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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of share option activity and related information for employees and directors

The following is a summary of the Company’s stock option activity under the 2014 Equity Incentive Plan, 2023 Equity Incentive Plan and the Peak Bio 2022 Long Term Incentive Plan for the three months ended March 31, 2025:

		Stock Options				Weighted- Average Exercise Price				Weighted-Average Remaining Contractual Life (in years)				Aggregate Intrinsic Value
Outstanding at December 31, 2024			3,963,964,688			$	0.01				7.5			$	—
Granted			10,452,672,000				—
Exercised			—				—
Forfeited			(26,350,000	)			0.03
Expired			—				—
Outstanding at March 31, 2025 (1)			14,390,286,688			$	—				9.3			$	1
Exercisable at March 31, 2025			1,604,153,355			$	0.01				4.3			$	1

___________

(1)Includes both vested stock options as well as unvested stock options for which the requisite service period has not been rendered but that are expected to vest based on achievement of a service condition.

Schedule of assumptions used to determine the fair value of stock granted

The weighted-average assumptions that the Company used to determine the fair value of share options granted were as follows, presented on a weighted average basis:

		2025				2024
Expected volatility			95.7	%			—
Risk-free interest rate			4.0	%			—
Expected dividend yield			—				—
Expected term (in years)			5.8				—

Schedule of stock-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss

Total stock-based compensation expense attributable to share-based payments made to employees, consultants and directors included in operating expenses in the Company's condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025 and 2024, was as follows:

		Three Months Ended March 31,
($ in thousands)		2025				2024
Research and development		$	191			$	43
General and administrative			824				253
Total stock-based compensation expense		$	1,015			$	296

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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-Subparagraph (d)
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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