XML 36 R28.htm IDEA: XBRL DOCUMENT v3.25.2

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

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

Summary of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted

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%

Schedule of 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

Summary of Restricted Stock Unit Activity

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

Summary of Performance Stock Units Activity

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

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Subparagraph (f)(2)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Subparagraph (c)
-Paragraph 2
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration