Common Stock (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Equity [Abstract] |
|
| Summary of Fair Value of Option Awards |
The estimated fair value of stock options granted in the respective periods was determined using the Black-Scholes option pricing model using the following weighted average assumptions:
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2024 |
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|
2023 |
|
|
Risk-free interest rates |
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|
4.00 |
% |
|
|
3.60 |
% |
|
Expected dividend yield |
|
|
0 |
% |
|
|
0 |
% |
|
Expected life |
|
5.74 years |
|
|
5.75 years |
|
|
Expected volatility |
|
|
87.40 |
% |
|
|
115.19 |
% |
|
Forfeiture rate |
|
|
0 |
% |
|
|
0 |
% |
|
|
| Summary of Stock-Based Compensation Expense |
The results for the periods set forth below included stock-based compensation expense in the following expense categories of the consolidated statements of loss (in thousands):
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Year ended |
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|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Research and development |
|
$ |
1,736 |
|
|
$ |
1,122 |
|
General and administrative |
|
|
3,589 |
|
|
|
2,317 |
|
Total stock-based compensation |
|
$ |
5,325 |
|
|
$ |
3,439 |
|
|
| Summary of Stock Options Activity |
Stock option transactions and the number of stock options outstanding are summarized below:
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Number of |
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Weighted |
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|
|
Optioned |
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Average |
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|
Common |
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Exercise |
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|
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Shares |
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|
Price |
|
Balance, January 1, 2024 |
|
|
1,461,980 |
|
|
$ |
12.12 |
|
Granted |
|
|
677,500 |
|
|
|
4.54 |
|
Expired |
|
|
(66 |
) |
|
|
17,565.33 |
|
Balance, December 31, 2024 |
|
|
2,139,414 |
|
|
$ |
9.18 |
|
|
| Summary of Stock Options Outstanding Regarding Number of Common Shares Issuable upon Exercise of Outstanding Options |
(1) Number of common shares issuable upon exercise of outstanding options:
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Weighted- |
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Average |
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|
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Remaining |
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Weighted- |
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Contractual |
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|
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Average |
|
|
Life |
|
Exercise Prices |
|
Number of Options |
|
|
Exercise Price |
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|
(in years) |
|
$4.52 - $4.52 |
|
|
211,000 |
|
|
$ |
4.52 |
|
|
|
9.93 |
|
$4.53 - $4.54 |
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|
25,000 |
|
|
|
4.53 |
|
|
|
8.20 |
|
$4.55 - $4.72 |
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|
466,500 |
|
|
|
4.55 |
|
|
|
9.06 |
|
$4.73 - $4.99 |
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|
409,750 |
|
|
|
4.90 |
|
|
|
8.07 |
|
$5.00 - $5.99 |
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|
156,750 |
|
|
|
5.88 |
|
|
|
8.17 |
|
$6.00 - $7.89 |
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|
167,200 |
|
|
|
6.68 |
|
|
|
7.52 |
|
$7.90 - $8.43 |
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|
226,250 |
|
|
|
8.26 |
|
|
|
7.01 |
|
$8.44 - $11.65 |
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|
189,630 |
|
|
|
10.61 |
|
|
|
5.57 |
|
$11.66 - $20.74 |
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|
238,400 |
|
|
|
13.07 |
|
|
|
6.07 |
|
$20.75 - $4,158.00 |
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|
48,934 |
|
|
|
110.49 |
|
|
|
3.71 |
|
|
|
|
2,139,414 |
|
|
$ |
9.18 |
|
|
|
7.78 |
|
|
| Summary of Stock Options Outstanding Regarding Number of Common Shares Issuable upon Exercise of Vested Options |
(2) Number common shares issuable upon exercise of vested options:
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Weighted- |
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|
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|
Average |
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|
|
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|
Remaining |
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|
|
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Weighted- |
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|
Contractual |
|
|
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Average |
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|
Life |
|
Exercise Prices |
|
Number of Options |
|
|
Exercise Price |
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(in years) |
|
$4.52 - $4.52 |
|
|
— |
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|
$ |
— |
|
|
|
— |
|
$4.53 - $4.54 |
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|
10,937 |
|
|
|
4.53 |
|
|
|
8.20 |
|
$4.55 - $4.72 |
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|
50,000 |
|
|
|
4.55 |
|
|
|
9.06 |
|
$4.73 - $4.99 |
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|
295,499 |
|
|
|
4.90 |
|
|
|
8.07 |
|
$5.00 - $5.99 |
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|
92,064 |
|
|
|
5.88 |
|
|
|
8.16 |
|
$6.00 - $7.89 |
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148,734 |
|
|
|
6.62 |
|
|
|
7.59 |
|
$7.90 - $8.43 |
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221,353 |
|
|
|
8.26 |
|
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|
7.01 |
|
$8.44 - $11.65 |
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|
189,630 |
|
|
|
10.61 |
|
|
|
5.57 |
|
$11.66 - $20.74 |
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|
234,802 |
|
|
|
13.07 |
|
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|
6.07 |
|
$20.75 - $4,158.00 |
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|
48,934 |
|
|
|
110.49 |
|
|
|
3.71 |
|
|
|
|
1,291,953 |
|
|
$ |
12.05 |
|
|
|
6.98 |
|
|
| Summary of Restricted Stock Unit Award Activity |
The following table summarizes our restricted stock unit award activity during the year ended December 31, 2024:
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Weighted |
|
|
|
Number |
|
|
Average |
|
|
|
of |
|
|
Grant Date |
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|
Shares |
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|
Fair Value |
|
Balance, January 1, 2024 |
|
|
507,875 |
|
|
$ |
5.65 |
|
Granted |
|
|
889,000 |
|
|
|
4.54 |
|
Released |
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|
(113,125 |
) |
|
|
8.26 |
|
Balance, December 31, 2024 |
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|
1,283,750 |
|
|
$ |
4.65 |
|
|
| Summary of Outstanding Warrants |
The following is a summary of outstanding warrants to purchase common stock at December 31, 2024:
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Total |
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|
Outstanding |
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|
Exercise |
|
|
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and |
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|
price per |
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|
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|
Exercisable |
|
|
Share |
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|
Expiration Date |
(1) Warrants issued in May 2019 financing |
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|
60,000 |
|
|
$ |
90.0000 |
|
|
May 2025 |
(2) Warrants issued in April 2020 financing |
|
|
182,461 |
|
|
$ |
7.2400 |
|
|
April 2025 |
(3) Warrants issued in April 2020 financing |
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|
24,375 |
|
|
$ |
7.3200 |
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April 2025 |
(4) Warrants issued in April 2020 financing |
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|
25,270 |
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|
$ |
7.5900 |
|
|
April 2025 |
(5) Pre-Funded Warrants issued in August 2020 financing |
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|
142,857 |
|
|
$ |
0.0010 |
|
|
* |
(6) Warrants issued in December 2020 financing |
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|
50,000 |
|
|
$ |
8.7500 |
|
|
December 2025 |
(7) Warrants issued in November 2022 financing |
|
|
4,093,141 |
|
|
$ |
4.5000 |
|
|
November 2029 |
(8) Warrants issued in February 2024 financing |
|
|
13,086,151 |
|
|
$ |
4.9060 |
|
|
** |
|
| Computation of Basic and Diluted Net Loss Attributable to Common Shareholders Per Share |
The following table presents the computation of basic and diluted net loss attributable to common stockholders per share (in thousands, except per share and share amounts):
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|
Years ended December 31, |
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|
2024 |
|
|
2023 |
|
|
2022 |
|
Numerator |
|
|
|
|
|
|
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|
|
Net loss |
|
$ |
(39,827 |
) |
|
$ |
(29,815 |
) |
|
$ |
(42,350 |
) |
Denominator |
|
|
|
|
|
|
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|
Weighted average number of common shares outstanding |
|
|
32,071,146 |
|
|
|
19,827,354 |
|
|
|
10,593,034 |
|
Basic and diluted net loss per common share |
|
$ |
(1.24 |
) |
|
$ |
(1.50 |
) |
|
$ |
(4.00 |
) |
|