Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Activity

The following table summarizes our stock options activity for the years ended December 31, 2024 and 2023:

	Number of Options  and Warrants			Weighted- average exercise price per share		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value (in thousands)
Outstanding December 31, 2022		3,920,172		$	10.77		8.1	$	—
Granted		2,519,994		$	1.99		—	$	—
Cancelled or forfeited		(588,243	)	$	8.74		—	$	—
Outstanding December 31, 2023		5,851,923		$	7.20		8.4	$	102
Granted		3,397,382		$	1.60			$	—
Cancelled or forfeited		(281,700	)	$	3.90			$	—
Outstanding, December 31, 2024		8,967,605		$	5.18		8.1	$	1
Exercisable at December 31, 2024		3,792,936		$	8.47		7.2	$	—

Summary of Assumptions for Estimated Fair Value of Options

The fair values of the options granted were estimated based on the Black-Scholes model, using the following assumptions:

	Year Ended December 31,
	2024	2023
Expected volatility	80.1% - 89.2%	86.4% - 102.2%
Risk-free interest rate	3.5% - 4.7%	3.5% - 4.5%
Expected term (in years)	5.5 - 6.1	5.5 - 6.1
Expected dividend yield	0%	0%

Schedule of Equity-based Compensation Expense

Equity-based compensation expense recorded as research and development and general and administrative expenses is as follows (in thousands):

	December 31,
	2024		2023
Research and development	$	2,559	$	4,204
General and administrative		3,967		3,855
Total equity-based compensation	$	6,526	$	8,059