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Stockholders' Equity and Stock Options (Tables)

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Assumptions used to Determine Fair Value of Stock Options Granted

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees during the three months ended March 31, 2025:

		March 31,
		2025
Risk-free interest rate		4.47%
Expected term (in years)		6.25
Expected volatility		94%
Dividend yield		0.00%

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2025 (amounts in millions, except for share, contractual term, and per share data):

						Weighted				Weighted Average				Aggregate
						Average				Remaining				Intrinsic
		Number of				Exercise				Contractual				Value (a)
		Shares				Price				Term (in years)				(in millions)
Outstanding as of December 31, 2024			6,436,387			$	7.78				7.6
Options granted			2,130,437				3.45
Options forfeited/expired			(25,335	)			5.62
Outstanding as of March 31, 2025			8,541,489			$	6.71				7.9			$	—
Exercisable as of March 31, 2025			3,708,423			$	9.54				6.4			$	—
Vested and expected to vest as of March 31, 2025			8,541,489			$	6.71				7.9			$	—

(a)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were "in the money" at March 31, 2025.

Summary of Restricted Stock Units

Activity with respect to the Company's RSUs and performance-based RSUs during the three months ended March 31, 2025 was as follows (in millions, except share, contractual term, and per share data):

						Weighted				Weighted Average				Aggregate
						Average				Remaining				Intrinsic
		Number of				Grant Date				Contractual				Value (a)
		Shares				Fair Value				Term (in years)				(in millions)
Outstanding as of December 31, 2024			699,003			$	4.69				1.2
Restricted stock units granted			544,988				3.46
Restricted stock units vested			(212,827	)			4.73
Restricted stock units forfeited			(8,103	)			4.80
Outstanding as of March 31, 2025			1,023,061			$	4.02				1.9			$	2.2
Unvested and expected to vest as of March 31, 2025			1,023,061			$	4.02				1.9			$	2.2

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was classified in the condensed consolidated statements of operations as follows:

		Three Months Ended March 31,
		2025				2024
Research and development		$	926			$	911
General and administrative			908				1,217
		$	1,834			$	2,128

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.

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