v3.25.1

Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Summary of Weighted-Average Assumptions Used to Value Stock Options | The weighted-average assumptions used to value these stock options using the Black-Scholes option-pricing model were as follows.
|  | Year ended December 31, 2024 |  |  | Year Ended December 31, 2023 |
Fair value of common stock |  | $ | 16.88 |  |  | $ | 19.61 |
Risk-free interest rate |  |  | 4.08 | % |  |  | 4.30 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Expected term of options (years) |  |  | 5.98 |  |  |  | 5.62 |
Volatility |  |  | 110.15 | % |  |  | 114.50 | %
Summary of Stock Option Activity | The table below summarizes the stock option activity during the year ended December 31, 2024:
|  | Number of Shares Outstanding |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value (in thousands) |
Balances at December 31, 2023 |  |  | 105,791 |  |  | $ | 206.47 |  |  | 7.17 |  |  | $ | 30 |
Granted |  |  | 123,600 |  |  | $ | 16.92 |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cancelled/Forfeited |  |  | (16,890 | ) |  | $ | 114.74 |  |  |  | — |  |  |  | — |
Balances at December 31, 2024 |  |  | 212,501 |  |  | $ | 103.51 |  |  | 7.82 |  |  | $ | 760 |
Vested and expected to vest at December 31, 2024 |  |  | 212,501 |  |  | $ | 103.51 |  |  | 7.82 |  |  | $ | 760 |
Exercisable at December 31, 2024 |  |  | 68,703 |  |  | $ | 265.62 |  |  | 6.49 |  |  | $ | 113 |
Summary of Restricted Stock Unit Award Transactions | Restricted stock unit award transactions during the year ended December 31, 2024 were as follows:
|  |  |  |  | Weighted Avg |
|  |  |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Outstanding at December 31, 2023 |  |  | 42,237 |  |  | $ |  | 34.22 |
Granted |  |  | — |  |  | $ |  | — |
Forfeited/Cancelled |  |  | (3,600 | ) |  | $ |  | 25.75 |
Issued as Common Stock |  |  | (10,100 | ) |  | $ |  | 25.13 |
Outstanding at December 31, 2024 |  |  | 28,537 |  |  | $ |  | 38.50 |
Summary of Stock-Based Compensation Expenses | Stock-based compensation expenses included in the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2024 and 2023 are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Research and development |  | $ | 1,075 |  |  | $ | 1,201 |
General and administrative |  |  | 2,020 |  |  |  | 2,083 |
Total |  | $ | 3,095 |  |  | $ | 3,284 |
ESPP |
Summary of Weighted-Average Assumptions Used to Value Stock Options | The fair value of the rights granted to employees under the ESPP was estimated using a Black-Scholes option-pricing model with the following weighted-average valuation assumptions:
|  | Year ended December 31, 2024 |  |  | Year Ended December 31, 2023 |
Fair value of common stock |  | $ | 16.34 |  |  | $ | 26.17 |
Risk-free interest rate |  |  | 5.32 | % |  |  | 5.20 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Expected term of options (years) |  |  | 0.50 |  |  |  | 0.50 |
Volatility |  |  | 72.58 | % |  |  | 119.32 | %

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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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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