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Equity (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Assumption Estimate Fair Value of Stock Options Granted | The following average assumptions were used to estimate the fair value of stock options granted by the Company during the nine months ended September 30, 2025 and 2024, respectively, using the Black-Scholes option pricing model:
|  | Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
Risk-free interest rate |  | 4.1% - 4.5% |  | 3.5% - 4.6%
Dividend rate |  | 0% |  | 0%
Expected volatility |  | 79% - 100% |  | 82% - 87%
Expected life (years) |  | 2.0 - 8.0 |  | 2.0 - 6.2
Summary of Stock Option Activity | A summary of stock option activity under the 2023 Plan and the 2024 Plan for the nine months ended September 30, 2025 is as follows:
|  | Number of Options |  |  | Weighted-Average Exercise Price |
Options outstanding at December 31, 2024 |  |  | 2,861,654 |  |  | $ | 4.54 |
Granted |  |  | 952,791 |  |  | $ | 3.36 |
Cancelled/forfeited |  |  | (2,294,691 | ) |  | $ | 4.26 |
Exercised |  |  | (7,839 | ) |  | $ | 3.59 |
Options outstanding at September 30, 2025 |  |  | 1,511,915 |  |  | $ | 4.22 |
Options exercisable at September 30, 2025 |  |  | 591,702 |  |  | $ | 4.47 |
Summary of Restricted Share Activity | A summary of RSU activity under the 2023 Plan and the 2024 Plan for the nine months ended September 30, 2025 is as follows:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value Per Share |
Unvested outstanding at December 31, 2024 |  |  | 835,453 |  |  | $ | 4.54 |
Granted |  |  | 458,044 |  |  | $ | 4.65 |
Vested |  |  | (221,561 | ) |  | $ | 4.81 |
Cancelled/forfeited |  |  | (572,219 | ) |  | $ | 3.94 |
Unvested outstanding at September 30, 2025 |  |  | 499,717 |  |  | $ | 5.21 |
Schedule of Share-Based Compensation Expense | The following table represents share-based compensation expense included in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | (19 | ) |  | $ | 368 |  |  | $ | (383 | ) |  | $ | 1,835 |
General and administrative |  |  | 128 |  |  |  | 662 |  |  |  | (116 | ) |  |  | 2,584 |
Total share-based compensation expense |  | $ | 109 |  |  | $ | 1,030 |  |  | $ | (499 | ) |  | $ | 4,419 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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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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