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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | The Company recorded employee and nonemployee share-based compensation expense as follows (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Employee |  | $ | 11,023 |  |  | $ | 12,364 |
Nonemployee |  |  | 1,581 |  |  |  | 1,676 |
|  | $ | 12,604 |  |  | $ | 14,040 |
Schedule of Stock-Based Compensation Expense | Share-based compensation expense is included in the following line items in the statements of operations (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Research and development |  | $ | 2,560 |  |  | $ | 4,355 |
General and administrative |  |  | 10,044 |  |  |  | 9,685 |
|  | $ | 12,604 |  |  | $ | 14,040 |
Determining the appropriate fair value model to measure the fair value of the stock option grants on the date of grant and the related assumptions requires judgment. The fair value of each stock option grant is estimated using a Black-Scholes option-pricing model on the date of grant using the following inputs:
Schedule of Stock Options Valuation Assumptions Using a Black-Scholes Option Pricing Model |
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Estimated dividend yield |  |  | 0.00 | % |  |  | 0.00 | %
Weighted-average expected stock price volatility |  |  | 87.93 | % |  |  | 87.15 | %
Weighted-average risk-free interest rate |  |  | 3.67 | % |  |  | 3.89 | %
Expected term of options (in years) |  |  | 5.63 |  |  |  | 5.78 |
Weighted-average fair value per option |  | $ | 10.58 |  |  | $ | 17.41 |
Summary of Activity of Option Plans | The following table summarizes activity in the Company’s stock option plans for the years ended December 31, 2023 and December 31, 2024 :
|  | Outstanding Option Shares |  |  | Weighted- Average Exercise Price |
Balance as of December 31, 2022 |  |  | 457,097 |  |  |  | 191.07 |
Granted |  |  | 20,443 |  |  |  | 23.61 |
Exercised |  |  | (3,196 | ) |  |  | 9.59 |
Forfeited/canceled |  |  | (124,683 | ) |  |  | 221.38 |
Balance as of December 31, 2023 |  |  | 349,662 |  |  |  | 172.13 |
Granted |  |  | 85,034 |  |  |  | 10.58 |
Exercised |  |  | — |  |  |  | — |
Forfeited/canceled |  |  | (58,145 | ) |  |  | 166.04 |
Balance as of December 31, 2024 |  |  | 376,551 |  |  |  | 136.59 |
Summary of Restricted Stock Unit Activity | The following table summarizes the Company’s RSU activity for the years ended December 31, 2024 and December 31, 2023:
|  | RSU Awards |  |  | Weighted-Average Grant Date Fair Value |
Unvested RSUs as of December 31, 2022 |  |  | 120,550 |  |  |  | 106.49 |
Granted |  |  | 161,161 |  |  |  | 34.49 |
Forfeited |  |  | (19,961 | ) |  |  | 109.19 |
Vested |  |  | (46,893 | ) |  |  | 112.02 |
Unvested RSUs as of December 31, 2023 |  |  | 214,857 |  |  |  | 51.03 |
Granted |  |  | 881,233 |  |  |  | 10.33 |
Forfeited |  |  | (18,438 | ) |  |  | 23.04 |
Vested |  |  | (102,132 | ) |  |  | 55.51 |
Unvested RSUs as of December 31, 2024 |  |  | 975,520 |  |  |  | 14.32 |
Summary of Stock Options Granted under the Stock Option Plans are Vested or Expected to Vest | The following table summarizes certain information about stock options granted under the stock option plans which are vested or expected to vest as of December 31, 2024 and December 31, 2023.
Years Ended December 31, |  |  |  | Number of Options |  |  | Weighted- Average Remaining Contractual Life (in years) |  |  | Weighted- Average Exercise Price |
2024 |  | Expected to be exercisable |  |  | 376,551 |  |  |  | 7.10 |  |  | $ | 136.59 |
2024 |  | Currently exercisable |  |  | 248,617 |  |  |  | 6.31 |  |  | $ | 178.27 |
2023 |  | Expected to be exercisable |  |  | 349,662 |  |  |  | 7.15 |  |  | $ | 172.13 |
2023 |  | Currently exercisable |  |  | 223,019 |  |  |  | 6.58 |  |  | $ | 199.00 |
Summary of Stock Options Outstanding under the Stock Option Plans | The following table summarizes certain information about stock options outstanding under the stock option plans for the years ended December 31, 2024 and December 31, 2023, respectively:
Year Ended December 31, 2024 |
Exercise price |  | Number of Options Outstanding |  |  | Weighted- Average Remaining Life |  |  | Number of Options Exercisable |
$10.33 - $46.50 |  |  | 130,872 |  |  |  | 8.40 |  |  |  | 41,626 |
$50.40 - $100.20 |  |  | 77,207 |  |  |  | 7.35 |  |  |  | 61,168 |
$122.40 - $174.90 |  |  | 50,056 |  |  |  | 6.87 |  |  |  | 37,295 |
$189.30 - $293.70 |  |  | 60,916 |  |  |  | 6.20 |  |  |  | 53,729 |
$305.10 - $480.00 |  |  | 57,500 |  |  |  | 4.97 |  |  |  | 54,799 |
|  |  | 376,551 |  |  |  |  |  |  | 248,617 |
Year Ended December 31, 2023 |
Exercise price |  | Number of Options Outstanding |  |  | Weighted- Average Remaining Life |  |  | Number of Options Exercisable |
$12.30 - $46.50 |  |  | 67,401 |  |  |  | 7.65 |  |  |  | 27,084 |
$50.40 - $100.20 |  |  | 77,327 |  |  |  | 8.34 |  |  |  | 49,906 |
$122.40 - $174.90 |  |  | 64,477 |  |  |  | 7.35 |  |  |  | 35,163 |
$189.30 - $293.70 |  |  | 65,372 |  |  |  | 7.10 |  |  |  | 46,526 |
$305.10 - $480.00 |  |  | 75,085 |  |  |  | 5.33 |  |  |  | 64,340 |
|  |  | 349,662 |  |  |  |  |  |  | 223,019 |

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