Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Fair value of Options Granted Under Weighted Average Assumptions

The fair value of each option granted during the period was estimated on the date of grant using the following weighted average assumptions:

	2024			2023
Expected volatility		93	%		92	%
Expected term in years		6			6
Risk-free interest rate		4.3	%		3.6	%
Dividend yield		0	%		0	%

Summary of Option Activity

A summary of option activity for 2024 is presented below:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2023		694,571		$	20.30
Granted		214,087			8.73
Exercised		(7,423	)		0.91
Forfeited		(5,505	)		3.38
Expired		(728	)		22.75
Outstanding at December 31, 2024		895,002			17.70		6.98	$	1,398,784
Vested or expected to vest at December 31, 2024		895,002			17.70		6.98	$	1,398,784
Exercisable at December 31, 2024		634,757		$	14.60		6.71	$	1,398,784

Summary of Non-vested Stock Activity

A summary of non-vested stock activity for 2024 is presented below:

	Nonvested Shares			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023		78,950		$	11.81
Granted		31,869			8.57
Vested		(30,173	)		9.83
Forfeited		—			—
Outstanding at December 31, 2024		80,646		$	11.25

Summary of Share-based Compensation Expense

The impact on the Company’s results of operations from share-based compensation for the year ended December 31, 2024 and 2023, was as follows (in thousands):

	2024		2023
Research and development	$	904	$	541
General and administrative		1,938		3,289
Total share-based compensation expense	$	2,842	$	3,830