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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation [Abstract]

Components of Stock-Based Compensation Expense

Following is the stock-based compensation expense related to common stock options, restricted common stock, common stock warrants and deferred stock units:

		Year Ended December 31,
		2024				2023
Research and development		$	1,222			$	829
General and administrative			1,225				1,432
Total stock-based compensation expense		$	2,447			$	2,261

Weighted Average Assumptions Used to Determine Fair Value of Options Granted

The fair value of the options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used:

		2024				2023
Risk-free interest rate			3.89	%			3.84	%
Expected life of the options		5.4 years				5.7 years
Expected volatility of the underlying stock			75.1	%			85.6	%
Expected dividend rate			0	%			0	%

Stock Option Activity

The following table summarizes the stock option activity in the stock-based compensation plans:

		Number of Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (in years)				Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2022			5,745,561			$	2.90
Granted			1,025,000				1.18
Forfeited/Cancelled			(436,720	)			2.23
Exercised			—				—
Outstanding, December 31, 2023			6,333,841			$	2.66
Granted			1,373,000				1.86
Forfeited/Cancelled			(348,750	)			6.35
Exercised			(503,333	)			1.71
Outstanding, December 31, 2024			6,854,758			$	2.39				6.27			$	183
Exercisable, December 31, 2024			6,138,254			$	2.45				6.00			$	176

Outstanding and Exercisable Options under Stock Based Compensation Plans

The following table summarizes additional information regarding outstanding and exercisable options under our stock-based compensation plans at December 31, 2024:

			Options Outstanding												Options Exercisable
Exercise Price (Range)			Number of Shares				Weighted Average Remaining Contractual Life				Weighted Average Exercise Price				Number of Shares				Weighted Average Exercise Price
							(in years)
$0.89 – 1.50				1,134,206				7.13			$	1.16				934,202			$	1.12
$1.51 – 2.50				3,691,315				6.88				2.02				3,199,815				2.02
$2.51 – 5.00				1,809,237				4.88				3.48				1,784,237				3.48
$5.01 – 6.71				220,000				3.10				5.92				220,000				5.92
				6,854,758				6.27			$	2.39				6,138,254			$	2.45

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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 option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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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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