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Equity-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The table below summarizes the activity with respect to stock options for the three months ended March 31, 2025:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2025 |  |  | 2,927,937 |  |  | $ | 18.22 |  |  |  | 8.01 |  |  | $ | 193 |
Granted |  |  | 22,148 |  |  | $ | 4.10 |  |  |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Expired |  |  | (70,538 | ) |  | $ | 114.73 |  |  |  |  |  |  |
Forfeitures |  |  | (29,106 | ) |  | $ | 4.99 |  |  |  |  |  |  |
Outstanding at March 31, 2025 |  |  | 2,850,441 |  |  | $ | 15.86 |  |  |  | 7.93 |  |  | $ | 140 |
Vested and expected to vest as of March 31, 2025 |  |  | 2,850,441 |  |  | $ | 15.86 |  |  |  | 7.93 |  |  | $ | 140 |
Exercisable at March 31, 2025 |  |  | 1,339,029 |  |  | $ | 25.71 |  |  |  | 7.19 |  |  | $ | 51 |
Summary of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted | The assumptions used in the Black-Scholes option-pricing model for all stock options granted during each period presented are as follows:
|  | Three Months Ended March 31,
|  | 2025 |  | 2024
Common stock price |  | $4.10 |  | $5.76-$7.85
Expected volatility |  | 112.1% |  | 123.8% - 128.7%
Expected dividends |  | 0.0% |  | 0.0%
Expected term (in years) |  | 5.31 |  | 5.31 - 6.25
Risk-free rate |  | 4.4% |  | 3.8% - 4.3%
Schedule of Equity-based Compensation Expense | The Company has classified equity-based compensation expense in its condensed consolidated statements of operations as follows:
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Research and development |  | $ | 1,102 |  |  | $ | 548 |
General and administrative |  |  | 2,239 |  |  |  | 1,063 |
Total |  | $ | 3,341 |  |  | $ | 1,611 |
Summary of Restricted Stock Unit Activity | The following table summarizes activity with respect to RSUs during the three months ended March 31, 2025:
|  | Units |  |  | Weighted- Average Grant Date Fair Value |
Nonvested RSUs at January 1, 2025 |  |  | 1,480,272 |  |  | $ | 7.50 |
Granted |  |  | 2,029,332 |  |  | $ | 3.20 |
Vested |  |  | (247,970 | ) |  | $ | 7.72 |
Forfeitures |  |  | (86,966 | ) |  | $ | 5.02 |
Nonvested RSUs at March 31, 2025 |  |  | 3,174,668 |  |  | $ | 4.81 |
Summary of Performance Stock Units Activity | The following table summarizes activity with respect to PSUs during the three months ended March 31, 2025:
|  | Units |  |  | Weighted- Average Grant Date Fair Value |
Nonvested PSUs at January 1, 2025 |  |  | 2,165,325 |  |  | $ | 7.51 |
Granted |  |  | — |  |  | $ | — |
Vested |  |  | — |  |  | $ | — |
Forfeitures |  |  | — |  |  | $ | — |
Nonvested PSUs at March 31, 2025 |  |  | 2,165,325 |  |  | $ | 7.51 |

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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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