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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock-based Compensation Expense | Total stock-based compensation expense recognized in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2023 and 2022 was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Research and development |  | $ | 759 |  |  | $ | 243 |
General and administrative |  |  | 1,622 |  |  |  | 897 |
Total stock-based compensation expense |  | $ | 2,381 |  |  | $ | 1,140 |
Summary of Restricted Common Stock Activity | The following table summarizes Legacy Korro restricted common stock activity during the year ended December 31, 2023:
|  | Shares |  |  | Weighted- Average Grant Date Fair Value per Share |
Unvested as of December 31, 2022 |  |  | 2,902 |  |  | $ | 0.59 |
Granted |  |  | — |  |  | $ | — |
Vested |  |  | 2,902 |  |  | $ | 0.23 |
Repurchased |  |  | — |  |  | $ | — |
Unvested as of December 31, 2023 |  |  | — |  |  | $ | — |
Summary of Stock Option Weighted-Average Assumptions | The fair value of stock options granted during the years ended December 31, 2023 and 2022 was calculated on the date of grant using the following weighted-average assumptions:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 4.3 | % |  |  | 2.5 | %
Expected dividend yield |  | —% |  |  | —% |
Expected term (in years) |  |  | 6.0 |  |  |  | 6.0 |
Expected volatility |  |  | 72.8 | % |  |  | 72.9 | %
Summary of Stock Option Activity | The following table summarizes changes in stock option activity during the year ended December 31, 2023 (in thousands, except per share amounts):
|  | Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2022 |  |  | 461,100 |  |  | $ | 14.95 |  |  |  | 8.0 |  |  | $ | 2,953 |
Assumed in reverse recapitalization |  |  | 93,153 |  |  | $ | 121.91 |  |  |  |  |  |  |
Granted |  |  | 835,839 |  |  | $ | 17.33 |  |  |  |  |  |  |
Exercised |  |  | (39,395 | ) |  | $ | 16.41 |  |  |  |  |  |  |
Forfeited |  |  | (20,091 | ) |  | $ | 20.07 |  |  |  |  |  |  |
Cancelled |  |  | (7,455 | ) |  | $ | 18.85 |  |  |  |  |  |  |
Outstanding as of December 31, 2023 |  |  | 1,323,151 |  |  | $ | 23.49 |  |  |  | 8.4 |  |  | $ | 36,310 |
Exercisable at December 31, 2023 |  |  | 368,036 |  |  | $ | 34.60 |  |  |  | 6.7 |  |  | $ | 8,457 |

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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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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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