Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense

Stock-based compensation expense as reflected in the Company’s condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):

	Three months ended March 31,
	2025		2024
Research and development	$	271	$	233
General and administrative		716		669
Stock-based compensation expense included in operating expenses	$	987	$	902

Summary of stock option activity

The following is a summary of the Company’s stock option activity for the three months ended March 31, 2025:

		Weighted-		Weighted- Average	Aggregate
		Average		Remaining Contractual	Intrinsic Value
	Options	Exercise Price		Term (in years)	(in thousands)
Outstanding at December 31, 2024	6,317,063	$	2.97	8.22	$	4
Granted	2,683,704		0.78
Cancelled	(1,943,546)		1.76
Outstanding at March 31, 2025	7,057,221	$	2.47	8.15	$	—
Vested at March 31, 2025	3,288,233	$	3.33	6.87	$	—
Vested and expected to vest at March 31, 2025	7,057,221	$	2.47	8.15	$	—

The following is a summary of the Company’s stock option activity for the three months ended March 31, 2024:

		Weighted-		Weighted- Average	Aggregate
		Average		Remaining Contractual	Intrinsic Value
	Options	Exercise Price		Term (in years)	(in thousands)
Outstanding at December 31, 2023	4,178,194	$	2.98	8.22	$	11
Granted	2,002,950		2.86
Exercised	(362,947)		1.33
Cancelled	(70,964)		2.32
Outstanding at March 31, 2024	5,747,233	$	3.05	8.74	$	15,641
Vested at March 31, 2024	2,030,376	$	3.77	7.55	$	5,209
Vested and expected to vest at March 31, 2024	5,747,233	$	3.05	8.74	$	15,641

Schedule of assumptions used in estimation of fair value

	Three months ended March 31,
	2025		2024
Risk-free interest rate	3.96 - 4.50	%	4.07 - 4.27	%
Volatility	75 - 76	%	72 - 73	%
Dividend yield	0.00	%	0.00	%
Expected term (years)	5 - 6		5 - 6

Summary of restricted stock units activity

The following table summarizes activity related to RSUs:

		Weighted- Average
		Grant Date
	Shares	Fair Value
Unvested at December 31, 2024	469,981	$	3.34
Granted	17,812	$	0.37
Vested	(118,629)	$	4.11
Cancelled	(139,197)	$	2.63
Unvested at March 31, 2025	229,967	$	3.14