Stockholders' Equity (Tables)

3 Months Ended

Jun. 30, 2025

The following table summarizes the Company’s stock option activity from March 31, 2025 to June 30, 2025:


	Options Outstanding			Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at March 31, 2025		141,397		$	22.66	$	—
Options granted		7,974		$	1.93	$	—
Options cancelled / forfeited		(1,923	)	$	15.76	$	—
Options expired		(3,904	)	$	38.68	$	—
Outstanding at June 30, 2025		143,544		$	21.16	$	—
Vested and Exercisable at June 30, 2025		38,227		$	58.02	$	—

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following at June 30, 2025:


Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan			27,804
Common stock reserved under the 2012 Plan			—
Common stock issuable pursuant to options outstanding and reserved under the A&R 2022 Plan			111,574
Common stock reserved under the A&R 2022 Plan			196,627
Common stock reserved under the ESPP			3,708
Common stock reserved under the 2021 Inducement Equity Plan			83
Common stock issuable pursuant to restricted stock units outstanding under the 2012 Plan			—
Common stock issuable pursuant to restricted stock units outstanding under the A&R 2022 Plan			8,165
Common stock issuable pursuant to options outstanding and reserved under the Inducement Plan			4,166
Common stock issuable pursuant to outstanding pre-funded warrants			—
Common stock issuable pursuant to outstanding common warrants			539,060
Total at June 30, 2025			891,187

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for all stock-based awards consists of the following (in thousands):


	Three Months Ended		Three Months Ended
	June 30, 2025		June 30, 2024
Research and development	$	13	$	26
General and administrative		65		130
Total	$	78	$	156

Fair Value of Employee Stock Options

The fair value of stock options was estimated at the grant date using the following weighted average assumptions:


	Three Months Ended			Three Months Ended
	June 30, 2025			June 30, 2024
Dividend yield		—			—
Volatility		118.70	%		101.69	%
Risk-free interest rate		4.07	%		4.47	%
Expected life of options	6 years			6 years
Weighted average grant date fair value	$	1.68		$	9.64

Summary of Warrant Activity

The following table summarizes the Company’s Common Warrant activity from March 31, 2025 to June 30, 2025:


	Number of Warrants		Exercise Price
Outstanding at March 31, 2025		539,060	$	9.60
Issued		—		—
Exercised		—		—
Outstanding at June 30, 2025		539,060	$	9.60

Restricted stock units (RSUs) [Member]

Class Of Stock [Line Items]

Summary of Company's RSUs Activity

The following table summarizes the Company’s RSUs activity for the three months ended June 30, 2025:


	Number of Shares		Weighted Average Price
Unvested at March 31, 2025		8,165	$	6.57
Granted		—	$	—
Vested		—	$	—
Cancelled / forfeited		—	$	—
Unvested at June 30, 2025		8,165	$	6.57

ESPP Shares [Member]

Class Of Stock [Line Items]

Fair Value of Employee Stock Options

The fair value of ESPP shares was estimated at the purchase period commencement date using the following assumptions:


	Three Months Ended			Three Months Ended
	June 30, 2025*			June 30, 2024
Dividend yield		—			—
Volatility		0.00	%		95.20	%
Risk-free interest rate		0.00	%		5.27	%
Expected term		—		6 months
Grant date fair value	$	—		$	4.68

*There were no participants in the ESPP for the purchase periods that commenced on March 1, 2025.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

VivoSim Labs, INC. 10-Q