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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Schedule of Activities Under Company's Stock Option Plans | The following table summarizes the Company's stock option activities:
|  |  |  |  | Options Outstanding |  |  |  |
|  | Number of Shares |  |  | Weighted- Average Exercise Price Per Share |  |  | Weighted- Average Remaining Contractual Life (years) |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  |  |  |  | (in thousands) |
Balances at December 31, 2023 |  |  | 12,949,612 |  |  | $ | 7.16 |  |  |  |  |  |  |
Options granted |  |  | 2,389,000 |  |  |  | 1.70 |  |  |  |  |  |  |
Options exercised |  |  | (132,351 | ) |  |  | 1.58 |  |  |  |  |  | $ | 98.1 |
Options cancelled/forfeited |  |  | (644,200 | ) |  |  | 9.87 |  |  |  |  |  |  |
Balances at December 31, 2024 |  |  | 14,562,061 |  |  |  | 6.20 |  |  |  | 5.90 |  |  | $ | - |
Options Exercisable—December 31, 2024 |  |  | 10,565,931 |  |  | $ | 7.67 |  |  |  | 5.23 |  |  | $ | - |
Total Stock-based Compensation Recognized | Total stock-based compensation recorded related to stock options, TRSUs, PSUs and the ESPP was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Research and development |  | $ | 2,716 |  |  | $ | 2,921 |
General and administrative |  |  | 4,952 |  |  |  | 5,637 |
Total stock-based compensation expense |  | $ | 7,668 |  |  | $ | 8,558 |
Schedule of Estimated Fair Value of Employee Stock Options and ESPP Using Black-Scholes Valuation Model | The Company estimated the fair value of employee stock options and ESPP using the Black-Scholes valuation model based on the date of grant with the following weighted average assumptions:
| Options |  |  | ESPP |
| Year Ended December 31, |  |  | Year Ended December 31, |
| 2024 |  | 2023 |  |  | 2024 |  | 2023 |
Expected volatility |  | 84.0 | % |  | 84.0 | % |  |  | 104 | % |  | 70.2 | %
Risk-free interest rate |  | 4.0 | % |  | 4.2 | % |  |  | 5.0 | % |  | 5.4 | %
Dividend yield | — |  | — |  |  | — |  | — |
Expected term (in years) |  | 5.6 |  |  | 5.1 |  |  |  | 0.5 |  |  | 0.5 |
Weighted average fair value per share | $ | 1.21 |  | $ | 1.52 |  |  | $ | 0.63 |  | $ | 0.55 |
Time based RSUs |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Schedule of Company's TRSU Activities | The following table summarizes the Company's TRSU activities:
|  | Number of Shares |  |  | Weighted- Average Remaining Contractual Life (years) |  |  | Aggregate Intrinsic Value (in thousands) |  |  | Weighted Average Grant Date Fair Value Per Share |
Balance at December 31, 2023 |  |  | 1,400,529 |  |  |  |  |  |  |  |  | $ | 2.40 |
RSUs awarded |  |  | 1,259,833 |  |  |  |  |  |  |  |  |  | 1.61 |
RSUs vested |  |  | (733,201 | ) |  |  |  |  |  |  |  |  | 2.10 |
RSUs forfeited |  |  | (73,929 | ) |  |  |  |  |  |  |  |  | 1.82 |
Balance at December 31, 2024 |  |  | 1,853,232 |  |  |  | 1.08 |  |  | $ | 1,909 |  |  | $ | 2.00 |
Performance based RSUs |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Schedule of Activities for Company's PSUs | The following table summarizes the Company's PSU activities:
|  | Number of Shares |  |  | Weighted- Average Remaining Contractual Life (years) |  |  | Aggregate Intrinsic Value (in thousands) |  |  | Weighted Average Grant Date Fair Value Per Share |
Balance at December 31, 2023 |  |  | 875,000 |  |  |  |  |  |  |  |  | $ | 2.41 |
PSUs awarded |  |  | 810,000 |  |  |  |  |  |  |  |  |  | 1.66 |
PSUs vested |  |  | (115,000 | ) |  |  |  |  |  |  |  |  | 1.59 |
PSUs forfeited |  |  | (380,000 | ) |  |  |  |  |  |  |  |  | 2.54 |
Balance at December 31, 2024 |  |  | 1,190,000 |  |  |  | 1.34 |  |  | $ | 1,226 |  |  | $ | 1.94 |

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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding performance-based awards that are fully vested and expected to vest. Includes, but is not limited to, unvested awards for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (e)(1) -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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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding restricted stock units that are fully vested and expected to vest. Includes, but is not limited to, unvested restricted stock units for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (e)(1) -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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- 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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