Stockholders' Equity (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Stockholders' Equity Note [Abstract] |
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| Schedule of Common Stock Reserved for Future Issuance |
The Company had reserved shares of common stock for future issuance as shown in the table below:
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December 31, |
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2024 |
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2023 |
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Shares of common stock reserved for future issuance upon exercise of outstanding warrants and pre-funded warrants |
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32,915,346 |
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40,931,506 |
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Shares of common stock reserved for future issuance under the 2019 Stock Incentive Plan |
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7,555,310 |
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6,549,183 |
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Shares of common stock reserved for future issuance under the 2019 Employee Stock Purchase Plan |
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1,131,973 |
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1,177,456 |
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Shares of common stock reserved for future issuance under the 2012 Stock Incentive Plan |
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288,944 |
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565,792 |
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41,891,573 |
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49,223,937 |
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| Warrant Activity Including Activity Related To Pre-funded Warrants |
Warrant activity, including activity related to pre-funded warrants, is shown in the table below:
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Number of
Pre-funded Warrant
Shares |
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Number of
Common Stock Warrant
Shares |
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Total Number of
Warrant
Shares |
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Weighted
Average
Exercise
Price |
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Weighted
Average
Contractual
Term |
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Outstanding as of December 31, 2023 |
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31,227,802 |
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9,703,704 |
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40,931,506 |
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$ |
0.33 |
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4.1 |
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Exercised |
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(8,016,160 |
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— |
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(8,016,160 |
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$ |
0.001 |
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Outstanding as of December 31, 2024 |
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23,211,642 |
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9,703,704 |
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32,915,346 |
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$ |
0.40 |
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3.1 |
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| Schedule of Share-based Compensation, Stock Options, Activity |
A summary of the Company’s combined stock option activity for the 2019 Plan and the 2012 Plan is as follows:
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Number of
Option
Shares |
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Weighted
Average
Exercise
Price |
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Weighted
Average
Contractual
Term |
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Aggregate
Intrinsic
Value |
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(in years) |
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(in thousands) |
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Outstanding as of December 31, 2023 |
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5,312,300 |
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$ |
3.24 |
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7.3 |
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$ |
685 |
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Granted |
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3,404,750 |
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$ |
2.58 |
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Forfeited |
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(542,959 |
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$ |
2.36 |
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Exercised |
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(262,009 |
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$ |
1.50 |
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Expired |
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(67,828 |
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$ |
2.63 |
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Outstanding as of December 31, 2024 |
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7,844,254 |
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$ |
3.08 |
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7.5 |
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$ |
11,669 |
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Options exercisable as of December 31, 2024 |
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3,733,105 |
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$ |
3.74 |
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5.9 |
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$ |
4,913 |
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Options unvested as of December 31, 2024 |
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4,111,149 |
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$ |
2.48 |
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8.9 |
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$ |
6,756 |
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| Range of Assumptions on Fair Value of the Stock Options Granted |
The range of assumptions that the Company used to determine the fair value of the stock options granted were as follows:
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Year Ended December 31, |
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2024 |
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2023 |
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Risk-free interest rate |
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3.5% - 4.3% |
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3.4% - 4.8% |
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Expected volatility |
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97.3% - 114.6% |
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101.6% - 147.1% |
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Expected dividend yield |
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— |
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— |
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Expected term (in years) |
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5.5 - 7.0 |
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5.5 - 7.0 |
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| Schedule of Stock-based Compensation Expenses Recognized |
The following table summarizes the classifications of stock-based compensation expenses for the 2012 Plan, the 2019 Plan and the 2019 ESPP recognized in the Consolidated Statements of Comprehensive Loss:
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Year Ended December 31, |
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2024 |
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2023 |
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General and administrative expense |
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$ |
2,145 |
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$ |
1,376 |
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Research and development expense |
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1,443 |
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871 |
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Total stock-based compensation expenses |
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$ |
3,588 |
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$ |
2,247 |
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