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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet that total to the amounts shown in the statement of cash flows:

 

 

December 31,

 

(in thousands)

 

2024

 

 

2023

 

Cash and cash equivalents

 

$

12,474

 

 

$

25,291

 

Restricted cash

 

 

4,044

 

 

 

4,044

 

Total cash, cash equivalents, and restricted cash shown in statement of cash flows

 

$

16,518

 

 

$

29,335

 

 

Schedule of Property Plant and Equipment Useful Life

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation expense is recognized using the straight-line method over the estimated useful life of the asset, ranging from 5-7 years as follows:

 

Fixed Asset Type

 

Estimated useful life

Lab equipment

 

5 years

IT equipment

 

5 years

Furniture and fixtures

 

7 years

Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-average Shares of Common Stock Outstanding

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Unvested restricted stock awards

 

 

 

 

 

27,008

 

Unvested restricted stock units

 

 

56,250

 

 

 

103,750

 

Stock options

 

 

14,212,538

 

 

 

11,898,446

 

 

 

14,268,788

 

 

 

12,029,204