v3.25.1

Stock-Based Compensation (Tables)

12 Months Ended

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	%

X

- 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.

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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 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.

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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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