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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Assumption Estimate Fair Value of Stock Options Granted | The following average assumptions were used to estimate the fair value of stock options granted by the Company three months ended March 31, 2024 using the Black-Scholes option pricing model:
|  | Three Months Ended March 31, 2024 |
Risk-free interest rate |  |  | 4.1 | %
Dividend rate |  |  | 0 | %
Expected volatility |  |  | 87.4 | %
Expected life (years) |  |  | 6.2 |
Summary of Stock Option Activity | A summary of stock option activity under the 2023 Plan and the 2024 Plan for the three months ended March 31, 2024 is as follows:
|  | Number of Options |  |  | Weighted-Average Exercise Price |
Options outstanding at December 31, 2023 |  |  | 3,348,715 |  |  | $ | 4.53 |
Granted |  |  | 359,874 |  |  | $ | 5.37 |
Cancelled/forfeited |  |  | (338,687 | ) |  | $ | 4.64 |
Options outstanding at March 31, 2024 |  |  | 3,369,902 |  |  | $ | 4.61 |
Options exercisable at March 31, 2024 |  |  | 1,355,800 |  |  | $ | 4.65 |
Summary of Restricted Share Activity | A summary of RSU activity under the 2023 Plan and the 2024 Plan for the three months ended March 31, 2024 is as follows:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value Per Share |
Unvested outstanding at December 31, 2023 |  |  | 1,129,512 |  |  | $ | 4.45 |
Granted |  |  | 193,776 |  |  | $ | 5.34 |
Vested |  |  | (232,810 | ) |  | $ | 4.32 |
Cancelled/forfeited |  |  | (102,381 | ) |  | $ | 4.70 |
Unvested outstanding at March 31, 2024 |  |  | 988,097 |  |  | $ | 4.63 |
Schedule of Share-Based Compensation Expense | The following table represents share-based compensation expense included in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss:
|  | Three Months Ended March 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Research and development |  | $ | 1,066 |  |  | $ | 2,222 |
General and administrative |  |  | 1,133 |  |  |  | 531 |
Total share-based compensation expense |  | $ | 2,199 |  |  | $ | 2,753 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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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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