Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

The stock-based compensation expense included in the Company’s condensed statement of operations and comprehensive loss for the three and six months ended June 30, 2025 and 2024 is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Research and development	$	5,151	$	4,190	$	8,562	$	6,482
General and administrative		6,880		5,379		11,323		8,128
	$	12,031	$	9,569	$	19,885	$	14,610

Summary of Stock Option Activity under 2019 Plan and 2021 Plan

The following table summarizes stock option activity under the 2019 Plan, 2021 Plan and assumed options in the AnHeart acquisition for the six months ended June 30, 2025.


	Shares
Outstanding at December 31, 2024		57,729,709
Granted		24,304,015
Exercised		(2,808,239	)
Forfeited or canceled		(1,571,305	)
Outstanding at June 30, 2025		77,654,180
Exercisable at June 30, 2025		29,550,511

Summary of Restricted Stock Units Activity

The following table summarizes the activity for the restricted stock units for the six months ended June 30, 2025.


	Restricted Stock Units
Non-vested at December 31, 2024		1,420,131
Granted		—
Vested		(1,290,874	)
Forfeited or canceled		—
Non-vested at June 30, 2025		129,257

Nuvation Bio Inc. 10-Q