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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
As of September 30, 2025, there was an aggregate of 806,700 shares of common stock available for issuance under the Company’s equity incentive plans, including 462,097 shares available for future grants under the Company’s 2021 Incentive Award Plan, 177,295 shares available for future grants under the Company’s 2022 Equity Incentive Plan, as amended, and 167,308 shares available for future grants issuance under the Company’s 2024 Inducement Incentive Award Plan. Refer to Note 8 – “Stock-Based Compensation" to the Company's consolidated financial statements from the Form 10-K for the discussion of the Company's equity incentive plans.
Stock Options
The following table summarizes information and activity related to the Company’s stock options:
Number of
Stock Options		Weighted Average
Exercise Price		Weighted Average
Remaining Contractual Life
(in years)		Total
Intrinsic Value
(in thousands)
Outstanding as of December 31, 20241,890,932 $15.69 6.78$920 
Options granted656,099 7.40 
Options exercised (31,918)4.56 
Forfeited (unvested)(51,106)6.80 
Outstanding as of September 30, 20252,464,007 $13.81 6.96$10,525 
Options vested and exercisable1,345,848 $19.92 5.36$5,509 
The aggregate intrinsic value in the above table is calculated as the difference between the estimated fair value of the Company's common stock and the exercise price of the stock options. 656,099 stock options were granted during the nine months ended September 30, 2025. The weighted average grant date fair value per share for the stock option grants during the nine months ended September 30, 2025 was $7.40. As of September 30, 2025, the total unrecognized compensation expense related to unvested stock option awards granted was $5.1 million, which the Company expects to recognize over a weighted-average period of approximately 2.7 years.
Stock-based Compensation Expense
The following table summarizes total stock-based compensation expense recorded in the condensed consolidated statements of operations (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Research and development$264 $138 $755 $414 
General and administrative434 176 1,170 574 
Total$698 $314 $1,925 $988 

The fair value of each option is estimated on the date of grant using a Black-Scholes option pricing model with the assumptions noted in the table below. The fair value of an award with only a service condition is amortized as compensation expense on a straight-line basis over the requisite service period of the award, which is generally the vesting period. Compensation cost of awards that contain a performance condition are recognized when success is considered probable during the performance period. The Company has elected to account for forfeitures as they occur, rather than estimating the number of awards that are expected to vest. The risk-free interest rate is estimated using the weighted average rate of return on U.S. Treasury notes with a life that approximates the expected life of the option. The expected term of options granted to employees was calculated using the simplified method, which represents the average of the contractual term of the option and the weighted average vesting period of the option. The Company uses the simplified method because it does not have sufficient historical option exercise data to provide a reasonable basis upon which to estimate expected term. The contractual life of the option was used for the expected life of options granted to non-employees. Expected volatility is based on the weighted average of the historical volatility of a peer group of publicly traded companies, using the daily closing prices during the equivalent period of the calculated expected term of stock-based awards. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of the Company’s common stock price becomes available, or until circumstances change, such that the identified entities are no longer comparable companies. The assumed dividend yield is based upon the Company's expectation of not paying dividends in the foreseeable future.
The fair value of each employee and non-employee stock option grant was estimated on the date of grant using Black-Scholes based on the following weighted average assumptions.

OptionsThree months ended September 30,Nine months ended September 30,
2025202420252024
Risk-free interest rate
3.7%
3.4% - 3.6%
3.7% - 4.3%
3.4% - 4.2%
Expected dividend yield0.0%0.0%0.0%0.0%
Expected term in years (for employees)6.1
5.8 - 6.1
5.5 - 6.1
5.0 - 6.1
Expected volatility
110.4%
104.6% - 104.8%
106.9% - 110.4%
79.5% - 104.8%
In March 2021 and June 2022, certain employees of the Company early exercised stock options. The shares had not fully vested at the time of exercise and were recorded as an unvested option exercise liability. As the shares vested, the Company recognized the shares and related expense as issuance of common stock upon settlement of restricted stock in the condensed consolidated financial statements for the period ended September 30, 2024.
Employee Stock Purchase Plan
In January 2021, the board of directors of Angion approved the Employee Stock Purchase Plan (the “ESPP”). The ESPP was effective on the date immediately prior to the effectiveness of Angion's registration statement relating to Angion’s initial public offering. The offering period and purchase period was determined by Angion’s board of directors. No offering periods or purchasing periods were active as of September 30, 2025. As of September 30, 2025, 275,309 shares remained available for purchase under the ESPP and no offerings have been authorized.