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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2024 | 1,890,932 |  |  | $ | 15.69 |  |  | 6.78 |  | $ | 920 |
Options granted | 378,375 |  |  | 8.92 |  |  |  |  |
Options exercised | (1,628) |  |  | 4.41 |  |  |  |  |
Forfeited (unvested) | (2,226) |  |  | 6.81 |  |  |  |  |
Outstanding as of March 31, 2025 | 2,265,453 |  |  | $ | 14.58 |  |  | 7.12 |  | $ | 2,248 |
Options vested and exercisable | 1,060,694 |  |  | $ | 23.93 |  |  | 5.18 |  | $ | 1,101 |
Schedule of Components of Stock-Based Compensation Expense | The following table summarizes total stock-based compensation expense recorded in the condensed consolidated statements of operations (in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Research and development | $ | 288 |  |  | $ | 136 |  |  |  |  |
General and administrative | 229 |  |  | 188 |  |  |  |  |
Total | $ | 517 |  |  | $ | 324 |  |  |  |  |
Schedule of Black-Scholes Option-Pricing Model Following Assumptions | 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 weighted average assumptions.
Options | Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Risk-free interest rate | 4.4% |  | 3.8% |  |  |  |
Expected dividend yield | 0.0% |  | 0.0% |  |  |  |
Expected term in years (for employees) | 6.08 |  | 5.50 - 6.08 |  |  |  |
Expected volatility | 106.9% |  | 79.5% - 79.7% |  |  |  |

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