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Stock-Based Compensation Expense (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Research and development |  | $ | 1,360 |  |  | $ | 1,176 |
General and administrative |  |  | 5,356 |  |  |  | 4,711 |
Total |  | $ | 6,716 |  |  | $ | 5,887 |
Summary of Restricted Stock Unit Activity, Including 2024 PSUs | A summary of the restricted stock unit activity, including 2024 PSUs, under the Plans for the year ended December 31, 2024 was as follows:
|  | Shares |  |  | Weighted- Average Grant Date Fair Value |
Restricted stock units outstanding as of December 31, 2023 |  |  | 105,048 |  |  | $ | 3.20 |
Granted |  |  | 2,332,527 |  |  | $ | 2.82 |
Vested |  |  | (86,574 | ) |  | $ | 4.26 |
Forfeited |  |  | (207,199 | ) |  | $ | 4.29 |
Restricted stock units outstanding as of December 31, 2024 |  |  | 2,143,802 |  |  | $ | 2.65 |
Schedule of Unrecognized Stock-Based Compensation | The following table summarizes the Company’s unrecognized stock-based compensation as of December 31, 2024:
|  | Unrecognized Expense (in thousands) |  |  | Period of Recognition (years) |
Restricted stock units |  | $ | 2,088 |  |  |  | 2.4 |
Stock options |  |  | 5,743 |  |  |  | 2.7 |
Total |  | $ | 7,831 |  |  |  |
Schedule of Fair Value of Stock Option Estimated on Date of Grant Using Black-Scholes Option-Pricing Model or Monte Carlo Simulation in Case of Options Granted to Certain Executive Officers | The fair value of each stock option granted to employees, directors and non-employees was estimated on the date of grant using the Black-Scholes option-pricing model, or a Monte Carlo simulation in the case of the options granted to certain executive officers with market-performance grants, with the following weighted-average assumptions:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Risk-free interest rate |  |  | 4.2 | % |  |  | 3.9 | %
Expected dividend yield |  |  | — | % |  |  | — | %
Expected term (in years) |  |  | 6.0 |  |  |  | 6.1 |
Expected volatility |  |  | 80.5 | % |  |  | 82.7 | %
Summary of Stock Option Activity, Including Incentive Options, Under Plans | A summary of the stock option activity, including incentive options, under the Plans for the year ended December 31, 2024 was as follows:
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding at December 31, 2023 |  |  | 5,709,980 |  |  | $ | 5.68 |  |  |  | 8.0 |  |  | $ | 6,334 |
Granted |  |  | 2,605,002 |  |  |  | 4.89 |  |  |  |  |  |  |
Exercised |  |  | (1,002 | ) |  |  | 3.96 |  |  |  |  |  |  |
Cancelled |  |  | (1,999,419 | ) |  |  | 4.69 |  |  |  |  |  |  |
Outstanding at December 31, 2024 |  |  | 6,314,561 |  |  | $ | 5.66 |  |  |  | 7.5 |  |  | $ | — |
Exercisable at December 31, 2024 |  |  | 2,822,175 |  |  | $ | 7.06 |  |  |  | 6.8 |  |  | $ | — |
Vested and expected to vest at December 31, 2024 |  |  | 6,314,561 |  |  | $ | 5.66 |  |  |  | 7.5 |  |  | $ | — |

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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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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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