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Equity-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity | The table below summarizes the activity with respect to stock options for the six months ended June 30, 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 |  |  | 642,148 |  |  | $ | 4.56 |  |  |  |  |  |  |
Exercised |  |  | (2,733 | ) |  | $ | 2.35 |  |  |  |  |  |  |
Expired |  |  | (139,165 | ) |  | $ | 67.13 |  |  |  |  |  |  |
Forfeitures |  |  | (103,882 | ) |  | $ | 6.09 |  |  |  |  |  |  |
Outstanding at June 30, 2025 |  |  | 3,324,305 |  |  | $ | 13.93 |  |  |  | 8.14 |  |  | $ | 467 |
Vested and expected to vest at June 30, 2025 |  |  | 3,324,305 |  |  | $ | 13.93 |  |  |  | 8.14 |  |  | $ | 467 |
Exercisable at June 30, 2025 |  |  | 1,668,986 |  |  | $ | 21.64 |  |  |  | 7.41 |  |  | $ | 107 |
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 June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Common stock price |  | $4.58 |  | $7.51 |  | $4.10 - $4.58 |  | $5.76 - $7.85
Expected volatility |  | 114.2% |  | 122.9% |  | 112.1% - 114.2% |  | 122.9% - 128.7%
Expected dividends |  | 0% |  | 0% |  | 0% |  | 0%
Expected term (in years) |  | 5.50 |  | 5.50 |  | 5.31 - 5.50 |  | 5.31 - 6.25
Risk-free rate |  | 4.0% |  | 4.4% |  | 4.0% - 4.4% |  | 3.8% - 4.4%
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 June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 1,116 |  |  | $ | 832 |  |  | $ | 2,218 |  |  | $ | 1,380 |
General and administrative |  |  | 2,029 |  |  |  | 1,260 |  |  |  | 4,268 |  |  |  | 2,323 |
Total |  | $ | 3,145 |  |  | $ | 2,092 |  |  | $ | 6,486 |  |  | $ | 3,703 |
Summary of Restricted Stock Unit Activity | The following table summarizes activity with respect to RSUs during the six months ended June 30, 2025:
|  | Units |  |  | Weighted- Average Grant Date Fair Value |
Nonvested RSUs at January 1, 2025 |  |  | 1,480,272 |  |  | $ | 7.50 |
Granted |  |  | 2,188,256 |  |  | $ | 3.23 |
Vested |  |  | (280,159 | ) |  | $ | 7.76 |
Forfeitures |  |  | (286,245 | ) |  | $ | 4.73 |
Nonvested RSUs at June 30, 2025 |  |  | 3,102,124 |  |  | $ | 4.72 |
Summary of Performance Stock Units Activity | The following table summarizes activity with respect to PSUs during the six months ended June 30, 2025:
|  | Units |  |  | Weighted- Average Grant Date Fair Value |
Nonvested PSUs at January 1, 2025 |  |  | 2,165,325 |  |  | $ | 7.51 |
Granted |  |  | — |  |  | $ | — |
Vested |  |  | — |  |  | $ | — |
Forfeitures |  |  | (91,137 | ) |  | $ | 7.51 |
Nonvested PSUs at June 30, 2025 |  |  | 2,074,188 |  |  | $ | 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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