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Stock-Based Compensation Plans (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the six months ended June 30, 2024 and 2023, respectively, for the 2019 Plan:
| Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of January 1, 2024 | 6,196,140 |  |  | $ | 7.15 |  |  |  |  |
Granted | 4,810,349 |  |  | $ | 1.22 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Repricing Modification | — |  |  | $ | 9.55 |  |  |  |  |
Forfeited or expired | (186,931) |  |  | $ | 2.55 |  |  |  |  |
Outstanding as of June 30, 2024 | 10,819,558 |  |  | $ | 1.66 |  |  | 8.43 |  | $ | 1,875 |
Options vested and expected to vest as of June 30, 2024 | 10,819,558 |  |  | $ | 1.66 |  |  | 8.43 |  | $ | 1,875 |
Options exercisable as of June 30, 2024 | 3,606,762 |  |  | $ | 2.14 |  |  | 6.97 |  | $ | — |
| Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of January 1, 2023 | 3,791,688 |  |  | $ | 11.33 |  |  |  |  |
Granted | 2,059,314 |  |  | $ | 1.45 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Forfeited or expired | (80,926) |  |  | $ | 8.25 |  |  |  |  |
Outstanding as of June 30, 2023 | 5,770,076 |  |  | $ | 7.85 |  |  | 8.42 |  | $ | 2,170,958 |
Options vested and expected to vest as of June 30, 2023 | 5,770,076 |  |  | $ | 7.85 |  |  | 8.42 |  | $ | 2,170,958 |
Options exercisable as of June 30, 2023 | 2,184,848 |  |  | $ | 12.05 |  |  | 7.43 |  | $ | 62,614 |
Schedule of Valuation Assumptions Used | The following are the underlying assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan:
| Six Months Ended June 30,
| 2024 | 2023
Risk-free interest rate | 4.10% | 3.93%
Expected dividend yield | 0% | 0%
Expected volatility | 99.6% | 101.6%
Expected term of options (years) | 5.95 | 5.99
Schedule of Stock-based Compensation Expense for Stock Awards Recognized | Total stock-based compensation expense for all stock awards recognized in the accompanying unaudited condensed consolidated statements of operations is as follows:
|  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  |  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Research and development |  |  |  |  | $ | 842,000 |  |  | $ | 889,000 |  |  | $ | 2,005,000 |  |  | $ | 1,792,000 |
General and administrative |  |  |  |  | 1,040,000 |  |  | 909,000 |  |  | 2,627,000 |  |  | 1,985,000 |
Total |  |  |  |  | $ | 1,882,000 |  |  | $ | 1,798,000 |  |  | $ | 4,632,000 |  |  | $ | 3,777,000 |

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