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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Assumptions in its Application of the Black-scholes Option Pricing Model for Grants | The Company used the following assumptions in its application of the Black-Scholes option pricing model for grants during the year ended December 31, 2023 and 2022:
| Year Ended December 31,
| 2023 |  | 2022
Weighted-average risk-free interest rate | 3.46% - 4.80% |  | 1.35% - 4.15%
Expected term (in years) | 5.00 - 10.00 |  | 5.00 - 10.00
Expected dividend yield | 0% |  | 0%
Expected volatility | 64.86% - 70.50% |  | 64.67% - 78.12%
Summary of Stock Option Activity | The following table summarizes the stock option activity during the year ended December 31, 2023:
| Number of Options |  | Weighted- Average Exercise Price per Share |  | Weighted Average Remaining Contractual Term (in Years) |  | Aggregate Intrinsic Value
Outstanding as of December 31, 2022 | 3,559,041 |  | $ | 7.36 |  |  |  |  |
Granted | 2,411,610 |  | 5.41 |  |  |  |  |
Exercised | (125,624) |  | 3.54 |  |  |  |  |
Cancelled | (348,630) |  | 8.10 |  |  |  |  |
Outstanding as December 31, 2023 | 5,496,397 |  | $ | 6.54 |  |  | 7.33 |  | $ | 11,556,739 |
Vested and exercisable at December 31, 2023 | 2,874,152 |  | $ | 5.99 |  |  | 6.16 |  | $ | 7,377,923 |
Summary of Recognized Share-based Compensation Expense Recognized | For the years ended December 31, 2023 and 2022, the Company recognized share-based compensation expense on the accompanying consolidated statements of operations as follows:
| Year Ended December 31,
| 2023 |  | 2022
Cost of revenue | $ | — |  |  | $ | 9,703 |
Research and development | 2,668,710 |  |  | 1,978,169 |
General and administrative | 3,058,425 |  |  | 2,076,574 |
Total | $ | 5,727,135 |  |  | $ | 4,064,446 |

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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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