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Stock-Based Compensation Plans (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the three months ended March 31, 2025 and 2024, respectively, for the 2019 Plan:
| Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of January 1, 2025 | 16,136,045 |  |  | $ | 1.52 |  |  |  |  |
Granted | 195,000 |  |  | $ | 1.02 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Forfeited or expired | (122,454) |  |  | $ | 1.57 |  |  |  |  |
Outstanding as of March 31, 2025 | 16,208,591 |  |  | $ | 1.52 |  |  | 8.29 |  | $ | 16,635 |
Options exercisable as of March 31, 2025 | 6,295,718 |  |  | $ | 1.84 |  |  | 7.14 |  | $ | 3,397 |
| Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of January 1, 2024 | 6,196,140 |  |  | $ | 7.15 |  |  |  |  |
Granted | 4,175,349 |  |  | $ | 1.21 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Repricing modification | — |  |  | $ | 9.55 |  |  |  |  |
Forfeited or expired | (53,166) |  |  | $ | 5.25 |  |  |  |  |
Outstanding as of March 31, 2024 | 10,318,323 |  |  | $ | 1.68 |  |  | 8.64 |  | $ | 462,223 |
Options exercisable as of March 31, 2024 | 3,224,039 |  |  | $ | 2.21 |  |  | 7.23 |  | $ | 5,500 |
Schedule of Valuation Assumptions Used | The following are the underlying assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan. The expected term of the options for the three months ended March 31, 2025 includes a grant to a non-employee consultant where the term of the option is five years compared to employee grants that are ten years:
| Three Months Ended March 31, |
| 2025 | 2024 |
Risk-free interest rate | 4.36% | 4.05% |
Expected dividend yield | 0% | 0% |
Expected volatility | 95.2% | 100.0% |
Expected term of options (years) | 3.50 | 6.02 |
Schedule of Stock-Based Compensation Expense for Stock Awards Recognized | Total stock-based compensation expense for all stock awards recognized in the accompanying unaudited condensed consolidated statements of operations is as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Research and development |  |  |  |  | $ | 833,000 |  |  | $ | 1,163,000 |
General and administrative |  |  |  |  | 1,209,000 |  |  | 1,587,000 |
Total |  |  |  |  | $ | 2,042,000 |  |  | $ | 2,750,000 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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