v3.25.2
Stock Based Compensation (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]    
Schedule of Stock Based Compensation Expense

Stock based compensation has been reported within expense line items on the consolidated statement of operations for the three months ended March 31, 2025 and 2024 as shown in the following table (in $000s):

 

   2025   2024 
   Three Months Ended 
   March 31, 
   2025   2024 
General and administrative  $1,592   $149 
Research and development   74    54 
Stock-based compensation costs  $1,666   $203 

Stock based compensation has been reported within expense line items on the consolidated statement of operations for the years ended 2024 and 2023 as shown in the following table (in thousands):

 

   2024   2023 
   Year Ended 
   December 31, 
   2024   2023 
General and administrative  $498   $1,039 
Research and development   94    434 
Stock-based compensation costs  $592   $1,473 
Schedule of Share Option Activity

A summary of the share option activity and related information is as follows:

 

           Weighted     
       Weighted   Average     
   Number of   Average   Remaining   Aggregate 
   Options   Exercise   Contractual   Intrinsic 
   Outstanding   Price Per Share   Term (Years)   Value ($000) 
Options outstanding at December 31, 2024   494   $10,658.40    7.20   $— 
Granted   24,818   $70.79    —   $— 
Exercised   —   $—    —   $— 
Cancelled/forfeited   (53)  $2,238.25    —   $— 
Options outstanding at March 31, 2025   25,259   $276.67    9.76   $— 
                     
Unvested at March 31, 2025   21   $2,094.84    —   $— 
Vested and exercisable at March 31, 2025   25,238   $275.17    9.77   $— 

A summary of the share option activity and related information is as follows:

 

       Weighted   Weighted     
       Average   Average     
   Number of   Exercise   Remaining   Aggregate 
   Options   Price Per   Contractual   Intrinsic 
   Outstanding   Share   Term (Years)   Value ($000) 
Options outstanding at December 31, 2022   447   $21,049.14    8.34   $— 
Granted   181   $2,117.94    —   $— 
Exercised   —   $—    —   $— 
Cancelled/forfeited   (33)  $79,737.60    —   $— 
Options outstanding at December 31, 2023   595   $12,048.00    7.96   $— 
                     
Granted   52   $547.20    —   $— 
Cancelled/forfeited   (153)  $12327.88    —   $— 
Options outstanding at December 31, 2024   494   $10,658.14    7.20   $— 
                     
Unvested at December 31, 2024   74   $2,250.91    8.45   $— 
Vested and exercisable at December 31, 2024   420   $12,141.75    6.99   $— 
Schedule of Assumptions Used for Fair Value of the Stock Options Granted Using Black-Scholes Option-Pricing Model

The fair value of the stock options granted is calculated using the Black-Scholes option-pricing model as prescribed by ASC 718 using the following assumptions:

 

   Three months ended   Three months ended 
   March 31, 2025   March 31, 2024 
Expected term (years)   5 - 10    6 
Risk free interest rate   4.060%  – 4.250%   3.995%
Volatility   100% – 107%   93%
Expected dividend yield over expected term   0.00%   0.00%
Resulting weighted average grant date fair value  $69.60   $424.80 

The fair value of the stock options granted is calculated using the Black-Scholes option-pricing model as prescribed by ASC 718 using the following assumptions:

 

   Year ended   Year ended 
   December 31, 2024   December 31, 2023 
Expected term (years)   6    5 - 6 
Risk free interest rate   3.995%   3.660%  – 4.160%
Volatility   93%   89% – 92%
Expected dividend yield over expected term   0.00%   0.00%
Resulting weighted average grant date fair value  $424.80   $1,591.20 
Schedule of Restricted Stock Units Activity

Summarized information for restricted stock units as of March 31, 2025 is as follows:

 

       Weighted   Weighted 
       Average   Average 
   Restricted   Grant Date   Remaining 
   Stock Units   Value per share   Term 
Restricted Stock Units outstanding at December 31, 2024   164   $2,882.40    8.30 years 
Granted   0   $0      
Cancelled/forfeited   (28)  $3,300.00      
Restricted Stock Units outstanding at March 31, 2025   136   $2,795.37    8.09 years 
                
Unvested at March 31, 2025   13   $3,240.00    7.82 years 
                
Vested at March 31, 2025   123   $2,747.11    8.12 years 

Summarized information for restricted stock units as of December 31, 2024 and 2023 is as follows:

 

           Weighted 
           Average 
   Restricted       Remaining 
   Stock Units       Term 
Restricted Stock Units outstanding at December 31, 2022   38   $6,768.00     
Granted   107   $2,870.00     
Cancelled/forfeited   (1)  $3,240.00     
Restricted Stock Units outstanding at December 31, 2023   144   $3,902.40   8.96 years 
               
Granted   52   $547.20   9.03 years 
Cancelled/forfeited   (32)  $3,675.17     
Restricted Stock Units outstanding at December 31, 2024   164   $2,881.62   8.30 years 
               
Unvested at December 31, 2024   41   $3,280.09   8.06 years 
               
Vested at December 31, 2024   123   $2,747.14   8.39 years