Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Stock-Based Compensation [Abstract]

Schedule of Stock Option Activities

The following table summarizes the stock option activities, including performance-based stock options, under the 2024 Plan, the 2021 Equity Incentive Plan (the “2021 Plan”), the 2022 Inducement Plan and the 2019 EIP for the three months ended March 31, 2025:

	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2024		1,628,378		$	19.79		8.31	$	6,608
Options granted		609,700		$	6.16
Options cancelled/forfeited		(51,852	)	$	16.12
Balance, March 31, 2025		2,186,226		$	16.08		8.20	$	—
Vested and expected to vest, March 31, 2025		2,186,226		$	16.08		8.20	$	—
Exercisable, March 31, 2025		737,799		$	20.29		7.18	$	—

There was no performance-based stock option activity under the 2024 Plan or the 2021 Plan for the three months ended March 31, 2025.

	Options Outstanding		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2024		45,894	$	13.95		6.04	$	438
Balance, March 31, 2025		45,894	$	13.95		5.80	$	—
Vested and expected to vest, March 31, 2025		45,894	$	13.95		5.80	$	—
Exercisable, March 31, 2025		30,893	$	7.33		5.18	$	—

Schedule of Summary of PSU Activity

The following table provides a summary of PSU activity under the 2024 Plan during the three months ended March 31, 2025:

	Number of Share		Weighted- Average Grant Date Fair Value
Unvested performance-based restricted stock units at December 31, 2024		20,000	$	21.90
Granted		—	$
Unvested performance-based restricted stock units at March 31, 2025		20,000	$	21.90
Outstanding performance-based restricted stock units at March 31, 2025		20,000	$	21.90

Schedule of Stock-Based Compensation Expense

The following table presents stock-based compensation expenses related to options, PSUs and RSUs granted to employees and non-employees, employee stock purchase plan awards and restricted common stock shares issued to founders (in thousands):

	Three Months Ended March 31,
	2025		2024
General and administrative	$	1,240	$	820
Research and development		571		349
Total	$	1,811	$	1,169

Schedule of Fair Value of Stock Options Was Estimated Using a Black-Scholes Option-Pricing Model

The grant date fair value of stock options was estimated using a Black-Scholes option-pricing model with the following assumptions:

	Three Months Ended March 31,
	2025	2024
Expected term (in years)	6.01 – 6.08	6.04 – 6.08
Expected volatility	97.37% – 97.93%	112%
Risk-free interest rate	3.93% – 4.35%	3.93% – 4.27%
Expected dividend yield	—	—