Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

14. Stock-Based Compensation

Under the Company’s 2015 New Employee Incentive Plan (the “2015 Plan”), awards may only be granted to employees who were not previously an employee or director of the Company, or following a bona fide period of non-employment, as a material inducement to entering into employment with the Company. As of September 30, 2025, there were 76,025 shares of common stock remaining and available for future issuances under the 2015 Plan.

The Company’s 2020 Stock Incentive Plan (the “2020 Plan”), which replaced the Company’s 2014 Equity Incentive Plan, provides for the award or sale of shares of common stock (including restricted stock), the award of stock units and stock appreciation rights, and the grant of both incentive stock options to purchase common stock to directors, officers, employees and consultants of the Company. During the three months ended September 30, 2025, there was an additional 20,000,000 shares approved to be issued under the 2020 Plan. The 2020 Plan, as amended, provides for the issuance of up to 21,303,334 shares of common stock, plus the number of shares available for issuance is increased to the extent that awards granted under the 2020 Plan and the Company’s

2014 Equity Incentive Plan are forfeited or expire (except as otherwise provided in the 2020 Plan). As of September 30, 2025, there were 10,005,151 shares remaining and available for future issuances under the 2020 Plan.

Generally, options issued under the 2020 Plan are subject to a two-year or four-year vesting schedule with 25% of the options vesting on the one year anniversary of the grant date followed by equal monthly installment vesting, and have a contractual term of 10 years.

A summary of stock option activity for the nine months ended September 30, 2025 is as follows:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024		598,540		$	7.08		9.00	$	—
Granted		10,800,137		$	0.61		—	$	—
Cancelled/forfeited/expired		(125,814	)	$	4.50		—	$	—
Outstanding as of September 30, 2025		11,272,863		$	0.91		9.76	$	1,103
Vested and expected to vest at September 30, 2025		10,073,271		$	0.94		9.75	$	980
Exercisable at September 30, 2025		692,781		$	5.15		8.99	$	33

As of September 30, 2025, the total compensation cost related to non-vested stock options not yet recognized for all the Company’s plans is approximately $5.4 million, which is expected to be recognized as a result of vesting under service conditions over a weighted average period of 3.29 years.

Generally, restricted stock units represent the right to receive a certain number of shares of common stock subject to certain vesting conditions and other restrictions. The fair value of restricted stock units is determined by the closing market price on the grant date.

A summary of restricted stock unit activity for the nine months ended September 30, 2025 is as follows:


	Shares		Weighted Average Grant Date Fair Value
Unvested as of December 31, 2024		—	$	—
Granted		2,823,857	$	0.57
Vested		—	$	—
Cancelled/forfeited		—	$	—
Unvested as of September 30, 2025		2,823,857	$	0.57

Restricted stock units granted during the nine months ended September 30, 2025 generally vest over a 36-month period upon satisfaction of service conditions. As of September 30, 2025, the total compensation cost related to non-vested restricted stock units not yet recognized for all the Company’s plans is approximately $1.5 million, which is expected to be recognized as a result of vesting under service conditions over a weighted average period of 2.75 years.