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Share-Based Compensation Plans | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Share-Based Compensation Plans | Note J – Share-based Compensation Plans We primarily use the Black-Scholes option pricing model to value stock options granted to employees and non-employees, including stock options granted to members of our Board of Directors. However, the fair value of stock option market-based awards is calculated based on a Monte Carlo simulation as of the date of issuance. All stock options have 10-year terms and generally vest ratably over a 3 or 4-year period. A summary of option activity for the three months ended March 31, 2025 is presented below:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2024 |  |  | 5,242,916 |  |  | $ | 28.76 |  |  |  |  |  |  |
Granted |  |  | 90,134 |  |  |  | 3.04 |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |
Forfeited |  |  | (40,423 | ) |  |  | 20.82 |  |  |  |  |  |  |
Expired |  |  | (99,463 | ) |  |  | 76.90 |  |  |  |  |  |  |
Outstanding at March 31, 2025 |  |  | 5,193,164 |  |  | $ | 27.42 |  |  |  | 7.93 |  |  | $ | — |
Vested or expected to vest at March 31, 2025 |  |  | 5,193,164 |  |  | $ | 27.42 |  |  |  | 7.93 |  |  | $ | — |
Exercisable at March 31, 2025 |  |  | 2,711,308 |  |  | $ | 46.08 |  |  |  | 6.61 |  |  | $ | — |
The weighted average grant-date fair values of stock options granted during the three months ended March 31, 2025 and 2024 were $2.61 and $8.82, respectively. As of March 31, 2025, there was approximately $10.9 million of total unrecognized share-based compensation expense related to these stock options and stock options granted under subsidiary plans which, if all milestones are achieved, will be recognized over a weighted average period of 1.3 years. Certain employees and consultants have been granted non-vested stock. The fair value of non-vested market-based awards is calculated based on a Monte Carlo simulation as of the date of issuance. The fair value of other non-vested stock is calculated based on the closing sale price of our common stock on the date of issuance. A summary of non-vested stock activity for the three months ended March 31, 2025 is presented below:
|  | Non-vested Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2024 |  |  | 42,222 |  |  | $ | 17.30 |
Granted |  |  | 77,551 |  |  |  | 2.69 |
Vested |  |  | (69,325 | ) |  |  | 3.63 |
Forfeited |  |  | (6,333 | ) |  |  | 21.25 |
Outstanding at March 31, 2025 |  |  | 44,115 |  |  | $ | 12.52 |
As of March 31, 2025, there was approximately $1.0 million of unrecognized share-based compensation expense related to these non-vested shares and non-vested shares granted under subsidiary plans which will be recognized over a period of 3.0 years. During the three months ended March 31, 2025, 18,365 shares were issued under the 2019 Employee Stock Purchase Plan and 17,268 shares were issued as a result of the vesting of non-vested stock. The impact on our results of operations from share-based compensation for the three months ended March 31, 2025 and 2024, was as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Research and development |  | $ | 826 |  |  | $ | 1,314 |
General and administrative |  |  | 2,507 |  |  |  | 2,882 |
Total share-based compensation expense |  | $ | 3,333 |  |  | $ | 4,196 |

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