v3.25.2
Stockholders’ Equity and Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Stockholders’ Equity and Stock-Based Compensation [Abstract]  
Schedule of Activity for Common Stock Subject to Vesting The activity for common stock subject to vesting is as follows:
   Shares
Subject to
Vesting		   Weighted
Average
Grant
Date Fair
Value		 
Balance of unvested shares - January 1, 2025   73,922   $97.32 
Granted   
—
   $
—
 
Vested   (10,705)  $119.54 
Forfeited   
—
   $
—
 
Balance of unvested shares - March 31, 2025   63,217   $93.55 
Granted   
—
   $
—
 
Vested   (10,420)  $138.68 
Forfeited   (13,740)  $80.56 
Balance of unvested shares - June 30, 2025   39,057   $86.08 
Schedule of Black-Scholes Option-Pricing Model with the Following Assumptions

During the six months ended June 30, 2025 and June 30, 2024, the Company granted options to purchase 433,983 and 348,810 shares, respectively, of Class A common stock, to employees and consultants with a fair value of $2,577 and $2,085 respectively, calculated using the Black-Scholes option-pricing model with the following assumptions:

 

      Six Months Ended
June 30,  		  
      2025       2024  
Risk-free interest rate     3.84% - 4.32 %     4.24% - 4.46 %
Expected term, in years     5.50 - 6.08       5.81 - 6.31  
Dividend yield         — %         — %
Expected volatility     102.44% - 102.53 %     92.78% - 99.51 %
Schedule of Stock-Based Awards Granted is Reported in the Statements of Operations

Total stock-based compensation expense related to all of the Company’s stock-based awards granted is reported in the statements of operations as follows:

 

   Three Months Ended
June 30,		   Six Months Ended
June 30,		 
   2025   2024   2025   2024 
Research and development  $765   $577   $1,311   $1,214 
Sales and marketing   (55)   343    274    686 
General and administrative   1,486    2,146    3,398    4,257 
Total  $2,196   $3,066   $4,983   $6,157 
Schedule of Option Activity

The option activity of the 2021 Plan for the six months ended June 30, 2025, is as follows:

 

   Options   Weighted
Average
Exercise
Price		   Weighted
Average
Remaining
Contractual
Life
(in Years)		 
             
Outstanding at January 1, 2025   709,939   $54.49    8.13 
Granted   433,983    7.30      
Exercised   (8,031)   5.18      
Forfeited, expired, or cancelled   (119,926)   61.72      
Options outstanding at June 30, 2025   1,015,965   $33.87    8.45 
Options exercisable at June 30, 2025   302,612   $82.83    6.13 
Options vested and expected to vest at June 30, 2025   965,548   $35.28    8.42 
Schedule of Class A Common Stock for Future Issuance

As of June 30, 2025 and December 31, 2024, the Company has reserved the following shares of Class A common stock for future issuance (in thousands):

 

   As of 
   June 30,   December 31, 
   2025   2024 
Common stock options outstanding   1,016    710 
Restricted stock units outstanding   39    74 
Shares available for issuance under the 2021 Plan   162    152 
Public Warrants   575    575 
Private Placement Warrants   347    347 
Total shares of authorized common stock reserved for future issuance   2,139    1,858