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Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Fair Values of Stock Options Granted Using Black-Scholes Option-Pricing Model

The fair values of stock options granted were calculated using the Black-Scholes option-pricing model applying the following assumptions:

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

Risk-free interest rate

 

4.01% - 4.24%

 

 

3.27% - 4.48%

 

Expected term (in years)

 

5.31 - 6.11

 

 

5.31 - 6.16

 

Dividend yield

 

 

 

 

 

 

Expected volatility

 

97% - 120%

 

 

103% - 129%

 

Schedule of Share-Based Compensation Expense

The Company recognized stock-based compensation expense in the Consolidated Statements of Operations as follows (in thousands):

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

General and administrative

 

$

1,647

 

 

$

3,038

 

Research and development

 

 

645

 

 

 

1,583

 

Total stock-based compensation expense

 

$

2,292

 

 

$

4,621

 

Schedule of Option Activity for Share-Based Payment Arrangement

The following table shows a summary of all stock option activity for the year ended December 31, 2024:

 

 

Number of
Underlying
Shares

 

 

Weighted-
Average
Exercise Price
Per Share

 

 

Weighted-
Average
Contractual
Life
Remaining
in Years

 

 

Aggregate
Intrinsic Value

 

Outstanding as of January 1, 2024

 

 

17,506,345

 

 

$

1.79

 

 

 

 

 

 

 

Granted

 

 

4,701,334

 

 

 

1.11

 

 

 

 

 

 

 

Forfeited

 

 

(1,167,504

)

 

 

1.60

 

 

 

 

 

 

 

Exercised

 

 

(343,998

)

 

 

0.79

 

 

 

 

 

 

 

Expired

 

 

(4,606

)

 

 

258.08

 

 

 

 

 

 

 

Outstanding as of December 31, 2024

 

 

20,691,571

 

 

$

1.60

 

 

 

6.95

 

 

$

657,814

 

Exercisable as of December 31, 2024

 

 

16,978,976

 

 

$

1.71

 

 

 

6.42

 

 

$

594,188

 

Vested and expected to vest

 

 

20,691,571

 

 

$

1.60

 

 

 

6.95

 

 

$

657,814