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Common Stock and Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share Based Termination Liability [Abstract] |
Schedule of Common Stock Reserved for Issuance | Common stock reserved for issuance as of December 31, 2024 and 2023, is as follows:
|  | 2024 |  |  | 2023 |
Series A convertible preferred stock |  |  | — |  |  |  | 1,573,999 |
Series B convertible preferred stock |  |  | — |  |  |  | 2,511,007 |
Series C convertible preferred stock |  |  | — |  |  |  | 1,498,516 |
Series D convertible preferred stock |  |  | — |  |  |  | 1,312,722 |
Series E convertible preferred stock |  |  | — |  |  |  | 1,152,329 |
Warrants outstanding for future issuance of convertible preferred stock |  |  | — |  |  |  | 86,877 |
Warrants outstanding for future issuance of Common stock |  |  | 14,583,333 |  |  |  | 1,337,169 |
Stock options and restricted stock units |  |  | 7,078,178 |  |  |  | 1,657,017 |
Stock options and restricted stock units available for future issuance |  |  | 698,682 |  |  |  | 670,477 |
Total shares of common stock reserved |  |  | 22,360,193 |  |  |  | 11,800,113 |
Schedule of Option Award Activity for Service-Based Stock Options Granted | Option award activity for service-based stock options granted as of December 31, 2024, was as follows:
|  | Number of options outstanding |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value (in thousand) |
Balances as of January 1, 2023 |  |  | 970,134 |  |  | $ | 17.77 |  |  |  | 6.1 |  |  | $ | 2,561 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | (380,917 | ) |  |  | 15.95 |  |  |  | — |  |  |  | — |
Forfeited |  |  | (153,360 | ) |  |  | 22.87 |  |  |  | — |  |  |  | — |
Balances as of December 31, 2023 |  |  | 435,857 |  |  | $ | 17.60 |  |  |  | 4.8 |  |  | $ | 754 |
Granted |  |  | 5,650,566 |  |  |  | 0.34 |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | (1,179 | ) |  |  | 4.37 |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balances as of December 31, 2024 |  |  | 6,085,244 |  |  | $ | 1.58 |  |  |  | 9.5 |  |  | $ | 802 |
Options vested and exercisable at December 31, 2024 |  |  | 3,107,320 |  |  | $ | 2.71 |  |  |  | 9.1 |  |  | $ | 380 |
A summary of the Company’s performance milestone-based stock options activity and related information is as follows:
|  | Number of options outstanding |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value (in thousands) |
Balances as of January 1, 2023 |  |  | 105,090 |  |  | $ | 20.85 |  |  |  | 5.6 |  |  | $ | 463 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | (2,949 | ) |  |  | — |  |  |  | — |  |  |  | — |
Balances as of December 31, 2023 |  |  | 102,141 |  |  | $ | 20.85 |  |  |  | 6.6 |  |  | $ | — |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balances as of December 31, 2024 |  |  | 102,141 |  |  | $ | 20.85 |  |  |  | 5.6 |  |  | $ | — |
Vested and exercisable at December 31, 2024 |  |  | 34,047 |  |  | $ | 20.85 |  |  |  | 5.6 |  |  | $ | — |
Schedule of RSU Activity and Related Information | A summary of the Company’s RSU activity and related information is as follows:
|  | Number of RSUs Outstanding |  |  | Weighted- Average Grant Date Fair Value Per Share |
Balances as of January 1, 2023 |  |  | 620,756 |  |  | $ | 22.11 |
Granted |  |  | 1,011,680 |  |  |  | 9.95 |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | (514,601 | ) |  |  | 16.39 |
Balances as of December 31, 2023 |  |  | 1,117,835 |  |  | $ | 13.64 |
Granted |  |  | 990,975 |  |  |  | 9.54 |
Vested |  |  | (1,062,212 | ) |  |  | 13.64 |
Forfeited |  |  | (155,805 | ) |  |  | 9.13 |
Balances as of December 31, 2024 |  |  | 890,793 |  |  | $ | 9.69 |
Schedule of Stock-based Compensation Expense | The following table summarizes stock-based compensation expense recorded in each component of operating expenses in the Company’s consolidated statements of operations and comprehensive loss (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Research and development |  | $ | 3,000 |  |  | $ | 4 |
Sales and marketing |  |  | 1,446 |  |  |  | 1 |
General and administrative |  |  | 13,718 |  |  |  | 638 |
Total stock-based compensation expense |  | $ | 18,164 |  |  | $ | 643 |
Schedule of Fair Value of Employee Service-Based Option Grants | The following assumptions were used to calculate the fair value of employee service-based option grants made during the year ended December 31, 2024:
|  |  | 2024 |
Expected dividend yield(1) |  |  | — |
Risk-free interest rate(2) |  |  | 4.17% - 4.20 | %
Expected volatility(3) |  |  | 85.00%- 86.20 | %
Expected life (in years)(4) |  |  | 0.76 - 6.50 |
Fair value of common stock |  | $ | 0.34 - $9.00 |
| (1) | The Company has no history or expectation of paying cash dividends on its common stock and, thus, has assumed a zero-dividend rate.
| (2) | The risk-free interest rate is based on the U.S. Treasury yield for a term consistent with the expected life of the awards in effect at the time of grant.
| (3) | To determine the expected volatility used above, the Company used the average volatility of a peer group of representative public companies.
| (4) | The expected life or term of the options represents the period of time that options granted are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term).

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