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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The following table summarizes information and activity related to the Company’s stock options:
| Number of Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (in years) |  | Total Intrinsic Value (in thousands)
Outstanding as of December 31, 2023 | 1,305,924 |  |  | $ | 21.27 |  |  | 7.43 |  | $ | 2,511 |
Options granted | 798,934 |  |  | 3.59 |  |  |  |  |
Options exercised | (9,757) |  |  | 3.92 |  |  |  |  |
Forfeited (unvested) | (204,169) |  |  | 10.43 |  |  |  |  |
Outstanding as of December 31, 2024 | 1,890,932 |  |  | $ | 15.69 |  |  | 6.78 |  | $ | 920 |
Options vested and exercisable | 860,803 |  |  | $ | 28.28 |  |  | 4.78 |  | $ | 428 |
Schedule of Components of Stock-Based Compensation Expense | The following table summarizes total stock-based compensation expense recorded in the consolidated statements of operations (in thousands):
| For the Year Ended December 31,
| 2024 |  | 2023
Research and development | $ | 582 |  |  | $ | 552 |
General and administrative | 870 |  |  | 627 |
Total | $ | 1,452 |  |  | $ | 1,179 |
Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards | The fair value of each employee and non-employee stock option grant was estimated on the date of grant using Black-Scholes based on the following assumptions.
Options | For the Year Ended December 31,
| 2024 |  | 2023
Risk-free interest rate | 3.4% - 4.3% |  | 3.7% - 4.5%
Expected dividend yield | 0.0% |  | 0.0%
Expected volatility | 79.5% - 107.8% |  | 71.7% - 75.5%
Expected term in years (employees) | 5.0 - 6.1 |  | 5.5 - 6.1

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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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