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Stock-based Compensation (Tables)

9 Months Ended

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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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 of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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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