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Stock-Based Compensation Plans (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the nine months ended September 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 | 5,715,349 |  |  | $ | 1.23 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  | — |  |  |
Repricing modification | — |  |  | $ | 9.55 |  |  |  |  |
Forfeited or expired | (365,351) |  |  | $ | 2.08 |  |  |  |  |
Outstanding as of September 30, 2024 | 11,546,138 |  |  | $ | 1.63 |  |  | 8.33 |  | $ | 2,794,286 |
Options vested and expected to vest as of September 30, 2024 | 11,546,138 |  |  | $ | 1.63 |  |  | 8.33 |  | $ | 2,794,286 |
Options exercisable as of September 30, 2024 | 4,171,969 |  |  | $ | 2.09 |  |  | 7.07 |  | $ | 329,830 |
| 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 | 2,740,564 |  |  | $ | 1.71 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Forfeited or expired | (268,342) |  |  | $ | 7.80 |  |  |  |  |
Outstanding as of September 30, 2023 | 6,263,910 |  |  | $ | 7.27 |  |  | 8.27 |  | $ | 119,691 |
Options vested and expected to vest as of September 30, 2023 | 6,263,910 |  |  | $ | 7.27 |  |  | 8.27 |  | $ | 119,691 |
Options exercisable as of September 30, 2023 | 2,393,294 |  |  | $ | 11.67 |  |  | 7.12 |  | $ | 6,160 |
Schedule of Valuation Assumptions Used | The following are the underlying assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan:
| Nine Months Ended September 30,
| 2024 | 2023
Risk-free interest rate | 4.11% | 4.00%
Expected dividend yield | 0% | 0%
Expected volatility | 100.0% | 96.0%
Expected term of options (years) | 5.95 | 6.01
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 September 30, |  | Nine Months Ended September 30,
|  |  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Research and development |  |  |  |  | $ | 811,000 |  |  | $ | 815,000 |  |  | $ | 2,816,000 |  |  | $ | 2,607,000 |
General and administrative |  |  |  |  | 1,099,000 |  |  | 872,000 |  |  | 3,726,000 |  |  | 2,857,000 |
Total |  |  |  |  | $ | 1,910,000 |  |  | $ | 1,687,000 |  |  | $ | 6,542,000 |  |  | $ | 5,464,000 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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