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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 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 | 656,099 |  |  | 7.40 |  |  |  |  |
Options exercised | (31,918) |  |  | 4.56 |  |  |  |  |
Forfeited (unvested) | (51,106) |  |  | 6.80 |  |  |  |  |
Outstanding as of September 30, 2025 | 2,464,007 |  |  | $ | 13.81 |  |  | 6.96 |  | $ | 10,525 |
Options vested and exercisable | 1,345,848 |  |  | $ | 19.92 |  |  | 5.36 |  | $ | 5,509 |
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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Research and development | $ | 264 |  |  | $ | 138 |  |  | $ | 755 |  |  | $ | 414 |
General and administrative | 434 |  |  | 176 |  |  | 1,170 |  |  | 574 |
Total | $ | 698 |  |  | $ | 314 |  |  | $ | 1,925 |  |  | $ | 988 |
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 September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Risk-free interest rate | 3.7% |  | 3.4% - 3.6% |  | 3.7% - 4.3% |  | 3.4% - 4.2%
Expected dividend yield | 0.0% |  | 0.0% |  | 0.0% |  | 0.0%
Expected term in years (for employees) | 6.1 |  | 5.8 - 6.1 |  | 5.5 - 6.1 |  | 5.0 - 6.1
Expected volatility | 110.4% |  | 104.6% - 104.8% |  | 106.9% - 110.4% |  | 79.5% - 104.8%

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