XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.25.2

Stock-Based Compensation Expense | 6 Months Ended
--- | ---
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Expense | 10. Stock-Based Compensation Expense The Company currently grants equity-based awards under its 2020 Incentive Award Plan (“2020 Plan”) and its 2022 Employment Inducement Award Plan (“Inducement Award Plan”). The Company previously granted equity-based awards under its 2005 Equity Incentive Plan (“2005 Plan”) and 2016 Equity Incentive Plan (“2016 Plan” and together with the 2020 Plan, the Inducement Award Plan and the 2005 Plan, the “Plans”). The Company also maintains the 2020 Employee Stock Purchase Plan (the “ESPP”). A summary of the restricted stock unit activity under the Plans for the six months ended June 30, 2025 was as follows:
|  | Shares |  |  | Weighted- Average Grant Date Fair Value |
Restricted stock units outstanding as of December 31, 2024 |  |  | 42,865 |  |  | $ | 132.09 |
Granted |  |  | 62,020 |  |  | $ | 9.86 |
Vested |  |  | (15,104 | ) |  | $ | 139.18 |
Forfeited |  |  | (3,977 | ) |  | $ | 35.91 |
Restricted stock units outstanding as of June 30, 2025 |  |  | 85,804 |  |  | $ | 46.96 |
A summary of the stock option activity under the Plans for the six months ended June 30, 2025 was as follows:
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2024 |  |  | 126,255 |  |  | $ | 283.02 |  |  |  | 7.5 |  |  | $ | — |
Cancelled |  |  | (36,296 | ) |  | $ | 459.64 |  |  |  |  |  |  |
Outstanding at June 30, 2025 |  |  | 89,959 |  |  | $ | 211.75 |  |  |  | 7.4 |  |  | $ | — |
No stock options were granted during the three and six months ended June 30, 2025. The weighted-average fair value of options granted to employees, directors and non-employees during the three and six months ended June 30, 2024 was $59.73 and $140.24, respectively. Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 240 |  |  | $ | (290 | ) |  | $ | 513 |  |  | $ | 413 |
General and administrative |  |  | 674 |  |  |  | 1,414 |  |  |  | 1,226 |  |  |  | 2,873 |
Total |  | $ | 914 |  |  | $ | 1,124 |  |  | $ | 1,739 |  |  | $ | 3,286 |
For the three and six months ended June 30, 2025 no stock-based compensation expense was recorded to liabilities. For the three and six months ended June 30, 2024, $281,000 and $15,000 of the stock-based compensation expense was recorded to liabilities, respectively.. Unrecognized stock-based compensation related to stock-based options amounted to $2.6 million at June 30, 2025 and is expected to be recognized over a weighted average period of approximately 2.1 years. Unrecognize d stock-based compensation related to restricted stock units amou nted to $2.3 million at June 30, 2025 and is expected to be recognized over a weighted average period of approximately 2.1 years. On February 14, 2025, options to purchase 33,886 shares of common stock at an average per share price of $463.84, previously granted under the 2020 Stock Option Plan were voluntarily forfeited by certain executives and returned to the pool of options available for grant under the 2020 Stock Option Plan for future issuance. No replacement options were granted to those executives. Included in the forfeited options were options to purchase 10,998 shares of common stock granted in March 2024 with performance-based vesting conditions. As of June 30, 2025, there were 44,668 shares available for grant under the 2020 Plan and 17,263 shares available for grant under the Inducement Award Plan. As of June 30, 2025, the Company issued 20 shares under the 2020 ESPP. In June 2024, the Company indefinitely suspended the offering of its 2020 ESPP. As of June 30, 2025, there are a total of 19,730 shares available for issuance under the 2020 ESPP.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration