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Stockholders’ (Deficit) Equity | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stockholders’ (Deficit) Equity | Stockholders’ (Deficit) Equity August 2025 Private Placement On August 11, 2025, the Company entered into a securities purchase agreement (the “2025 Securities Purchase Agreement”) with certain institutional and accredited investors, pursuant to which the Company agreed to issue and sell to the Investors in a private placement (the “2025 Private Placement”) an aggregate of 1.0 million shares (the “2025 Private Placement Shares”) of the Company’s common stock, par value $0.0001 per share, and pre-funded warrants (the “2025 Pre-Funded Warrants”) to purchase an aggregate of 3.5 million shares of common stock. The purchase price per 2025 Private Placement Share was $2.24 (or $2.2399 per 2025 Pre-Funded Warrant, which represents the purchase price per 2025 Private Placement Share to be sold in the 2025 Private Placement, minus the $0.0001 per share exercise price of each such 2025 Pre-Funded Warrant). The 2025 Pre-Funded Warrants are exercisable at any time and have no expiration date. The exercise of the outstanding 2025 Pre-Funded Warrants is subject to a beneficial ownership limitation of 9.99%. At the close of the 2025 Private Placement on August 12, 2025, the Company received the total gross proceeds of $10.0 million, before deducting placement agent fee and offering expenses of $0.1 million. February 2024 Private Placements On February 7, 2024, the Company entered into a securities purchase agreement (the “2024 Securities Purchase Agreement”), pursuant to which the Company sold 10.5 million shares of its common stock and, in lieu of common stock, pre-funded warrants (the “2024 Pre-Funded Warrants”) to purchase an aggregate of 75,000 shares of common stock to certain institutional and accredited investors in a private placement. The purchase price per share was $12.00, or $11.999 per 2024 Pre-Funded Warrant, which represents the purchase price per share minus the $0.001 per share exercise price of each 2024 Pre-Funded Warrant. The 2024 Pre-Funded Warrants were exercised in October 2025. Concurrently, the Company also entered into a securities purchase agreement with two directors of the Company (together with the private placement to certain institutional and accredited investors, the “2024 Private Placements”). The Company issued and sold 23,000 shares at $13.50 per share on otherwise substantially the same terms as those set forth in the 2024 Securities Purchase Agreement. At the close of the 2024 Private Placements on February 7, 2024, the Company received total gross proceeds of $127.8 million, before deducting placement agent fees and offering expenses. The 2025 Pre-Funded Warrants and 2024 Pre-Funded Warrants were classified as a component of stockholders’ (deficit) equity. As of September 30, 2025, none of the 2025 Pre-Funded Warrants and 2024 Pre-Funded Warrants had been exercised. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss included $0.4 million and $0.5 million of accumulated currency translation adjustments as of September 30, 2025 and December 31, 2024, respectively. Equity Incentive Awards Stock Options The following table summarizes the Company’s option activity and related information:
| Number of Options (in thousands) |  | Weighted- Average Exercise Price
Balance at December 31, 2024 | 3,909 |  |  | $ | 29.39 |
Options granted | 1,148 |  |  | 3.97 |
Options forfeited | (88) |  |  | 41.00 |
Balance at September 30, 2025 | 4,969 |  |  | 23.31 |
Exercisable as of September 30, 2025 | 2,390 |  |  | 40.39 |
Repricing On June 17, 2025 (“Effective Date” or "Repricing Date”), the Company held its annual meeting of stockholders, at which the Company’s stockholders approved the amendment of certain outstanding stock options to reduce the exercise price per share of such options. The repricing applied to each option to purchase shares of the Company’s common stock that: (a) was granted under the Company’s 2014 Equity Incentive Award Plan, 2017 Inducement Plan or 2024 Equity Incentive Award Plan; (b) was outstanding on the Effective Date; (c) as of the Effective Date, was held by a then-current employee or consultant of the Company (subject to certain exceptions); and (d) had an exercise price that was, as of the Effective Date, higher than the prior 52-week intraday high trading price of the Company’s common stock as of the Effective Date (i.e., higher than $10.14) (“Eligible Options”). The Eligible Options included certain options held by certain of the Company’s executive officers. Options held by non-employee members of the Board were not eligible for the repricing program. As of the Effective Date, the Eligible Options were immediately repriced such that the exercise price per share for such options was reduced to $10.14, subject to certain retention requirements outlined below. For a participant to exercise the option at the reduced price, he or she must remain in service to the Company for twenty-four months following the Effective Date (or, if earlier, until a change in control or the participant’s Termination of Service (as defined in the 2024 Equity Incentive Award Plan) by reason of death or disability). If a participant exercises Eligible Options in advance of the end of the retention period, the participant will be required to pay an exercise price equal to the original exercise price per share of the Eligible Options. There were no changes to the number of shares underlying the Eligible Options or to the vesting schedules or expiration dates of the Eligible Options. As of the Effective Date, the total number of shares underlying all Eligible Options was 1.7 million. The effect of the repricing resulted in total incremental stock-based compensation expense of $0.7 million, which will be recognized on a straight-line basis through the end of the retention period or the original remaining vesting period of the Eligible Options, whichever is longer. The Company used the Hull-White I Lattice model to calculate the incremental stock-based compensation expense. Incremental stock-based compensation expense recognized during the three and nine months ended September 30, 2025 was not material. Restricted Stock Units (“RSUs”) The following table summarizes the Company’s RSUs activity and related information:
| Number of RSUs (in thousands) |  | Weighted- Average Grant- Date Fair Value
Outstanding at December 31, 2024 | 259 |  |  | $ | 16.00 |
Granted | 299 |  |  | 4.09 |
Vested and released | (86) |  |  | 22.03 |
Forfeited | (8) |  |  | 5.85 |
Outstanding at September 30, 2025 | 464 |  |  | 7.41 |
Stock-Based Compensation Expense The following table presents, by operating expense, the Company’s stock-based compensation expense:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Research and development | $ | 1,079 |  |  | $ | 1,086 |  |  | $ | 3,376 |  |  | $ | 3,294 |
General and administrative | 1,270 |  |  | 1,878 |  |  | 4,174 |  |  | 7,781 |
Total stock-based compensation expense | $ | 2,349 |  |  | $ | 2,964 |  |  | $ | 7,550 |  |  | $ | 11,075 |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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