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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense The amounts included in the consolidated statements of operations relating to stock-based compensation associated with the two equity incentive plans, cash awards, and CSBUs are as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Research and development expenses

 

$

1,321,086

 

 

$

864,184

 

General and administrative expenses

 

 

902,927

 

 

 

684,653

 

Total stock-based compensation expense

 

$

2,224,013

 

 

$

1,548,837

 

Summary of Activity Relating to Stock Options

The table below summarizes activity relating to stock options under the incentive plans for the three months ended March 31, 2025:

 

 

 

Number of
Shares

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Contractual
Term
(Years)

 

 

Aggregate
Intrinsic
Value(a)

 

Outstanding at December 31, 2024

 

 

7,621,580

 

 

$

5.64

 

 

 

6.34

 

 

$

4,885,683

 

Granted

 

 

1,089,637

 

 

 

6.17

 

 

 

 

 

 

 

Exercised/Released

 

 

(240,209

)

 

 

4.09

 

 

 

 

 

 

360,727

 

Expired

 

 

(134,490

)

 

 

9.99

 

 

 

 

 

 

 

Outstanding at March 31, 2025

 

 

8,336,518

 

 

$

5.69

 

 

 

6.81

 

 

$

8,154,571

 

Exercisable at March 31, 2025

 

 

5,191,022

 

 

$

6.17

 

 

 

5.45

 

 

$

4,634,583

 

 

 

(a)
The aggregate intrinsic value in the above table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on March 31, 2025 of $5.75 and the per share exercise price of the underlying options.
Summary of Activity Relating to Restricted Stock Units

The table below summarizes activity relating to restricted stock units (RSUs) for the three months ended March 31, 2025:

 

 

 

Number
of Shares

 

 

Weighted-Average Grant Date Fair Value

 

Outstanding at December 31, 2024

 

 

540,965

 

 

$

5.49

 

Vested

 

 

(149,942

)

 

 

5.97

 

Outstanding at March 31, 2025

 

 

391,023

 

 

$

5.30

 

Summary of Employee Stock Purchase Plan Activity A summary of the weighted-average grant-date fair value, and total stock-based compensation expense recognized related to the 2016 ESPP are as follows:

 

 

Three Months Ended March 31,

 

 

2025

 

 

2024

 

Weighted-average grant-date fair value per share

$

 

 

$

1.44

 

Total stock-based compensation expense

$

 

 

$

5,099