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EQUITY INCENTIVE PLANS | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
EQUITY INCENTIVE PLANS | EQUITY INCENTIVE PLANS 2024 Equity Incentive Plan, 2020 Inducement Incentive Plan and 2015 Equity Incentive Plan In May 2024, the Company’s board of directors approved and adopted the Company’s 2024 Equity Incentive Plan, or 2024 EIP. In July 2024, the Company’s stockholders approved the adoption of the 2024 EIP. The 2024 EIP is the successor to and continuation of the Company’s 2015 Equity Incentive Plan, or 2015 EIP, previously approved and adopted in March 2015 by the Company’s board of directors and stockholders. The 2024 EIP became effective on July 18, 2024. Upon the effectiveness of the 2024 EIP, no additional awards were or will be granted under the 2015 EIP, although all outstanding stock awards granted under the 2015 EIP continue to be governed by the terms of the 2015 EIP. Under the 2024 EIP, the Company may grant stock options, stock appreciation rights, restricted stock, RSUs, and other awards to individuals who are employees, officers, directors or consultants of the Company. In December 2020, the Company’s board of directors approved and adopted the 2020 Inducement Incentive Plan, which was most recently amended in February 2025, or 2020 IIP. Under the 2020 IIP, the Company may grant stock options, stock appreciation rights, restricted stock, RSUs, and other awards to individuals who were not previously employees or directors of the Company, or who are returning to employment following a bona fide period of non-employment with the Company, as an inducement material to such persons entering into employment with the Company. Terms of stock award agreements, including vesting requirements, are determined by the board of directors (or the compensation and human capital committee thereof), subject to the provisions of the 2024 EIP, 2020 IIP and 2015 EIP. Stock options granted by the Company generally vest over a three- or four-year period. Certain stock options are subject to acceleration of vesting in the event of certain change of control transactions. The stock options may be granted for a term of up to 10 years from the date of grant. The exercise price for stock options granted under the 2024 EIP, 2020 IIP and 2015 EIP must be at a price no less than 100% of the fair value of the shares on the date of grant, provided that for an incentive stock option granted to an employee who at the time of grant owns stock representing more than 10% of the voting power of all classes of stock of the Company, the exercise price shall be no less than 110% of the value on the date of grant. 2015 Employee Stock Purchase Plan In March 2015, the Company’s board of directors and stockholders approved and adopted the ESPP. The ESPP allows substantially all employees to purchase the Company’s common stock through a payroll deduction at a price equal to 85% of the lower of the fair market value of the stock as of the beginning or the end of each purchase period. An employee’s payroll deductions under the ESPP are limited to 15% of the employee’s eligible compensation. During the three months ended March 31, 2025 and 2024, no shares were issued pursuant to the ESPP. As of March 31, 2025, total unrecognized compensation expense related to the ESPP was immaterial and is expected to be recognized over approximately 0.5 years. Restricted Stock Units The following table summarizes RSU activity during the three months ended March 31, 2025:
| Number of RSUs |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024 | 177,273 |  |  | $ | 14.06 |
RSUs granted | 206,410 |  |  | 21.25 |
RSUs vested | (33,976) |  |  | 17.24 |
RSUs canceled | (11,953) |  |  | 15.30 |
Outstanding at March 31, 2025 | 337,754 |  |  | $ | 18.09 |
The weighted-average grant date fair value of RSUs granted by the Company during the three months ended March 31, 2024 was $13.70 per share. The total fair value of RSUs vested during the three months ended March 31, 2025 and 2024 was approximately $0.6 million and $0.7 million, respectively. At March 31, 2025, estimated unrecognized compensation expense related to RSUs granted was approximately $5.9 million. This unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 2.9 years. Stock Options The following table summarizes stock option activity during the three months ended March 31, 2025:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life in Years |  | Total Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024 | 2,303,738 |  |  | $ | 18.50 |  |  | 8.84 |  | $ | 29,729 |
Options granted | 730,415 |  |  | 21.53 |  |  |  |  |
Options exercised | (7,181) |  |  | 16.70 |  |  |  |  |
Options canceled | (213,249) |  |  | 22.97 |  |  |  |  |
Outstanding at March 31, 2025 | 2,813,723 |  |  | $ | 18.95 |  |  | 8.94 |  | $ | 17,215 |
Vested and expected to vest at March 31, 2025 | 2,813,723 |  |  | $ | 18.95 |  |  | 8.94 |  | $ | 17,215 |
Exercisable at March 31, 2025 | 661,275 |  |  | $ | 30.84 |  |  | 6.76 |  | $ | 3,490 |
The intrinsic value of a stock option is the difference between the market price of the common stock at the measurement date and the exercise price of the option. The weighted-average grant date fair value of stock options granted by the Company during the three months ended March 31, 2025, and 2024 was $15.76 and $9.80 per share, respectively. As of March 31, 2025, total unrecognized share-based compensation expense related to unvested stock options was approximately $23.6 million. This unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 2.7 years. Stock-based compensation expense recognized for RSUs, stock options, and the ESPP has been reported in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Stock compensation expense: |  |  |  |  |  |  |
Research and development | $ | 450 |  |  | $ | 227 |  |  |  |  |
General and administrative | 1,291 |  |  | 413 |  |  |  |  |
Stock compensation expense recorded in continuing operations | 1,741 |  |  | 640 |  |  |  |  |
Stock compensation expense recorded in discontinued operations | — |  |  | 155 |  |  |  |  |
Total stock compensation expense | $ | 1,741 |  |  | $ | 795 |  |  |  |  |

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