 

 

3,162,725

 

 

 

4,000,000

 

 

 

7,162,725

 

Plan adjustments and amendments

 

 

—

 

 

 

9,348,009

 

 

 

2,000,000

 

 

 

11,348,009

 

Grants

 

 

—

 

 

 

(12,442,262

)

 

 

(3,774,300

)

 

 

(16,216,562

)

Forfeitures

 

 

—

 

 

 

632,958

 

 

 

774,000

 

 

 

1,406,958

 

 Available for grant - December 31, 2024

 

 

—

 

 

 

701,430

 

 

 

2,999,700

 

 

 

3,701,130

 
Schedule of Restricted Stock Units Activity

The Company’s RSU activity for the years ended December 31, 2024 and 2023 was as follows:

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

 

 

 

Grant Date

 

 

 

Number

 

 

Fair Value

 

 

 

of Shares

 

 

per Share

 

Nonvested at January 1, 2023

 

 

1,257,844

 

 

$

6.52

 

Restricted units granted

 

 

332,532

 

 

 

1.06

 

Vested

 

 

(556,989

)

 

 

4.78

 

Cancelled or forfeited

 

 

(658,343

)

 

 

5.18

 

Nonvested at December 31, 2023

 

 

375,044

 

 

$

6.63

 

Restricted units granted

 

 

4,497,141

 

 

 

1.83

 

Vested

 

 

(323,031

)

 

 

7.50

 

Cancelled or forfeited

 

 

—

 

 

 

—

 

Nonvested at December 31, 2024

 

 

4,549,154

 

 

$

1.82

 
Schedule of Restricted Stock Awards Activity

The Company’s RSA activity for the year ended December 31, 2023 was as follows:

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

 

 

 

Grant Date

 

 

 

Number

 

 

Fair Value

 

 

 

of Shares

 

 

per Share

 

Nonvested at January 1, 2023

 

 

85,494

 

 

$

5.28

 

Restricted stock granted

 

 

—

 

 

 

—

 

Vested

 

 

(64,120

)

 

 

5.28

 

Cancelled or forfeited

 

 

(21,374

)

 

 

5.28

 

Nonvested at December 31, 2023

 

 

—

 

 

$

—

 
Schedule of Total Stock-Based Compensation Expense for Stock Options, ESPP, RSAs and RSUs

The following table summarizes the total stock-based compensation expense for the stock options, ESPP, RSAs and RSUs recorded in the consolidated statements of operations for the years ended December 31, 2024 and 2023 (in thousands):

 

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

Research and development expense

 

$

5,631

 

 

$

2,225

 

General and administrative expense

 

 

7,472

 

 

 

5,680

 

Total

 

$

13,103

 

 

$

7,905

 
Stock Options  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options

The following weighted-average assumptions were used to estimate the fair value of time-based vesting stock options that were granted during the years ended December 31, 2024 and 2023:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Risk-free interest rate

 

 

4.02

%

 

 

3.68

%

Expected dividend yield

 

 

—

 

 

 

—

 

Expected term (in years)

 

 

6.1

 

 

 

5.5

 

Expected volatility

 

 

89

%

 

 

82

%
Schedule of Stock Option Activity

The following table summarizes time-based vesting stock option activity, during the years ended December 31, 2024 and 2023:

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

Weighted

 

 

Average

 

 

Aggregate

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Intrinsic

 

 

 

Stock

 

 

Exercise

 

 

Contractual

 

 

Value

 

 

 

Options

 

 

Price

 

 

Life (in years)

 

 

(in thousands)

 

Outstanding at January 1, 2023

 

 

6,158,078

 

 

 

11.84

 

 

 

8.9

 

 

 

62

 

Options granted

 

 

2,726,871

 

 

 

0.99

 

 

 

 

 

 

 

Options cancelled or forfeited

 

 

(2,050,562

)

 

 

10.70

 

 

 

 

 

 

 

Options expired

 

 

(873,465

)

 

 

22.21

 

 

 

 

 

 

 

Options exercisable at December 31, 2023

 

 

5,960,922

 

 

$

5.75

 

 

 

8.7

 

 

$

1,960

 

Options granted

 

 

11,719,421

 

 

 

2.02

 

 

 

 

 

 

 

Exercised

 

 

(58,832

)

 

 

0.68

 

 

 

 

 

 

 

Options cancelled or forfeited

 

 

(1,327,123

)

 

 

2.50

 

 

 

 

 

 

 

Options expired

 

 

(73,783

)

 

 

17.01

 

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

16,220,605

 

 

$

3.29

 

 

 

8.7

 

 

$

1,967

 

Options exercisable at December 31, 2024

 

 

3,595,465

 

 

$

7.72

 

 

 

7.5

 

 

$

1,055

 

 
Performance Stock Options | Initial Options and Original Options  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options The following weighted-average assumptions were used to estimate the fair value of the options granted in February 2023 and the Original Options that were granted in May 2023:

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

4.02

%

Expected dividend yield

 

 

—

 

Expected term (in years)

 

 

6.0

 

Expected volatility

 

 

81

%
Performance Stock Options | Modified Options  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options The following assumptions were used to estimate the fair value of the Modified Options:

 

 

 

 

 

Risk-free interest rate

 

 

3.90

%

Expected dividend yield

 

 

—

 

Expected term (in years)

 

 

5.8

 

Expected volatility

 

 

88

%