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Equity-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Options Activity | The following table summarizes our stock options activity for the six months ended June 30, 2025:
|  | Number of stock options |  |  | Weighted- average exercise price per share |  |  | Weighted- average remaining contractual term (in years) |  |  | Aggregate intrinsic value (in thousands) |
Outstanding, January 1, 2025 |  |  | 8,967,605 |  |  | $ | 5.18 |  |  |  | 8.1 |  |  | $ | 1 |
Granted |  |  | 2,709,284 |  |  | $ | 1.13 |  |  |  |  |  | $ | — |
Cancelled or forfeited |  |  | (137,589 | ) |  | $ | 4.28 |  |  |  |  |  | $ | — |
Outstanding, June 30, 2025 |  |  | 11,539,300 |  |  | $ | 4.24 |  |  |  | 8.1 |  |  | $ | 821 |
Exercisable, June 30, 2025 |  |  | 5,537,588 |  |  | $ | 6.87 |  |  |  | 7.2 |  |  | $ | 57 |
Summary of Assumptions for Estimated Fair Value of Options | The fair values of the stock options granted during the period ended June 30, 2025 were estimated based on the Black-Scholes model, using the following assumptions:
|  | Six Months Ended |  |
|  | June 30, 2025 |  |
Expected volatility |  | 84.4 - 85.2 |  |
Risk-free interest rate |  | 3.9 - 4.2 |  |
Expected term (in years) |  | 5.5 - 6.1 |  |
Expected dividend yield |  |  | 0 | % |
Schedule of Equity-based Compensation Expense | Equity-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Research and development |  | $ | 644 |  |  | $ | 677 |  |  | $ | 1,262 |  |  | $ | 1,290 |
General and administrative |  |  | 963 |  |  |  | 965 |  |  |  | 1,914 |  |  |  | 1,920 |
Total equity-based compensation |  | $ | 1,607 |  |  | $ | 1,642 |  |  | $ | 3,176 |  |  | $ | 3,210 |

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, 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)(2) -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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