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Stock-based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
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 three and the six months ended June 30, 2024 and 2023 was as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development |  | $ | 334 |  |  | $ | 157 |  |  | $ | 613 |  |  | $ | 246 |
General and administrative |  |  | 633 |  |  |  | 244 |  |  |  | 1,219 |  |  |  | 504 |
Total stock-based compensation expense |  | $ | 967 |  |  | $ | 401 |  |  | $ | 1,832 |  |  | $ | 750 |
Summary of Stock Option Weighted-Average Assumptions | The fair value of stock options granted during the six months ended June 30, 2024 and 2023 was calculated on the date of grant using the following weighted-average assumptions:
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Risk-free interest rate |  |  | 4.3 | % |  |  | 3.6 | %
Expected dividend yield |  |  | — | % |  |  | — | %
Expected term (in years) |  |  | 6.0 |  |  |  | 6.0 |
Expected volatility |  |  | 74.6 | % |  |  | 69.5 | %
Summary of Stock Option Activity | The following table summarizes changes in stock option activity during the six months ended June 30, 2024 (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, 2023 |  |  | 1,323,151 |  |  | $ | 23.49 |  |  |  | 8.4 |  |  | $ | 36,310 |
Granted |  |  | 122,766 |  |  | $ | 47.45 |  |  |  |  |  |  |
Exercised |  |  | (14,138 | ) |  | $ | 21.95 |  |  |  |  |  |  |
Forfeited |  |  | (82,457 | ) |  | $ | 17.85 |  |  |  |  |  |  |
Cancelled |  |  | (50,914 | ) |  | $ | 119.02 |  |  |  |  |  |  |
Outstanding as of June 30, 2024 |  |  | 1,298,408 |  |  | $ | 22.38 |  |  |  | 8.4 |  |  | $ | 20,214 |
Exercisable at June 30, 2024 |  |  | 483,542 |  |  | $ | 23.38 |  |  |  | 7.0 |  |  | $ | 8,491 |

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- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -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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