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Equity-Based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Equity-Based Compensation | 8. Equity-Based Compensation Equity-Based Compensation Expense The Company has classified equity-based compensation expense in its condensed consolidated statements of operations as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 1,116 |  |  | $ | 832 |  |  | $ | 2,218 |  |  | $ | 1,380 |
General and administrative |  |  | 2,029 |  |  |  | 1,260 |  |  |  | 4,268 |  |  |  | 2,323 |
Total |  | $ | 3,145 |  |  | $ | 2,092 |  |  | $ | 6,486 |  |  | $ | 3,703 |
Equity Incentive Plans As of June 30, 2025, the Company’s approved equity incentive plans include: the 2018 Omnibus Incentive Plan (the "2018 Plan"); Amended and Restated 2020 Equity Incentive Plan, as amended (the "2020 Plan"); the Amended and Restated 2021 Employee Stock Purchase Plan; and the 2024 Inducement Stock Incentive Plan (the "2024 Plan"). These plans are administered by the Board of Directors (the "Board") and permit the granting of stock options, stock appreciation rights, restricted stock, restricted stock units (the "RSUs"), performance awards, and other stock‑based or cash-based awards. Upon the adoption of the 2020 Plan, the Company no longer grants new equity awards under its 2018 Plan. Amended and Restated 2020 Equity Incentive Plan On June 12, 2025 and June 11, 2024, the Company's stockholders approved amendments to the 2020 Plan to increase the number of shares of common stock reserved for issuance under the plan by 9,000,000 shares and 2,000,000 shares, respectively. As of June 30, 2025, there were 2,450,074 stock options outstanding, 2,433,589 RSUs outstanding, 2,074,188 performance stock units outstanding, and 9,173,225 shares remained available for future issuance under the 2020 Plan. 2024 Inducement Stock Incentive Plan In March 2024, the Board approved the 2024 Plan, which provides for the reservation of 1,000,000 shares of common stock for equity granted as an inducement material to the individual’s entering into employment with the Company and in accordance with the requirements of Nasdaq Stock Market Rule 5635(c)(4). As of June 30, 2025, there were 100,000 stock options outstanding, 492,256 RSUs outstanding, and 386,111 shares remained available for future issuance under the 2024 Plan. Stock Options The table below summarizes the activity with respect to stock options for the six months ended June 30, 2025:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2025 |  |  | 2,927,937 |  |  | $ | 18.22 |  |  |  | 8.01 |  |  | $ | 193 |
Granted |  |  | 642,148 |  |  | $ | 4.56 |  |  |  |  |  |  |
Exercised |  |  | (2,733 | ) |  | $ | 2.35 |  |  |  |  |  |  |
Expired |  |  | (139,165 | ) |  | $ | 67.13 |  |  |  |  |  |  |
Forfeitures |  |  | (103,882 | ) |  | $ | 6.09 |  |  |  |  |  |  |
Outstanding at June 30, 2025 |  |  | 3,324,305 |  |  | $ | 13.93 |  |  |  | 8.14 |  |  | $ | 467 |
Vested and expected to vest at June 30, 2025 |  |  | 3,324,305 |  |  | $ | 13.93 |  |  |  | 8.14 |  |  | $ | 467 |
Exercisable at June 30, 2025 |  |  | 1,668,986 |  |  | $ | 21.64 |  |  |  | 7.41 |  |  | $ | 107 |
The assumptions used in the Black-Scholes option-pricing model for all stock options granted during each period presented are as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Common stock price |  | $4.58 |  | $7.51 |  | $4.10 - $4.58 |  | $5.76 - $7.85
Expected volatility |  | 114.2% |  | 122.9% |  | 112.1% - 114.2% |  | 122.9% - 128.7%
Expected dividends |  | 0% |  | 0% |  | 0% |  | 0%
Expected term (in years) |  | 5.50 |  | 5.50 |  | 5.31 - 5.50 |  | 5.31 - 6.25
Risk-free rate |  | 4.0% |  | 4.4% |  | 4.0% - 4.4% |  | 3.8% - 4.4%
The weighted average grant date fair values of stock options granted during the three months ended June 30, 2025 and 2024 were $3.84 and $6.52, respectively, and the weighted average grant date fair values of stock options granted during the six months ended June 30, 2025 and 2024 were $3.83 an d $6.91, resp ectively. The Company recognize d $1.2 million and $1.1 m illion of equity-based compensation expense in connection with stock options during the three months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025 and 2024, the Company recognized equity-based compensation expense in connection with stock opt ions of $2.6 million an d $2.0 million, respectively. As of June 30, 2025, there was $8.3 m illion of total unrecognized equity-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted average period of 1.7 years. Restricted Stock Units The following table summarizes activity with respect to RSUs during the six months ended June 30, 2025:
|  | Units |  |  | Weighted- Average Grant Date Fair Value |
Nonvested RSUs at January 1, 2025 |  |  | 1,480,272 |  |  | $ | 7.50 |
Granted |  |  | 2,188,256 |  |  | $ | 3.23 |
Vested |  |  | (280,159 | ) |  | $ | 7.76 |
Forfeitures |  |  | (286,245 | ) |  | $ | 4.73 |
Nonvested RSUs at June 30, 2025 |  |  | 3,102,124 |  |  | $ | 4.72 |
The Company recognized $1.1 million and $0.8 million of equity-based compensation expense in connection with RSUs during the three months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025 and 2024, the Company recognized equity-based compensation expense in connection with RSUs of $2.1 million and $1.4 million, respectively. As of June 30, 2025, there was $12.6 million of total unrecognized equity-based compensation expense related to nonvested RSUs, which is expected to be recognized over a weighted average period of 3.2 years. Performance Stock Units In June 2024, the Board approved a grant of performance-based restricted stock unit awards ("PSUs" or "Performance Awards") to the Company’s executive team. Each PSU represents the contingent right to receive one share of the Company’s common stock. These Performance Awards provide for the vesting of 25% of the target number of underlying RSUs granted upon the achievement of each of four independent performance milestones predetermined by the Board ("Performance Milestones"), subject to the grantee’s continued service with the Company (the "Approval Conditions"). The Performance Milestones are tied to the achievement of certain business objectives and are non-market and non-financial in nature. The Board will determine that all Approval Conditions have been satisfied and the number of units that will ultimately vest on the 2026 Evaluation Date, which will occur in the first quarter of 2026, and the 2027 Evaluation Date, which will occur in the first quarter of 2027. A maximum of 25% of the target number of RSUs may vest at the 2026 Evaluation Date and the percentage of the target number of RSUs allocable to any Performance Milestone that has not been achieved on or prior to the 2027 Evaluation Date shall be cancelled. The following table summarizes activity with respect to PSUs during the six months ended June 30, 2025:
|  | Units |  |  | Weighted- Average Grant Date Fair Value |
Nonvested PSUs at January 1, 2025 |  |  | 2,165,325 |  |  | $ | 7.51 |
Granted |  |  | — |  |  | $ | — |
Vested |  |  | — |  |  | $ | — |
Forfeitures |  |  | (91,137 | ) |  | $ | 7.51 |
Nonvested PSUs at June 30, 2025 |  |  | 2,074,188 |  |  | $ | 7.51 |
The Company recognized $0.8 million and $0.1 million of equity-based compensation expense in connection with PSUs during the three months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025 and 2024, the Company recognized equity-based compensation expense in connection with PSUs of $1.8 million and $0.1 million, respectively. As of June 30, 2025, there was $3.8 million of unrecognized equity-based compensation expense related to nonvested PSUs based on the achievement of all Performance Milestones, which is expected to be recognized over a weighted average period of 1.4 years.

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