Quarterly report [Sections 13 or 15(d)]

STOCK-BASED COMPENSATION AWARDS (Tables)

v3.25.1
STOCK-BASED COMPENSATION AWARDS (Tables)
3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE

In connection with all stock-based compensation awards, total non-cash, stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Research and development expenses

 

$

438

 

 

$

136

 

General and administrative expenses

 

 

1,276

 

 

 

846

 

Total stock-based compensation

 

$

1,714

 

 

$

982

 

 

The total stock-based compensation expense recognized by award type was as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Stock options

 

$

994

 

 

$

830

 

Restricted stock units

 

 

720

 

 

 

152

 

Total stock-based compensation

 

$

1,714

 

 

$

982

 

SUMMARY OF FAIR VALUE OF OPTIONS GRANTED

The weighted average assumptions used principally in determining the fair value of stock options granted to employees were as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

4.43

%

 

 

4.22

%

Expected dividend yield

 

 

0

%

 

0%

 

Expected term in years

 

 

6.25

 

 

6.25

 

Expected volatility

 

 

130.41

%

 

 

123.75

%

 

SUMMARY OF OPTION ACTIVITY

A summary of stock option activity for the three months ended March 31, 2025 is presented below:

 

Stock Options

 

Shares

 

 

Weighted
 Average
Exercise
 Price

 

 

Weighted Average
 Remaining Contractual Term in Years

 

 

Aggregate
Intrinsic
Value (in thousands)

 

Outstanding at December 31, 2024

 

 

723,153

 

 

$

62.95

 

 

6.95

 

 

$

881

 

Granted

 

 

597,375

 

 

 

9.74

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited or canceled

 

 

 

 

 

 

 

 

 

 

 

 

Expired

 

 

(1,500

)

 

 

37.80

 

 

 

 

 

 

 

Outstanding at March 31, 2025

 

 

1,319,028

 

 

$

38.88

 

 

 

8.13

 

 

$

113

 

Exercisable at March 31, 2025

 

 

451,340

 

 

$

87.26

 

 

 

5.60

 

 

$

53

 

 

SUMMARY OF RSU ACTIVITY

A summary of RSU activity for the three months ended March 31, 2025 is presented below:

 

RSU's

 

Number of Shares Underlying RSUs

 

 

Weighted
 Average
Grant Date Fair Value

 

Unvested at December 31, 2024

 

 

259,488

 

 

$

26.42

 

Granted

 

 

267,675

 

 

$

9.68

 

Forfeited

 

 

 

 

$

 

Vested

 

 

(53,371

)

 

$

22.92

 

Unvested at March 31, 2025

 

 

473,792

 

 

$

17.35