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Stock-based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Stock-based Compensation [Abstract] |
Stock-Based Compensation Expense | Stock-based compensation expense was included in general and administrative and research and development costs as follows in the accompanying condensed statements of comprehensive loss for the three- and nine-month periods indicated below (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
General and administrative |  | $ | 567 |  |  | $ | 549 |  |  | $ | 1,810 |  |  | $ | 1,850 |
Research and development |  |  | 249 |  |  |  | 227 |  |  |  | 815 |  |  |  | 717 |
Total stock-based compensation |  | $ | 816 |  |  | $ | 776 |  |  | $ | 2,625 |  |  | $ | 2,567 |
Stock Option Activity | The following table provides a summary of stock option activity under the Company’s equity award plans:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value(1) (in thousands) |
Outstanding at December 31, 2024 |  |  | 5,073,736 |  |  | $ | 2.68 |  |  |  | 7.37 |  |  | $ | 124 |
Granted |  |  | 2,793,277 |  |  | $ | 1.00 |  |  |  |  |  |  |  |  |
Exercised |  |  | (30,000 | ) |  | $ | 0.90 |  |  |  |  |  |  |  |  |
Forfeited/Cancelled |  |  | (618,949 | ) |  | $ | 2.07 |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2025 |  |  | 7,218,064 |  |  | $ | 2.09 |  |  |  | 7.64 |  |  | $ | 2,256 |
Vested and expected to vest at September 30, 2025 |  |  | 7,218,064 |  |  | $ | 2.09 |  |  |  | 7.64 |  |  | $ | 2,256 |
Vested and exercisable at September 30, 2025 |  |  | 3,491,162 |  |  | $ | 2.75 |  |  |  | 5.84 |  |  | $ | 506 |
(1) | The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of our common stock as of September 30, 2025 and December 31, 2024 of $1.65 and $1.19 per share, respectively.
Weighted Average Assumptions Used in Black-Scholes Option-pricing Model | The weighted average assumptions used in the Black-Scholes option pricing model are as follows during the three and nine months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Expected stock price volatility |  |  | 75.6 | % |  |  | — | % |  |  | 75.7 | % |  |  | 97.7 | %
Expected life of options (years) |  |  | 6.1 |  |  |  | — |  |  |  | 5.9 |  |  |  | 5.9 |
Expected dividend yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %
Risk free interest rate |  |  | 3.9 | % |  |  | — | % |  |  | 4.0 | % |  |  | 4.2 | %
Restricted Stock Units Activity | The following table summarized the Company’s RSU activity under the Company’s equity award plans:
|  | Number of Shares |
Non-vested at December 31, 2024 |  |  | 1,393,230 |
Granted |  |  | 1,655,361 |
Forfeited |  |  | (257,826 | )
Vested |  |  | (381,534 | )
Non-vested at September 30, 2025 |  |  | 2,409,231 |

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