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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation 2012 Plan and 2022 Plan As a result of the Merger, the Company assumed the Former Elicio 2012 Equity Incentive Plan and the Former Elicio 2022 Equity Incentive Plan (collectively, the “Former Elicio Plans”) and all stock options issued and outstanding under the Former Elicio Plans. Each outstanding and unexercised option to purchase Former Elicio’s common stock was adjusted with such Company stock options henceforth representing the right to purchase a number of shares of the Company’s common stock based on the exchange ratio established for the Merger. Any restriction on the exercise of any Former Elicio stock options assumed by the Company continued in full force and effect and the term, exercisability, vesting schedule, accelerated vesting provisions, and any other provisions of such Former Elicio stock options otherwise remained unchanged. As of December 31, 2025, 177,671 shares remain available for future grants under the Former Elicio 2022 Equity Incentive Plan. 2015 Plan In June 2019, Angion’s board of directors approved an Amended and Restated 2015 Equity Incentive Plan (the “2015 Plan”) permitting the granting of incentive stock options, non-statutory stock options, restricted stock and other stock-based awards. Following the effectiveness of the 2021 Incentive Award Plan (“2021 Plan”), Angion ceased making grants under the 2015 Plan. However, the 2015 Plan continues to govern the terms and conditions of the outstanding awards granted under it. Shares of common stock subject to awards granted under the 2015 Plan that cease to be subject to such awards by forfeiture or otherwise after the termination of the 2015 Plan will be available for issuance under the 2021 Plan. 2021 Plan In January 2021, Angion’s board of directors approved the 2021 Plan which permits the granting of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards to employees, directors, officers and consultants. The 2021 Plan provides that the number of shares reserved and available for issuance will automatically increase each January 1st by the lesser of 5% of the Company’s common stock outstanding on the immediately preceding December 31st, or such lesser number of shares as determined by the Company’s board of directors. The Company has a policy of issuing shares out of respective plan pools (to the extent available) to satisfy share option exercises and restricted stock vesting. As of December 31, 2025, 460,025 shares remain available for future grants under the 2021 Plan. 2024 Inducement Incentive Award Plan In February 2024, the Company’s board of directors approved the Company’s 2024 Inducement Incentive Award Plan (the “2024 Inducement Plan”) which permits the granting of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards to employees as an inducement pursuant to Listing Rule 5635(c)(4) of the corporate governance rules of Nasdaq. The 2024 Inducement Plan originally provided for an overall share limit of 500,000 shares of the Company’s common stock. As of December 31, 2025, 10,940 shares remain available for future grants under the 2024 Inducement Plan. 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, 2024 | 1,890,932 |  |  | $ | 15.69 |  |  | 6.8 |  | $ | 920 |
Options granted | 821,192 |  |  | 7.63 |  |  |  |  |
Options exercised | (32,515) |  |  | 4.59 |  |  |  |  |
Forfeited (unvested) | (58,406) |  |  | 6.90 |  |  |  |  |
Outstanding as of December 31, 2025 | 2,621,203 |  |  | $ | 13.50 |  |  | 6.9 |  | $ | 5,057 |
Options vested and exercisable | 1,416,162 |  |  | $ | 19.19 |  |  | 5.2 |  | $ | 3,127 |
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. The weighted average grant date fair value per share for the stock option grants during the year ended December 31, 2025 was $7.63. As of December 31, 2025, the total unrecognized compensation expense related to unvested stock option awards granted was $5.3 million, which the Company expects to recognize over a weighted-average period of approximately 2.8 years. Stock-based Compensation Expense The following table summarizes total stock-based compensation expense recorded in the consolidated statements of operations and comprehensive loss (in thousands):
| For the Year Ended December 31,
| 2025 |  | 2024
Research and development | $ | 1,093 |  |  | $ | 582 |
General and administrative | 1,604 |  |  | 870 |
Total | $ | 2,697 |  |  | $ | 1,452 |
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.
Options | For the Year Ended December 31,
| 2025 |  | 2024
Risk-free interest rate | 3.7% - 4.4% |  | 3.4% - 4.3%
Expected dividend yield | 0.0% |  | 0.0%
Expected volatility | 100.0% - 110.4% |  | 79.5% - 107.8%
Expected term in years | 5.0 - 6.1 |  | 5.0 - 6.1
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 consolidated financial statements for the year ended December 31, 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 December 31, 2025. As of December 31, 2025, 275,309 shares remained available for purchase under the ESPP, and no offerings w

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