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
Stock-Based Compensation [Abstract]  
Schedule of Summarizes Activity for Stock Options under all Plans

The following table summarizes activity for stock options under all plans for the year ended December 31, 2024:

 

                Weighted-        
    Number of           Average        
    Shares     Weighted-     Remaining     Aggregate  
    Underlying     Average     Contractual     Intrinsic  
    Outstanding     Exercise     Term     Value  
      Options       Price       (in Years)       (in thousands)  
Outstanding, December 31, 2023     10,302,086     $ 1.00       9.34     $ 1,196  
Options granted     3,370,411     $ 1.00       9.35     $  
Options forfeited    
-
    $ 4.39       -     $
-
 
Options exercised     (1,357 )   $ 3.27       -     $
-
 
Outstanding, December 31, 2024     13,671,140     $ 1.00       8.59     $ 705  
                                 
Options vested and exercisable as of December 31, 2024     5,231,799     $ 1.23       8.11     $ 243  
Schedule of Stock-Based Compensation Expense

The Company has recorded stock-based compensation expense, which includes expense related to restricted stock units, allocated by functional cost as follows for the years ended December 31, 2023, and 2024 (in thousands):

 

    Year Ended
December 31,
2023
    Year Ended
December 31,
2024
 
                 
Research and development   $ 847     $ 1,058  
General and administrative     920       1,292  
Total stock-based compensation   $ 1,767     $ 2,350  
Schedule of Fair Value of Awards Granted

The following average assumptions were used to calculate the fair value of awards granted to employees, directors and non-employees for the years ended December 31, 2023, and 2024:

 

      Year Ended December 31,
2023
      Year Ended December 31,
2024
 
Expected volatility     104.00 – 108.00 %     105.00 – 107.00 %
Risk-free interest rate     4.35 – 4.37 %     3.78 – 4.65 %
Dividend yield     - %     - %
Expected term     5.50 - 6.25 years       6.25 years