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Share-Based Compensation (Tables)

12 Months Ended

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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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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