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Equity (Tables)

9 Months Ended

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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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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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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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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