| Schedule of Stock Option Activity |
The following table summarizes stock option activity for the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | Weighted | | | | | | | | Weighted | | average | | Aggregate | | | | | average | | remaining | | Intrinsic | | | | | exercise | | contractual | | Value | | | Options | | price | | term (years) | | (in thousands) | Outstanding as of December 31, 2024 | | 7,746,991 | | $ | 2.81 | | | | | | Exercised | | (37,987) | | | 0.11 | | | | $ | 14 | Granted | | 1,749,000 | | | 0.50 | | | | | | Forfeited | | (3,037,128) | | | 2.10 | | | | | | Outstanding as of June 30, 2025 | | 6,420,876 | | $ | 2.53 | | 7.0 | | $ | 43 | Exercisable as of June 30, 2025 | | 4,691,835 | | $ | 2.46 | | 6.3 | | $ | 43 |
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The following table summarizes stock option activity: | | | | | | | | | | | | | | | | | | Weighted | | | | | | | | Weighted | | average | | Aggregate | | | | | average | | remaining | | Intrinsic | | | | | exercise | | contractual | | Value (in | | | Options | | price | | term (years) | | thousands) | Outstanding as of December 31, 2023 | | 6,023,370 | | $ | 3.94 | | | | | | Exercised | | (3,810) | | | 0.99 | | | | $ | 4 | Granted | | 3,805,465 | | | 1.76 | | | | | | Forfeited | | (2,078,034) | | | 4.17 | | | | | | Outstanding as of December 31, 2024 | | 7,746,991 | | $ | 2.81 | | 7.5 | | $ | 59 | Exercisable as of December 31, 2024 | | 4,414,750 | | $ | 2.44 | | 6.4 | | $ | 59 |
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| Schedule of Estimated Using The Black-Scholes Option-Pricing Model |
The fair values in the six months ended June 30, 2025 and 2024 were estimated using the Black-Scholes option-pricing model based on the following assumptions: | | | | | | | | Six Months Ended June 30, | | | | 2025 | | 2024 | | Risk-free interest rate | | 4.32% - 4.35 | % | 3.77% - 4.59 | % | Expected term | | 6 | years | 6 | years | Expected volatility | | 108.30% - 110.68 | % | 103.00% - 107.10 | % | Expected dividend yield | | — | | — | |
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| | | | | | | | Years Ended December 31, | | | | 2024 | | 2023 | | Risk-free interest rate | | 3.77% – 4.59 | % | 2.92% – 4.76 | % | Expected term | | 6 | years | 6 | years | Expected volatility | | 86.55% – 112.12 | % | 57.77% – 103.00 | % | Expected dividend yield | | — | | — | |
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| Schedule of Stock-based Compensation Expense |
The Company recorded stock-based compensation expense in the following expense categories in its accompanying unaudited interim consolidated statements of operations (in thousands): | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Research and development | | $ | 103 | | $ | (44) | | $ | 210 | | $ | 392 | General and administrative | | | 328 | | | 669 | | | 729 | | | 1,290 | | | $ | 431 | | $ | 625 | | $ | 939 | | $ | 1,682 |
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The Company recorded stock-based compensation expense in the following expense categories in the accompanying consolidated statements of operations: | | | | | | | | | Years Ended December 31, | | | 2024 | | 2023 | Research and development | | $ | 1,116 | | $ | 1,242 | General and administrative | | | 2,533 | | | 1,074 | | | $ | 3,649 | | $ | 2,316 |
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