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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of All Option Activity Under 2014 Plan, 2020 Plan and Inducement Grants

The following table summarizes all option activity under the 2014 Plan, 2020 Plan and inducement grants:

		Shares Issuable Under Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term				Aggregate Intrinsic Value (in thousands)
										(In years)
Outstanding as of January 1, 2023			5,218,033			$	8.69				8.1			$	—
Granted			11,026,451				2.10
Forfeited / Canceled			(862,631	)			8.07
Outstanding as of December 31, 2023			15,381,853			$	4.21				8.9			$	235
Granted			622,000				2.22
Exercised			(50,000	)			2.30
Forfeited / Canceled			(316,465	)			7.29
Outstanding as of December 31, 2024			15,637,388			$	4.02				7.5			$	20,628
Options vested and expected to vest as of    December 31, 2024			15,637,388			$	4.02				7.5			$	20,628
Options exercisable as of December 31, 2024			8,667,177			$	5.37				6.8			$	7,898

Schedule of Assumptions Used in Black-Scholes Option Pricing Model to Determine the Fair Value of Stock Options Granted

The Company estimates the fair value of stock option awards on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions:

		Year Ended December 31,
		2024		2023
Expected stock price volatility		101.3%		90.5%
Risk-free interest rate		4.2%		3.7%
Expected life of options (in years)		6.9		6.1
Estimated dividend yield		—%		—%

Summary of RSU Activity

The following table shows the RSU activity, as follows:

		Shares Issuable Under RSUs				Weighted Average Grant Date Fair Value
						(In years)
Outstanding as of January 1, 2023			15,000			$	2.47
Granted			—				—
RSUs Vested			(15,000	)			2.47
Forfeited / Canceled			—				—
Outstanding as of December 31, 2023			—			$	—
Granted			46,000				1.97
RSUs Vested			—				—
Forfeited / Canceled			—				—
Outstanding as of December 31, 2024			46,000			$	1.97

Schedule of Stock-Based Compensation Expense Related to Stock-Based Awards

Total compensation expense related to all of the Company’s stock-based awards for the years ended December 31, 2024 and 2023 was comprised of the following (in thousands):

		Year Ended December 31,
		2024				2023
Stock-based compensation classified as:
Research and development expense		$	4,277			$	1,491
General and administrative expense			8,845				5,054
Total stock-based compensation expense		$	13,122			$	6,545

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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