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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Summary of Stock Option Activity | The following table summarizes stock option activity during the six months ended June 30, 2025:
|  | Outstanding Options |  |  | Weighted- Average Exercise Price Per Share |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) (a) |
Balances as of December 31, 2024 |  |  | 9,023,792 |  |  | $ | 0.87 |  |  |  |  |  |  |
Granted |  |  | 1,958,000 |  |  | $ | 0.75 |  |  |  |  |  |  |
Exercised |  |  | (52,344 | ) |  | $ | 0.74 |  |  |  |  |  |  |
Forfeitures and cancellations |  |  | (1,020,080 | ) |  | $ | 1.10 |  |  |  |  |  |  |
Balances as of June 30, 2025 |  |  | 9,909,368 |  |  | $ | 0.83 |  |  |  | 7.09 |  |  | $ | - |
Options exercisable as of June 30, 2025 |  |  | 5,994,753 |  |  | $ | 0.87 |  |  |  | 6.02 |  |  | $ | - |
(a) Aggregate intrinsic value in this table was calculated as the positive difference, if any, between the closing price per share of the Company’s common stock on June 30, 2025 of $0.32 and the price of the underlying options.
Summary of Non-cash Stock-based Compensation Expense | The non-cash stock-based compensation expense for all stock awards, net of forfeitures recognized as they occur, that was recognized in the condensed consolidated statements of operations is as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 180 |  |  | $ | 368 |  |  | $ | 390 |  |  | $ | 738 |
General and administrative |  |  | 383 |  |  |  | 584 |  |  |  | 794 |  |  |  | 1,186 |
Total |  | $ | 563 |  |  | $ | 952 |  |  | $ | 1,184 |  |  | $ | 1,924 |
Summary of Reserved Shares of Common Stock for Future Issuance | Common stock reserved for future issuance is as follows:
|  | June 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Stock options issued and outstanding |  |  | 9,909,368 |  |  |  | 9,023,792 |
Warrants for common stock |  |  | 1,366,141 |  |  |  | 1,366,141 |
Awards available under the 2018 Equity Incentive Plan |  |  | 2,961,067 |  |  |  | 340,109 |
Awards available under the 2024 Inducement Plan |  |  | 1,500,000 |  |  |  | 1,500,000 |
Employee stock purchase plan |  |  | 1,369,497 |  |  |  | 1,026,222 |
Total |  |  | 17,106,073 |  |  |  | 13,256,264 |

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