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Stockholders equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Stock-Based Compensation Expense

Stock-based compensation expense recognized for all equity awards under the 2020 Plan has been reported in the statements of operations and comprehensive loss as follows (in thousands):

 

 

Years ended December 31,

 

 

 

2024

 

 

2023

 

Research and development

 

$

4,238

 

 

$

5,462

 

General and administrative

 

 

4,683

 

 

 

8,082

 

Total

 

$

8,921

 

 

$

13,544

 
Summary of Restricted Stock Units

The following table summarizes RSU activity under the 2020 Plan for the years ended December 31, 2024 and 2023:

 

 

Number of
Shares

 

 

Weighted -
average
grant date
fair value

 

Outstanding at December 31, 2022

 

 

510,039

 

 

$

18.00

 

Granted

 

 

45,290

 

 

$

2.35

 

Vested

 

 

(433,948

)

 

$

16.37

 

Forfeited

 

 

(22,277

)

 

$

18.00

 

Outstanding at December 31, 2023

 

 

99,104

 

 

$

18.00

 

Granted

 

 

1,598,000

 

 

$

2.48

 

Vested

 

 

(99,104

)

 

$

18.00

 

Forfeited

 

 

(45,000

)

 

$

2.65

 

Outstanding at December 31, 2024

 

 

1,553,000

 

 

$

2.48

 
Summary of Stock Option Activity

The following table summarizes stock option activity under the 2020 Plan for the year ended December 31, 2024 and 2023 (in thousands, except share and per option data and years):

 

 

Number of
options

 

 

Weighted -
average
exercise
price per
option

 

 

Weighted -
average
remaining
contractual
term
(in years)

 

 

Aggregate
intrinsic
value

 

Balance at December 31, 2022

 

 

2,736,918

 

 

$

13.82

 

 

 

8.82

 

 

$

3,636,148

 

Granted

 

 

4,020,395

 

 

$

3.74

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Forfeited

 

 

(371,439

)

 

$

7.20

 

 

 

 

 

 

 

Expired

 

 

(112,367

)

 

$

20.96

 

 

 

 

 

 

 

Balance at December 31, 2023

 

 

6,273,507

 

 

$

7.62

 

 

8.64

 

 

$

74,680

 

Granted

 

 

37,000

 

 

$

2.70

 

 

 

 

 

 

 

Exercised

 

 

—

 

 

$

—

 

 

 

 

 

 

 

Forfeited

 

 

(160,072

)

 

$

3.37

 

 

 

 

 

 

 

Expired

 

 

(54,389

)

 

$

14.15

 

 

 

 

 

 

 

Balance at December 31, 2024

 

 

6,096,046

 

 

$

7.65

 

 

 

7.59

 

 

$

—

 

Vested and expected to vest at December 31, 2024

 

 

6,096,046

 

 

$

7.65

 

 

 

7.59

 

 

$

—

 

Exercisable at December 31, 2024

 

 

3,796,572

 

 

$

9.30

 

 

 

7.38

 

 

$

—

 
Summary of Assumptions Used in Black-Scholes Model

The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants were as follows:

 

 

Years ended December 31,

 

 

2024

 

2023

Expected volatility

 

88.7%

 

77.9%

Risk-free interest rate

 

4.25%

 

3.89%

Expected dividend yield

 

0.0%

 

0.0%

Expected term

 

5.95 years

 

6.05 years
Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance are as follows in common equivalent shares:

 

 

December 31,

 

 

2024

 

2023

Warrants for the purchase of common stock

 

9,679,158

 

—

Common stock options and restricted stock units issued and outstanding

 

7,649,046

 

6,372,611

Awards available for future issuance under the 2020 Plan

 

1,154,335

 

991,413

Awards available for future issuance under the ESPP

 

1,691,892

 

1,412,802

Total common stock reserved for future issuance

 

20,174,431

 

8,776,826