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Stock-Based Compensation Plans (Tables)

3 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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-SubTopic 10
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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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.

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