Annual report [Section 13 and 15(d), not S-K Item 405]

Stock-Based Compensation (Tables)

v3.25.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Option Activity Under 2011 Plan and 2020 Plan

The following is a summary of option activity under the 2011 Plan and the 2020 Plan:

 

 

Number of
Shares

 

 

Weighted-
Average
Exercise
Price
Per Share

 

 

Weighted-
Average
Remaining
Contractual
Term
(In Years)

 

Outstanding at December 31, 2022

 

 

732,395

 

 

$

13.14

 

 

 

6.20

 

Granted

 

 

111,668

 

 

 

3.03

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(4,540

)

 

 

10.74

 

 

 

—

 

Cancelled

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2023

 

 

839,523

 

 

 

11.90

 

 

 

5.30

 

Granted

 

17,219,692

 

 

 

1.42

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(1,140,595

)

 

 

9.11

 

 

 

—

 

Cancelled

 

 

(14,570

)

 

 

12.15

 

 

 

—

 

Outstanding at December 31, 2024

 

 

16,904,050

 

 

 

1.41

 

 

 

9.48

 

Exercisable at December 31, 2024

 

7,962,036

 

 

 

1.26

 

 

 

9.31

 
Schedule of Estimated Assumptions of Weighted-Average Fair Values of Options Granted

The weighted-average fair values of options granted in the years ended December 31, 2024 and 2023 were $0.62 and $3.03, per share, respectively, and were calculated using the following estimated assumptions:

 

 

 

Year ended December 31,

 

 

 

2024

 

 

2023

 

Weighted-average risk-free interest rate

 

 

4.11

%

 

 

4.27

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

Expected volatility

 

 

98.77

%

 

 

98.45

%

Expected terms

 

9.50 years

 

 

4.38 years

 

 
Summary of Stock-Based Compensation Expense for Stock Options Granted to Employees and Non-Employees

The following table summarizes the stock-based compensation expense for stock options granted to employees and non-employees:

 

 

 

Year ended December 31,

 

 

 

2024

 

 

2023

 

Research and development

 

$

4,692,169

 

 

$

160,080

 

Selling, general and administrative

 

 

3,448,448

 

 

 

340,068

 

Total stock-based compensation expense

 

$

8,140,617

 

 

$

500,148