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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity Under the Plan and the Predecessor Plan

Stock option activity under the Plan and the Predecessor Plan and certain other related information is as follows (in thousands except weighted-average exercise price and remaining term):

		Number				Weighted- Average Exercise Price				Weighted- Average Remaining Term (years)				Aggregate- Intrinsic Value
Balance as of December 31, 2024			3,818			$	6.37				7.2			$	—
Granted			1,262			$	2.52
Exercised			—			$	—
Forfeited and expired			(342	)		$	5.74
Balance as of March 31, 2025			4,738			$	5.39				8.2			$	—
Vested and expected to vest at March 31, 2025			4,738			$	5.39				8.2			$	—
Exercisable as of March 31, 2025			1,906			$	5.26				6.8			$	—

Schedule of Stock-based Compensation Expense

Stock-based compensation expense, including the expense related to the ESPP, as recorded in the accompanying condensed statements of operations and comprehensive loss was as follows (in thousands):

		Three Months Ended March 31,
		2025				2024
Research and development		$	714			$	524
General and administrative			1,083				804
Total stock-based compensation		$	1,797			$	1,328

Schedule of Weighted-average Assumptions Used in the Black-Scholes Option Pricing Model to Determine the Fair Value of the Stock Options Granted

Excluding any effect of the Repriced Options, the weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock options granted during the periods indicated in the table were as follows:

		Three Months Ended March 31,
		2025				2024
Expected option life (in years)			6.0				6.0
Assumed volatility			105.0	%			95.0	%
Assumed risk-free interest rate			4.5	%			4.2	%
Expected dividend yield			—				—

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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.

+ References

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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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.

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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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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