Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity during the three months ended March 31, 2025:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025		1,942,920		$	12.93		8.33	$	12
Granted		60,743		$	2.54
Exercised		—		$	—
Cancelled		(65,648	)	$	14.10
Outstanding at March 31, 2025		1,938,015		$	2.54		7.93	$	—
Vested and expected to vest at    March 31, 2025		1,938,015		$	2.54		7.93	$	—
Exercisable at March 31, 2025		942,917		$	2.54		7.03	$	—

Company's RSU Activity

The following table summarizes the Company’s RSU activity during the three months ended March 31, 2025:

	Number of Shares		Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2025		—	$	—
Granted		467,150	$	2.54
Vested		—	$	—
Forfeited		—	$	—
Outstanding at March 31, 2025		467,150	$	2.54

Summary of Assumptions Used to Value Stock Options Granted

The underlying assumptions used to value stock options granted using the Black-Scholes option-pricing model prior to the Option Repricing during the three months ended March 31, 2025 and 2024 were as follows:

	Three Months Ended March 31,
	2025	2024
Risk-free interest rate range	4.46%	4.24%
Expected dividend rate	— %	— %
Expected term (years) range	5.23	5.88 – 6.11
Expected stock price volatility range	95.8%	92.0% – 92.2%

Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations (in thousands):

	Three Months Ended March 31,
	2025		2024
Research and development	$	265	$	157
General and administrative		1,077		260
Total stock-based compensation expense	$	1,342	$	417