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Stock-Based Compensation (Tables)

12 Months Ended

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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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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.

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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.

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