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Stockholders’ Equity and Stock Options (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Assumptions used to Determine Fair Value of Stock Options Granted

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees:

		2024		2023
Risk-free interest rate		4.12%		3.72%
Expected term (in years)		6.22		6.23
Expected volatility		95%		94%
Dividend yield		0.00%		0.00%

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the twelve months ended December 31, 2024 (amounts in millions, except for share and per share data):

						Weighted				Weighted Average				Aggregate
						Average				Remaining				Intrinsic
		Number of				Exercise				Contractual				Value (a)
		Shares				Price				Term (in years)				(in millions)
Outstanding as of December 31, 2023			4,273,502			$	9.06				7.8
Granted			2,235,377				5.35
Exercised			(15,404	)			5.00
Forfeited/Expired			(57,088	)			10.08
Outstanding as of December 31, 2024			6,436,387			$	7.78				7.6			$	0.4
Exercisable as of December 31, 2024			3,094,992			$	10.45				6.3			$	0.2
Vested and expected to vest as of December 31, 2024			6,436,387			$	7.78				7.6			$	0.4

(a)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money at December 31, 2024.

Summary of Restricted Stock Units

Activity with respect to the Company's RSUs during the twelve months ended December 31, 2024 was as follows (in millions, except share, contractual term, and per share data):

						Weighted				Weighted Average				Aggregate
						Average				Remaining				Intrinsic
		Number of				Grant Date				Contractual				Value (a)
		Shares				Fair Value				Term (in years)				(in millions)
Outstanding as of December 31, 2023			615,000			$	4.94				1.6
Restricted stock units granted			245,372				4.21
Restricted stock units vested			(153,750	)			4.94
Restricted stock units forfeited			(7,619	)			4.64
Outstanding as of December 31, 2024			699,003			$	4.69				1.2			$	2.7
Unvested and expected to vest as of December 31, 2024			699,003			$	4.69				1.2			$	2.7

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was classified in the consolidated statements of operations as follows:

		Year Ended December 31,
		2024				2023
		(in thousands)
Research and development		$	4,053			$	3,077
General and administrative			4,743				4,538
		$	8,796			$	7,615

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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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