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Stock-Based Compensation (Tables)

12 Months Ended

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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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 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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