As of March 31, 2025, the Company had 2,656,462 shares of its common stock available for future issuance under the 2023 Inducement Plan.

As of March 31, 2025, the Company had 4,877,228 shares of its common stock available for future issuance under its 2021 Equity Incentive Plan.

The Company’s stock options generally vest over 48 months with 25% vesting after one year followed by ratable monthly vesting over the remaining three years and have a contractual term of 10 years. The weighted-average assumptions used principally in determining the fair value of new options granted during the periods presented were as follows:


	Three Months Ended March 31,
	2025			2024
Expected term (in years)		6.0			6.0
Expected volatility		85.5	%		90.8	%
Risk-free interest rate		4.4	%		4.0	%
Dividend yield		—			—

During the three months ended March 31, 2025 and 2024, the Company granted new stock options to purchase 4,043,250 shares and 1,449,975 shares of its common stock, respectively, with a weighted-average grant-date fair value of $0.99 and $1.84 per share, respectively. As of March 31, 2025, total unrecognized compensation expense related to stock options was $11.6 million, which includes incremental compensation cost related to the Option Repricing as discussed below. This amount is expected to be recognized over a weighted-average period of 1.8 years based on management’s expectations as of the balance sheet date.

As of March 31, 2025, there were no shares that were both exercised and unvested.

On February 3, 2025, the Company's board of directors approved a stock option repricing (the “Option Repricing”) whereby the exercise price of certain outstanding options to purchase shares of the Company’s common stock was reduced to $1.34 per share. The repricing applied to options to purchase shares of the Company’s common stock held by continuing employees as of February 3, 2025 that had an exercise price per share greater than $1.34; provided that holders of repriced options must remain in continuous service with the Company through February 3, 2026 or, if earlier, a change in control of the Company or 30 days prior to the applicable repriced option’s original expiration date (the “Retention Period”). If any such repriced option is exercised prior to the end of the Retention Period, the exercise price per share will be the original exercise price per share, and not the reduced exercise price. The total number of shares underlying all repriced options was approximately 6.76 million shares. The repriced options previously had exercise prices ranging from $1.36 to $44.96 per share.

Management determined that the Option Repricing represents a modification of share-based awards and calculated incremental compensation cost of approximately $1.9 million resulting from the modification. As the conditions of the modified terms were expected to be met as of the modification date and the balance sheet date, the Company determined it would recognize the incremental compensation cost associated with the modification ratably over the longer of the one-year Retention Period and the remaining service period of the original option.

During the three months ended March 31, 2025 and 2024, the Company granted 1,224,000 restricted stock units and 1,070,025 restricted stock units, respectively, with a weighted-average grant date fair value of $1.32 and $2.41 per share, respectively. As of

March 31, 2025, total unrecognized compensation expense related to restricted stock units was $4.4 million, which is expected to be recognized over a weighted-average period of 2.4 years.

As of March 31, 2025, the Company had 2,988,537 shares of its common stock available for issuance under its Employee Stock Purchase Plan (“ESPP”).

The Company did not issue any shares of common stock under the ESPP during the three months ended March 31, 2025 and 2024.

Stock-based compensation expense was allocated as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Research and development	$	1,042	$	1,405
General and administrative		891		1,676
Total stock-based compensation expense	$	1,933	$	3,081