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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2024 (in thousands, except share and per share amounts):

Number of Options

 

 

Weighted Average
Exercise Price

 

 

Weighted Average
Remaining Contractual
Term (Years)

 

 

Aggregate
Intrinsic Value

 

Outstanding at January 1, 2024

 

5,982,464

 

 

$

7.31

 

 

 

7.6

 

 

$

141

 

Granted

 

4,236,093

 

 

 

2.45

 

 

 

 

 

 

 

Exercised

 

(123,312

)

 

 

2.14

 

 

 

 

 

 

 

Expired

 

(282,928

)

 

 

14.28

 

 

 

 

 

 

 

Forfeited

 

(101,242

)

 

 

8.35

 

 

 

 

 

 

 

Outstanding at December 31, 2024

 

9,711,075

 

 

$

5.04

 

 

 

8.2

 

 

$

44

 

Options exercisable December 31, 2024

 

3,895,416

 

 

$

7.26

 

 

 

6.6

 

 

$

39

 

Schedule of Estimated Fair Value Assumptions

The Company estimated the fair value of each stock option on the date of grant using the following key input assumptions in the Black-Scholes option-pricing model:

 

 

Year Ended December 31,

 

2024

 

2023

 

Expected volatility

93.23% - 102.27%

 

97.11% - 118.90%

 

Risk-free interest rate

3.55% - 4.48%

 

3.58% - 5.57%

 

Expected dividend yield

0.00%

 

0.00%

 

Expected term (in years)

5.00 - 6.08

 

0.25 - 6.08

 

 

Summary of Restricted Stock Awards and Restricted Stock Units

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

 

 

Number of Units

 

 

Weighted Average
Grant Date Fair Value

 

Non-vested at January 1, 2024

 

3,631,431

 

 

$

2.51

 

Granted

 

1,338,162

 

 

 

3.79

 

Forfeited

 

(283,858

)

 

 

2.57

 

Vested and settled(1)

 

(2,222,134

)

 

 

2.37

 

Non-vested and unsettled at December 31, 2024

 

2,463,601

 

 

$

3.26

 

 

(1)

 includes 70,049 RSUs which are vested but unsettled at December 31, 2024.

Summary of Total Stock-based Compensation Expense

The following tables summarize the total stock-based compensation expense for the years ended December 31, 2024 and 2023, respectively (in thousands):

 

Year Ended December 31,

 

 

2024

 

 

2023

 

Stock options

 

$

7,653

 

 

$

10,635

 

Restricted stock

 

 

5,292

 

 

 

6,311

 

Total

 

$

12,945

 

 

$

16,946

 

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

General and administrative

 

$

9,943

 

 

$

12,537

 

Research and development

 

 

3,002

 

 

 

4,409

 

Total

 

$

12,945

 

 

$

16,946