Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was as follows:

	Years Ended December 31,
(in thousands)	2024		2023
Research and development	$	510	$	13,167
General and administrative		25,837		27,612
Total stock-based compensation expense	$	26,347	$	40,779

Summary of Restricted Common Stock Activity

The following table summarizes restricted common stock activity for the year ended December 31, 2024:

	Shares			Weighted Average Grant Date Fair Value
Unvested at January 1, 2024		141,516		$	200.79
Granted		10,652			17.71
Forfeited		(49,147	)		191.59
Vested		(76,103	)		206.31
Unvested at December 31, 2024		26,918		$	128.57

Summary of Stock Option Activity

The following table summarizes stock option activity (in thousands, except share and per share data):

	Shares			Weighted Average Exercise Price		Weighted Average Contractual Life		Aggregate Intrinsic Value
Options outstanding at January 1, 2024		453,902		$	317.63		7.9	$	—
Granted		—			—		—		—
Exercised		—			—		—		—
Forfeited		(191,111	)		260.59		—		—
Options outstanding at December 31, 2024		262,791		$	359.03		6.6	$	—
Options vested and exercisable at December 31, 2024		235,480		$	377.43		6.5	$	—

Schedule of Estimated Fair Value Weighted-Average Assumptions Using Black-Scholes Option-Pricing Model

For the year ended December 31, 2023, the fair value was estimated on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions:

	Years Ended December 31,
	2023
Expected term (in years)		6.11
Expected volatility		94	%
Risk-free interest rate		3.52	%
Expected dividend yield	—
Fair value of common stock	$	143.52