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Equity-Based Compensation (Tables)

3 Months Ended

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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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 number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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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