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Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders’ Equity

8. Stockholders’ Equity

 

2023 ATM Facility

In October 2023, the Company entered into an at-the-market facility with Jefferies LLC (Jefferies) under which the Company may offer and sell shares of its common stock having an aggregate offering price of up to $21.95 million from time to time through Jefferies acting as the Company's sales agent (the 2023 ATM Facility). There were no shares sold under the 2023 ATM Facility from October 2023 through December 31, 2024. During the three months ended June 30, 2025, there were no shares sold under the 2023 ATM Facility. During the six months ended June 30, 2025, there were 109,410 shares of common stock sold under the 2023 ATM Facility for gross proceeds of approximately $55,000. Issuance costs related to the 2023 ATM totaled $0.5 million through June 30, 2025.

 

On August 3, 2025, the Company entered into Amendment No. 1 (the Amendment) to the 2023 ATM Facility pursuant to which Jefferies was replaced by LifeSci Capital LLC as the sales agent under the 2023 ATM Facility.

 

Since June 30, 2025 and through the date of the filing of this Quarterly Report on Form 10-Q, there were an additional 1,610,075 shares sold under the 2023 ATM Facility, as amended, for gross proceeds of approximately $0.9 million.

Stock Options

The following table summarizes stock option activity during the six months ended June 30, 2025:

 

 

Outstanding Options

 

 

Weighted-
Average
Exercise Price
Per Share

 

 

Weighted
Average
Remaining
Contractual
Term
(in years)

 

 

Aggregate
Intrinsic Value
(in thousands) (a)

 

Balances as of December 31, 2024

 

 

9,023,792

 

 

$

0.87

 

 

 

 

 

 

 

Granted

 

 

1,958,000

 

 

$

0.75

 

 

 

 

 

 

 

Exercised

 

 

(52,344

)

 

$

0.74

 

 

 

 

 

 

 

Forfeitures and cancellations

 

 

(1,020,080

)

 

$

1.10

 

 

 

 

 

 

 

Balances as of June 30, 2025

 

 

9,909,368

 

 

$

0.83

 

 

 

7.09

 

 

$

-

 

Options exercisable as of June 30, 2025

 

 

5,994,753

 

 

$

0.87

 

 

 

6.02

 

 

$

-

 
(a)
Aggregate intrinsic value in this table was calculated as the positive difference, if any, between the closing price per share of the Company’s common stock on June 30, 2025 of $0.32 and the price of the underlying options.

At June 30, 2025, unamortized stock compensation for stock options was $2.7 million, with a weighted-average recognition period of 2.75 years.

Stock-Based Compensation Expense

 

The non-cash stock-based compensation expense for all stock awards, net of forfeitures recognized as they occur, that was recognized in the condensed consolidated statements of operations is as follows (in thousands):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

180

 

 

$

368

 

 

$

390

 

 

$

738

 

General and administrative

 

 

383

 

 

 

584

 

 

 

794

 

 

 

1,186

 

Total

 

$

563

 

 

$

952

 

 

$

1,184

 

 

$

1,924

 

 

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance is as follows:

 

 

 

June 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Stock options issued and outstanding

 

 

9,909,368

 

 

 

9,023,792

 

Warrants for common stock

 

 

1,366,141

 

 

 

1,366,141

 

Awards available under the 2018 Equity Incentive Plan

 

 

2,961,067

 

 

 

340,109

 

Awards available under the 2024 Inducement Plan

 

 

1,500,000

 

 

 

1,500,000

 

Employee stock purchase plan

 

 

1,369,497

 

 

 

1,026,222

 

Total

 

 

17,106,073

 

 

 

13,256,264