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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Stock-Based Compensation  
Schedule of stock option activity

Weighted

Average

Weighted-

Remaining

Aggregate

Average

Contractual

Intrinsic Value

    

Shares

    

Exercise Price

    

Term (years)

    

(in thousands)

Outstanding at December 31, 2024

 

6,850,889

$

13.75

 

8.31

$

2,946

Granted

 

4,450,300

$

6.53

Cancelled or forfeited

 

(74,905)

$

9.97

Expired

(473)

$

682.65

Outstanding at June 30, 2025

11,225,811

$

10.89

8.56

$

447

Vested and exercisable at June 30, 2025

3,570,804

$

14.39

7.22

$

302

Vested and expected to vest at June 30, 2025

 

11,225,811

$

10.89

8.56

$

447

Schedule of stock-based compensation expense

During the three and six months ended June 30, 2025 and 2024, the Company recorded stock-based compensation expense for employee and non-employee stock options and restricted stock, which was allocated as follows in the statements of operations (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

    

2025

    

2024

    

2025

    

2024

General and administrative

$

2,729

$

2,531

$

5,266

$

4,581

Research and development

1,622

920

 

2,924

 

1,624

Total

$

4,351

$

3,451

$

8,190

$

6,205