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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 12. Stock-Based Compensation 2019 Stock Option and Grant Plan The Company’s 2019 Plan, as amended, provides for the Company to sell or issue common stock or restricted common stock or to grant incentive stock options or nonqualified stock options for the purchase of common stock, to employees, members of the Board, and consultants of the Company. The 2019 Plan is administered by the Board or at the discretion of the Board by a committee of the Board. The exercise prices, vesting periods, and other restrictions are determined at the discretion of the Board or a committee of the Board, except that the exercise price per share of stock options may not be less than 100% of the fair market value of the share of common stock on the date of grant and the contractual term of stock option may not be greater than 10 years. Stock options granted to date typically vest and become exercisable over four years from the date of grant. As of the date the 2024 Plan became effective, there will be no further awards granted under the 2019 Plan, but all outstanding awards under the 2019 Plan will continue to be governed by their existing terms. 2,875,990 stock options to purchase common stock were outstanding under the 2019 Plan as of March 31, 2025. 2024 Stock Option and Incentive Plan In August 2024, the Company's board of directors adopted, and its stockholders approved, the 2024 Plan, which became effective in September 2024. The 2024 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors and consultants. The 2024 Plan provides for the grant of incentive stock options, stock options, stock appreciation rights, restricted shares of common stock, restricted stock units, dividend equivalent rights and cash bonuses. The number of shares initially reserved for issuance under the 2024 Plan is 3,065,000 shares. In addition, the number of shares reserved and available for issuance under the 2024 Plan will automatically increase on January 1, 2025 and each January 1 thereafter, by five percent (5%) of the sum of the outstanding number of shares of common stock and the numbers of shares of common stock issuable pursuant to the exercise of any outstanding warrants to acquire common stock for a nominal exercise price on the immediately preceding December 31 or such lesser number of shares as determined by the compensation committee. The number of shares reserved under the 2024 Plan is subject to adjustment in the event of a stock split, stock dividend or other change in our capitalization. As of March 31, 2025, 1,421,420 stock options to purchase common stock were outstanding under the 2024 Plan, and 3,476,513 shares remained available for future grant under the 2024 Plan. The shares available for issuance under the 2024 Plan may be authorized but unissued shares or shares reacquired by the Company. The shares of common stock underlying any awards under the 2024 Plan and the 2019 Plan that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of stock, expire or are otherwise terminated (other than by exercise) will be added back to the shares of common stock available for issuance under the 2024 Plan. 2024 Employee Stock Purchase Plan In August 2024, the Company's board of directors adopted, and its stockholders approved, the 2024, which became effective in September 2024. A total of 289,436 shares of common stock were initially reserved for issuance under the 2024 ESPP. The 2024 ESPP provides that the number of shares reserved and available for issuance will automatically increase on January 1, 2025 and each January 1 thereafter, by the least of (i) 578,872 shares of common stock, (ii) one percent (1%) of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or (iii) such lesser number of shares of common stock as determined by the administrator of the 2024 ESPP. The number of shares reserved under the 2024 ESPP is subject to adjustment in the event of a stock split, stock dividend or other change in our capitalization. As of March 31, 2025, 623,651 shares remained available for issuance under the 2024 ESPP. No shares were issued under the 2024 ESPP during the three months ended March 31, 2025. Stock option valuation The determination of the grant date fair value of stock-based awards granted to employees, directors and nonemployees during the three months ended March 31, 2025 and 2024, was estimated using the Black-Scholes option-pricing model and was calculated based on the following assumptions.
|  | Three months ended March 31,
|  | 2025 |  | 2024
Fair value of common stock |  | $10.14 - $18.25 |  | $9.14
Dividend yield |  | —% |  | —%
Volatility |  | 93.7% - 93.9% |  | 90%
Risk-free interest rate |  | 4.01% - 4.42% |  | 3.93% - 5.18%
Expected term (years) |  | 6.08 |  | 0.50 - 6.08
Summary of option activity The Company’s stock option activity regarding employees, directors, and nonemployees for the three months ended March 31, 2025, is summarized as follows (in thousands except share and per share amounts):
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life (years) |  |  | Aggregate intrinsic value |
Options outstanding - December 31, 2024 |  |  | 3,502,440 |  |  | $ | 8.70 |  |  |  | 8.89 |  |  | $ | 34,307 |
Granted |  |  | 914,206 |  |  |  | 10.71 |  |  |  |  |  |  |
Exercised |  |  | (3,019 | ) |  |  | 1.23 |  |  |  |  |  |  |
Forfeited |  |  | (116,217 | ) |  |  | 9.42 |  |  |  |  |  |  |
Options outstanding - March 31, 2025 |  |  | 4,297,410 |  |  | $ | 9.12 |  |  |  | 9.04 |  |  |  | 3,158 |
Options vested and expected to vest - March 31, 2025 |  |  | 4,297,410 |  |  | $ | 9.12 |  |  |  | 9.04 |  |  |  | 3,158 |
Options exercisable - March 31, 2025 |  |  | 2,384,405 |  |  | $ | 6.56 |  |  |  | 8.17 |  |  | $ | 3,155 |
Additional information with regard to stock option activity involving employees and directors for the three months ended March 31, 2025 and 2024, is as follows (in thousands except per share amounts):
|  | March 31, |
|  | 2025 |  |  | 2024 |
Weighted-average grant date fair value per option of total options granted |  | $ | 8.39 |  |  | $ | 5.84 |
Aggregate intrinsic value of stock options exercised |  |  | 27 |  |  |  | 158 |
As of March 31, 2025, total unrecognized compensation cost related to the unvested awards to employees, directors, and nonemployees is $23.2 million, which is expected to be recognized over a weighted-average period of 3.1 years. Stock-based compensation During the three months ended March 31, 2025 and 2024, the Company recorded stock-based compensation expense regarding its employees, directors, and nonemployees as follows (in thousands):
|  | Three months ended March 31, |
|  | 2025 |  |  | 2024 |
Research and development expense |  | $ | 834 |  |  | $ | 1,056 |
General and administrative expense |  |  | 1,005 |  |  |  | 567 |
Total |  | $ | 1,839 |  |  | $ | 1,623 |

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