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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Stock-Based Compensation [Abstract] |
Schedule of Stock Option Activities | The following table summarizes the stock option activities, including performance-based stock options, under the 2024 Plan, the 2021 Equity Incentive Plan (the “2021 Plan”), the 2022 Inducement Plan and the 2019 EIP for the three months ended March 31, 2025:
|  | Options Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value (in thousands) |
Balance, December 31, 2024 |  |  | 1,628,378 |  |  | $ | 19.79 |  |  |  | 8.31 |  |  | $ | 6,608 |
Options granted |  |  | 609,700 |  |  | $ | 6.16 |  |  |  |  |  |  |  |  |
Options cancelled/forfeited |  |  | (51,852 | ) |  | $ | 16.12 |  |  |  |  |  |  |  |  |
Balance, March 31, 2025 |  |  | 2,186,226 |  |  | $ | 16.08 |  |  |  | 8.20 |  |  | $ | — |
Vested and expected to vest, March 31, 2025 |  |  | 2,186,226 |  |  | $ | 16.08 |  |  |  | 8.20 |  |  | $ | — |
Exercisable, March 31, 2025 |  |  | 737,799 |  |  | $ | 20.29 |  |  |  | 7.18 |  |  | $ | — |
There was no performance-based stock option activity under the 2024 Plan or the 2021 Plan for the three months ended March 31, 2025.
|  | Options Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value (in thousands) |
Balance, December 31, 2024 |  |  | 45,894 |  |  | $ | 13.95 |  |  |  | 6.04 |  |  | $ | 438 |
Balance, March 31, 2025 |  |  | 45,894 |  |  | $ | 13.95 |  |  |  | 5.80 |  |  | $ | — |
Vested and expected to vest, March 31, 2025 |  |  | 45,894 |  |  | $ | 13.95 |  |  |  | 5.80 |  |  | $ | — |
Exercisable, March 31, 2025 |  |  | 30,893 |  |  | $ | 7.33 |  |  |  | 5.18 |  |  | $ | — |
Schedule of Summary of PSU Activity | The following table provides a summary of PSU activity under the 2024 Plan during the three months ended March 31, 2025:
|  | Number of Share |  |  | Weighted- Average Grant Date Fair Value |
Unvested performance-based restricted stock units at December 31, 2024 |  |  | 20,000 |  |  | $ | 21.90 |
Granted |  |  | — |  |  | $ |  |
Unvested performance-based restricted stock units at March 31, 2025 |  |  | 20,000 |  |  | $ | 21.90 |
Outstanding performance-based restricted stock units at March 31, 2025 |  |  | 20,000 |  |  | $ | 21.90 |
Schedule of Stock-Based Compensation Expense | The following table presents stock-based compensation expenses related to options, PSUs and RSUs granted to employees and non-employees, employee stock purchase plan awards and restricted common stock shares issued to founders (in thousands):
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
General and administrative |  | $ | 1,240 |  |  | $ | 820 |
Research and development |  |  | 571 |  |  |  | 349 |
Total |  | $ | 1,811 |  |  | $ | 1,169 |
Schedule of Fair Value of Stock Options Was Estimated Using a Black-Scholes Option-Pricing Model | The grant date fair value of stock options was estimated using a Black-Scholes option-pricing model with the following assumptions:
|  | Three Months Ended March 31,
|  | 2025 |  | 2024
Expected term (in years) |  | 6.01 – 6.08 |  | 6.04 – 6.08
Expected volatility |  | 97.37% – 97.93% |  | 112%
Risk-free interest rate |  | 3.93% – 4.35% |  | 3.93% – 4.27%
Expected dividend yield |  | — |  | —

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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