XML 26 R17.htm IDEA: XBRL DOCUMENT
v3.25.1

Stock-Based Compensation | 3 Months Ended
--- | ---
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 9. Stock-Based Compensation The Company grants stock-based incentive awards pursuant to the 2021 Equity and Incentive Plan (the ‘2021 Plan’), 2019 Equity Incentive Plan (the ‘2019 Plan’), Apexigen Equity Incentive Plans (the ‘Apexigen Plan’) and the 2022 Equity Inducement Plan (the ‘2022 Inducement Plan’). As of March 31, 2025, there were 4,072,703 shares, 132,435 shares, 764,154 shares and 413,537 shares available for future issuance under the 2021 Plan, 2019 Plan, Apexigen Plan and 2022 Inducement Plan, respectively. Stock Options The following table summarizes stock option activity for the three months ended March 31, 2025 (in thousands, except share and per share amounts):
| Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2025 |  | 9,711,075 |  |  | $ | 5.04 |  |  |  | 8.2 |  |  | $ | 44 |
Granted |  | 3,104,372 |  |  |  | 0.98 |  |  |  |  |  |  |
Forfeited |  | (587,279 | ) |  |  | 2.01 |  |  |  |  |  |  |
Outstanding at March 31, 2025 |  | 12,228,168 |  |  | $ | 4.16 |  |  |  | 8.2 |  |  | $ | 21 |
Options exercisable March 31, 2025 |  | 4,379,232 |  |  | $ | 7.00 |  |  |  | 6.2 |  |  | $ | 21 |
The aggregate intrinsic value is calculated as the difference between the exercise price of all outstanding and exercisable stock options and the fair value of the Company’s common stock o f $0.98 pe r share as of March 31, 2025. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2025 and 2024 was $0 and $0.2 million, respectively, as no stock options were exercised during the three months ended March 31, 2025. The Company has an aggregate $11.0 million of gross unrecognized stock-based compensation expense as of March 31, 2025, remaining to be amortized over a weighted average period of 1.94 years. The weighted-average grant-date fair value of options granted during the three months ended March 31, 2025 and 2024, was $0.78 and $2.32 per share, respectively, and was calculated using the following key input assumptions in the Black-Scholes option-pricing model:
| Three Months Ended March 31, |
| 2025 |  | 2024 |
Expected volatility | 93.920% - 99.910% |  | 99.41% - 102.27% |
Risk-free interest rate | 3.960% - 4.450% |  | 4.06% - 4.23% |
Expected dividend yield | 0.00% |  | 0.00% |
Expected term (in years) | 5.00 - 6.08 |  | 5.00 - 6.08 |
Restricted Stock Units The following table summarizes restricted stock units activity for the three months ended March 31, 2025:
| Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at January 1, 2025 |  | 2,533,650 |  |  | $ | 3.26 |
Forfeited |  | (80,804 | ) |  |  | 3.18 |
Vested and settled |  | (30,892 | ) |  |  | 3.73 |
Outstanding at March 31, 2025(1) |  | 2,421,954 |  |  | $ | 3.26 |
(1) Includes 361,263 RSUs which are vested but not settled at March 31, 2025. During the three months ended March 31, 2025, the Company issued 22,728 shares of its common stock from the settlement of 30,892 restricted common units, with the remaining shares withheld for taxes. The Company has an aggregate $5.04 million of gross unrecognized restricted stock-based compensation expense as of March 31, 2025, remaining to be amortized over a weighted average period of 2.4 years. Summary of Stock-Based Compensation Expense The following table summarizes the total stock-based compensation expense for the three months ended March 31, 2025 and 2024, respectively (in thousands):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
General and administrative |  | $ | 2,509 |  |  | $ | 3,642 |
Research and development |  |  | 1,122 |  |  |  | 678 |
Total |  | $ | 3,631 |  |  | $ | 4,320 |
2021 Employee Stock Purchase Plan (“2021 ESPP”) The Company has the 2021 ESPP in force. The Company issued 29,619 shares under the 2021 ESPP during the three months ended March 31, 2025. The company did not issue any shares during the three months ended March 31, 2024. As of March 31, 2025, 653,777 shares are available for issuance under the 2021 ESPP.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration