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Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Stock-Based Compensation Expense

Stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024 has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Research and development

 

$

491

 

 

$

1,071

 

 

$

1,833

 

 

$

3,314

 

General and administrative

 

 

801

 

 

 

1,123

 

 

 

2,481

 

 

 

3,676

 

Total

 

$

1,292

 

 

$

2,194

 

 

$

4,314

 

 

$

6,990

 
Summary of Restricted Stock Units

The following table summarizes RSU activity under the 2020 Plan for the nine months ended September 30, 2025:

 

 

 

Number of
Shares

 

 

Weighted - Average
Grant Date
Fair Value

 

Outstanding at December 31, 2024

 

 

1,553,000

 

 

$

2.48

 

Granted

 

 

1,863,000

 

 

$

0.32

 

Vested

 

 

(644,995

)

 

$

2.36

 

Forfeited

 

 

(248,005

)

 

$

1.09

 

Outstanding at September 30, 2025

 

 

2,523,000

 

 

$

1.05

 
Summary of Stock Option Activity

The following table summarizes stock option activity under the 2020 Plan for the nine months ended September 30, 2025:

 

 

 

Number of
Options

 

 

Weighted - Average
Exercise
Price Per
Share

 

 

Weighted -Average
Remaining
Contractual
Term
(In Years)

 

 

Aggregate
Intrinsic
Value

 

Balance at December 31, 2024

 

 

6,096,046

 

 

$

7.65

 

 

 

7.59

 

 

$

—

 

Forfeited

 

 

(149,159

)

 

$

5.55

 

 

 

 

 

 

 

Expired

 

 

(75,398

)

 

$

8.48

 

 

 

 

 

 

 

Balance at September 30, 2025

 

 

5,871,489

 

 

$

7.69

 

 

 

6.68

 

 

$

—

 

Vested and expected to vest at September 30, 2025

 

 

5,871,489

 

 

$

7.69

 

 

 

6.68

 

 

$

—

 

Exercisable at September 30, 2025

 

 

4,618,743

 

 

$

8.65

 

 

 

6.52

 

 

$

—

 
Schedule of Common Stock Reserved for Future Issuance

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

 

 

 

September 30,
2025

 

 

December 31,
2024

 

Warrants for the purchase of common stock

 

 

9,679,158

 

 

 

9,679,158

 

Common stock options and restricted stock units issued and outstanding

 

 

8,394,489

 

 

 

7,649,046

 

Awards available for future issuance under the 2020 Plan

 

 

1,302,358

 

 

 

1,154,335

 

Awards available for future issuance under the ESPP

 

 

2,310,693

 

 

 

1,691,892

 

Total common stock reserved for future issuance

 

 

21,686,698

 

 

 

20,174,431